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[August 13, 2014]
AUTOLIV INC FILES (8-K) Disclosing Change in Directors or Principal Officers, Other Events, Financial Statements and Exhibits
(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers (e) As part of the organizational changes to the management and reporting structure of Autoliv, Inc. (the "Company") as described in Item 8.01 of this Form 8-K below, certain members of management, including two of the Company's named executive officers, have entered into a supplement to their respective employment agreements (each a "Supplement") to be effective as of September 1, 2014 (the "Effective Date"). The Supplement reflects each executive's new position, roles and responsibilities as well as any changes to such executive's compensation arrangement with the Company. Specifically, the Supplement for George Chang, the Company's current President Autoliv Asia, provides that as of the Effective Date, he will serve as the Company's President Passive Safety. The Supplement for Steve Fredin, the Company's current President Autoliv Americas, provides that as of the Effective Date, he will serve as the Company's Group Vice President Sales & Engineering. The foregoing summary of the Supplement is qualified in its entirety by the provisions of the form of Supplement, which the Company intends to file with its Quarterly Report on Form 10-Q for the fiscal quarter ending September 30, 2014.
Item 8.01 Other Events On August 13, 2014, the Company issued a press release announcing a new operating structure in order to more effectively manage its business operations.
The new operating structure will be introduced in phases and will, when finalized, create two business segments: Passive Safety and Electronics.
The Passive Safety product organization, effective September 1, will be responsible for all regional operations with respect to all our passive safety products, including airbag and seatbelt products.
The Electronics product organization, effective September 1, will include Autoliv's active safety products. Beginning January 1, 2015, passive safety electronics will be transitioned from Passive Safety to the new Electronics product organization.
This new operating structure reflects the increased importance of Autoliv's electronics related business. The heads of Passive Safety and of Electronics will report directly to the CEO.
As a result of the changes to Autoliv's operating structure, beginning in January 2015, Autoliv will have two operating segments and two reportable segments for financial reporting purposes. Commencing with Autoliv's quarterly report on Form 10-Q for the period ending March 31, 2015, the Company will report its results under two segments - Passive Safety and Electronics.
Additionally, as of September 1, two new global functional units, Sales & Engineering and Product & Process Development, will be created to further support Autoliv's operating segments and the execution of its core strategies.
The heads of the Sales & Engineering and of Product & Process Development will report directly to the CEO.
The Company's press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. Statements regarding the transition and reporting of the business segments, as well as any other statements that are not historical facts, are forward-looking statements that involve certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
Item 9.01 Financial Statements and Exhibits (d) EXHIBITS 99.1 Press Release of Autoliv, Inc. dated August 13, 2014.
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