Sensata Technologies (NYSE:ST), a global industrial technology company and a leading provider of sensor-rich solutions that create insights for customers, today announced that Jeffrey Cote, currently President and Chief Operating Officer, will succeed Martha Sullivan as Chief Executive Officer, effective March 1, 2020. The Company also announced that Cote has been appointed to the Board of Directors, also effective March 1, 2020. Cote is a 13-year veteran with Sensata and has served in a number of executive roles with the Company.
Today’s appointment will provide a smooth transition of management responsibility and strategic execution and is part of a planned succession process following Cote’s appointment as President in January 2019.
Sullivan decided to retire from Sensata Technologies after seven years as CEO and a distinguished 35-year career with Sensata and its predecessor company. Under her leadership, the Company has grown revenues from $1.9 billion in 2012 to $3.5 billion in 2018; closed 11 acquisitions that extended the company’s reach into new vertical markets; forged a new strategy to usher in the next wave of megatrend-driven growth; and successfully evolved the company’s global manufacturing and supply chain. She will continue to serve in an advisory role and will remain on the Board of Directors, providing strategic advice and focusing on innovation.
Andrew C. Teich, Chairman of Sensata, said, “The Board and I are grateful to Martha for her visionary leadership during the past seven years. She has transformed the Company into a leading provider of sensor-rich solutions that are helping our customers develop products that are smarter, more connected, and increasingly electrified.”
Teich continued, “Jeff’s experience reflects the intersection of finance, operational, and technical acumen that defines the strength of our management team. His leadership will be critical as we enter the next decade, particularly as the Company capitalizes on significant new growth opportunities based on industry megatrends such as clean and efficient, electrification, autonomy, and smart and connected products.”
“Jeff is the right person to lead Sensata now, with his strong understanding of trends that are shaping the Company’s future and his proven ability to evolve Sensata’s business as our industry undergoes significant change,” said Martha Sullivan. “Together, we created a strategy to capitalize on megatrend-driven opportunities while generating sustained growth and profitability in our core applications. He is well-positioned to continue building on that strong momentum.”
She added, “It has been a privilege to lead the outstanding Sensata team through such an exciting time in the company’s history. I look forward to continuing to work with Jeff and contributing expertise as a Board member.”
“I am excited to lead our company into the next decade and beyond as Sensata’s Chief Executive Officer,” said Jeffrey Cote. “I look forward to a continued partnership with the entire Sensata leadership team, along with Martha and our board of directors. Our talented engineers and professionals are designing, developing and delivering the mission-critical solutions customers need. Working as a strong team, we will capture the next waves of growth for Sensata by providing a rewarding employee experience for our teams, remaining focused on effectively serving our customers and in turn creating significant value for our shareholders.”
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SOURCE: Sensata
