What changed in this filing

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Item 1. Business

2023-02-24 compared with 2022-02-15 · 89 added, 122 removed, 155 unchanged (58% of the section changed)

(the Company, us, we, or our) connects and protects the world with the industry’s most complete suite of end-to-end specialty networking solutions.

Our comprehensive portfolio of solutions enables customers to transmit and secure data, sound, and video for mission critical applications across complex enterprise and industrial environments.

Our business is organized around two global businesses, Enterprise Solutions and Industrial Solutions, both of which benefit from favorable secular trends which we expect to drive future growth.

(the Company, us, we, or our) is a leading global supplier of network infrastructure solutions that makes the digital journey simpler, smarter and secure.

We’re moving beyond connectivity, from what we make to what we make possible through a performance-driven portfolio, forward-thinking expertise and purpose-built solutions.

With a legacy of quality and reliability spanning 120-plus years, we have a strong foundation to continue building the future.

Our business is organized around two global businesses, Enterprise Solutions and Industrial Automation Solutions, both of which benefit from favorable secular trends which we expect to drive future growth.

Each business represents a reportable segment.

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Strategy and Business Model

Our portfolio and strategic priorities align with attractive end markets with favorable secular trends.

Within Industrial Solutions, the growing demand for automated production drives demand for our solutions.

Enterprise Solutions benefits from increasing consumer demand for more internet bandwidth and faster speeds, investment in 5G technology, and trends requiring integrated networks in smart buildings.

We are well positioned to benefit from these secular trends in the form of improved revenue growth which in turn will drive Adjusted EBITDA (as defined in Part II, Item 7) growth in the future.

Our business model is designed to generate shareholder value:

• Operational Excellence —The core of our business model is operational excellence and the execution of our Belden Business System.

The Belden Business System has three areas of focus.

First, we demonstrate a commitment to Lean enterprise initiatives, which improve not only the quality and efficiency of the manufacturing environment, but our business processes on a company-wide basis.

Second, we utilize our Market Delivery System (MDS), a go-to-market model that provides the foundation for organic growth.

We believe that organic growth, resulting from both market growth and share capture, is essential to our success.

Finally, our Talent Management System supports the development of our associates at all levels, which preserves the culture necessary to operate our business consistently and sustainably.

• Cash Generation —Our pursuit of operational excellence results in the generation of cash flow.

We generated cash flows from operating activities of $272.1 million, $173.4 million, and $276.9 million in 2021, 2020, and 2019, respectively.

• Portfolio Improvement— We utilize the cash f low generated by our business to fuel our continued transformation and generate shareholder value.

We continuously improve our portfolio to ensure we provide the most complete, end-to-end solutions to our customers.

Our portfolio is designed with balance across end markets and geographies to ensure we can meet our goals in most economic environments.

We have a disciplined acquisition cultivation, execution, and integration system that allows us to invest in outstanding companies that strengthen our capabilities and enhance our ability to serve our customers.

We operate our business under the two segments – Enterprise Solutions and Industrial Solutions.

Our purpose is to build the foundation for a digital world.

Within Enterprise Solutions, our Smart Buildings products offer in-building wired and wireless infrastructures, fiber technology innovation, and design collaboration & customization to connect people with facilities through innovative solutions for enhanced human engagement, productivity, and security.

Also within Enterprise Solutions, our Broadband & 5G products offer a broad portfolio of end-to-end solutions, industry-leading innovation & technology, and worldwide technical service & support to enable a connected, digital world through broadband and wireless innovation.

Within Industrial Automation Solutions, we are uniquely positioned to support digital transformation by providing end-to-end digitization infrastructure focused on robust network infrastructure, secure remote access, accelerated IT/OT convergence, and edge & data analytics.

Our customers are building the future, and we build the network that makes it possible.

We operate our business under the two segments – Enterprise Solutions and Industrial Automation Solutions.

A synopsis of the segments is included below:

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The Enterprise Solutions (Enterprise) segment is a leading provider in network infrastructure and broadband solutions, as well as cabling and connectivity solutions for commercial audio/video and security applications.

We serve customers in markets such as commercial real estate, hospitality, healthcare, education, financial, government, and broadband and wireless service providers, as well as end-markets, including sport venues, stadiums, data centers, military installations, and academia.

We serve customers in markets such as hospitality, healthcare, education, financial, government, commercial real estate, and broadband and wireless service providers, as well as end-markets, including data centers, sport venues, stadiums, military installations, and academia.

