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CTS > SEC Filings for CTS > Form 8-K on 13-Nov-2013All Recent SEC Filings

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Form 8-K for CTS CORP


Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 6, 2013, Thomas A. Kroll, Vice President and Chief Financial Officer of CTS Corporation (the "Company") notified the Company of his intention to retire from the Company, effective March 31, 2014.

Effective November 11, 2013, in connection with Mr. Kroll's resignation, the Board of Directors has appointed Ashish Agrawal, 42, Vice President and Chief Financial Officer of the Company. Mr. Agrawal will serve as both the Company's principal financial officer and principal accounting officer. Mr. Agrawal was elected Vice President Treasury and Corporate Development on June 13, 2011. Prior to this employment with CTS Corporation, Mr. Agrawal served as Senior Vice President and Chief Financial Officer with Dometic Corporation in Elkhart, IN from December 2007. Mr. Agrawal's base compensation will increase to $275,000 effective with his position change. Mr. Agrawal will also continue to participate in the company's annual performance-based cash incentive program (Management Incentive Plan) as well as the company's annual time-based and performance-based equity compensation programs.

Also effective November 11, 2013, the Board of Directors has appointed Anthony Urban, 52, Vice President and General Manager of the Automotive business unit. Mr. Urban previously served as Vice President Program Management of the Automotive business unit.

Also effective November 11, 2013, Lawrence J. Lyng has accepted the position of Vice President Europe and Asia Sales and Business Development. Mr. Lyng's compensation package is unchanged.

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