On August 31, 2023, Methode Electronics, Inc. announced that Donald W. Duda, its President and Chief Executive Officer, plans to retire once a successor is found. The Company?s Board of Directors has begun an external search process to identify Mr. Duda?s successor. The timing of Mr. Duda?s retirement is subject to the identification of a new chief executive officer and is currently expected to be after the completion of the Company?s fiscal year ending April 27, 2024.

Mr. Duda has agreed to offer his resignation as a director as of the appointment of his successor. On August 31, 2023, the Company and Mr. Duda executed a Retention, Transition Services and Consulting Agreement (the ?Transition Agreement?) for the purpose of outlining Mr. Duda?s role in the Company?s leadership transition following the appointment of his successor and setting his compensation relating to those transition services. The Transition Agreement provides that Mr. Duda will remain in the role of President and Chief Executive Officer at the discretion of the Board until a new chief executive officer is hired, at which time he will remain an employee of the Company with such title as may be determined by the Board until the last day of the third month following the hiring of his successor (his ?retirement date?).

During that time, he will continue to receive his current base salary and benefits and he will remain eligible for payment of his fiscal 2024 annual bonus award. In no event shall his retirement date be later than August 31, 2024. Mr. Duda has been with Methode since 2000 and has served as CEO for the last 19 years.

Under his leadership, Methode grew sales from $359 million in fiscal 2004 to $1.2 billion in fiscal 2023. The growth was driven both organically and with successful acquisitions such as Grakon and, most recently, Nordic Lights. During his tenure, the Methode team embarked on a program to improve the company?s manufacturing and global footprint and acquire key technologies ?

all with the goal of transforming Methode into a premier design, engineering, and manufacturing enterprise to multinational OEMs and, in recent years, into a key electric vehicle and industrial supplier, including LED lighting solutions.