Sensata Technologies (NYSE:ST) stock is on the move Tuesday following news that billionaire Paul Singer is betting on the electrical component company.
Singer is collaborating with Sensata through his private equity firm Elliott Investment Management. This has Sensata agreeing to share information with the firm as they both seek “sustainable value creation” for the company’s shareholders.
To go along with this, Elliott Investment Management has appointed Phillip Eyler to the Sensata Board of Directors. He will join the company on July 1, 2024.
ST Stock Jumps on CEO Change
This change in board seats comes as Sensata Technologies President and CEO Jeff Cote retires. This has him giving up his board seat as well. Taking over as interim president and CEO is Martha Sullivan.
Sensata is conducting a search for a permanent CEO to replace Cote. It’s worth noting that Eyler will be on the CEO Search Committee. He will also join the board’s Nominating and Governance Committee.
ST stock is up 10% on Tuesday morning with more than 6.8 million shares traded. That’s well above its daily average trading volume of about 1.9 million shares.
Investors who are searching for even more of the most recent stock market stories are going to want to stick around!
We have all of the hottest stock market news that investors need to know about on Tuesday! Among that is Google layoffs, the latest news for Chegg (NYSE:CHGG) invesotrs and more. All of this news is ready to go at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