Enterprise product lines include copper cable and connectivity solutions, fiber cable and connectivity solutions, interconnect panels, racks and enclosures, and secure, high performance signal extension and matrix switching systems.

Enterprise provides true end-to-end copper and fiber network systems, which are used in applications such as local area networks, data centers, access control, 5G, Fiber to the Home and building automation.

Enterprise provides true end-to-end fiber and copper network systems, which are used in applications such as local area networks, data centers, access control, 5G, Fiber to the Home and building automation.

Our high-performance solutions support all networking protocols up to and including 100G+ Ethernet technologies.

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The Enterprise product portfolio is designed to support Internet Protocol convergence, the increased use of wireless communications, and cloud-based data centers by our customers.

Industrial Solutions

The Industrial Solutions (Industrial) segment is a leading provider of high performance networking and machine connectivity products.

Industrial products include physical network and fieldbus infrastructure components and on-machine connectivity systems to meet end user and OEM needs.

Industrial Automation Solutions

The Industrial Automation Solutions (Industrial Automation) segment is a leading provider of high performance networking and machine connectivity products.

Industrial Automation products include physical network and fieldbus infrastructure components and on-machine connectivity systems to meet end user and OEM needs.

Products are designed to provide reliability and confidence of performance for a wide range of industrial automation applications.

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and power, control, and data transmission.

Industrial products include solutions such as industrial Ethernet switches, network management software, routers, firewalls, gateways, input/output (I/O) connectors/systems, industrial Ethernet cables, optical fiber industrial Ethernet cables, Fieldbus cables, IP and networking cables, I/O modules, distribution boxes, and customer specific wiring solutions.

Industrial Automation products include solutions such as industrial Ethernet switches, network management software, routers, firewalls, gateways, input/output (I/O) connectors/systems, industrial Ethernet cables, optical fiber industrial Ethernet cables, Fieldbus cables, IP and networking cables, I/O modules, distribution boxes, and customer specific wiring solutions.

Our industrial cable products are used in discrete manufacturing and process operations involving the connection of computers, programmable controllers, robots, operator interfaces, motor drives, sensors, printers, and other devices.

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These products are used both as components of manufacturing equipment and in the installation and networking of such equipment.

Industrial Solutions products are sold directly to industrial equipment OEMs and through a network of industrial distributors, value-added resellers, and system integrators.

See Note 6 to the Consolidated Financial Stateme nts for additional information regarding our segments.

Industrial Automation products are sold directly to industrial equipment OEMs and through a network of industrial distributors, value-added resellers, and system integrators.

See Note 6 to the Consolidated Financial Statements for additional information regarding our segments.

A key part of our business strategy includes acquiring companies to support our growth and enhance our product portfolio.

Our acquisition strategy is based upon targeting leading companies that offer innovative products and strong brands.

Our acquisition strategy is based on targeting leading companies that offer innovative products that complement our existing solutions and strong brands.

We utilize a disciplined approach to acquisitions based on product and market opportunities.

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We have completed a number of acquisitions in recent years as part of this strategy.

Most recently, in January 2022, we acquired macmon secure GmbH (Macmon), a leading provider of products and services that secure network infrastructures in a variety of mission critical industries - refer to Note 26, Subsequent Events , for further discussion.

Most recently, in April 2022, we acquired Communication Associates, Inc.

(CAI), a leading designer and manufacturer of various plug-in radio frequency filters used in outside plant hybrid fiber-coax nodes.

In March 2022, we acquired NetModule AG (NetModule), a leading provider of reliable, fast, and secure wireless network infrastructures, with advanced capabilities in 5G and WiFi6 technologies used in a variety of mission critical industries, but most notably, the mass transit and intelligent traffic systems within the transportation vertical.

In January 2022, we acquired macmon secure GmbH (Macmon), a leading provider of products and services that secure network infrastructures in a variety of mission critical industries .

I n January 2021, we acquired OTN Systems N.V.

(OTN Systems), a leading provider of automation networking infrastructure solutions.

I n December 2019, we acquired substantially all of the assets of Special Product Company (SPC), a leading designer, manufacturer, and seller of outdoor cabinet products for optical fiber cable installations.

In April 2019, we acquired the FutureLink business from Suttle Inc.

as well as Opterna International Corp.

(Opterna), which designs and manufactures complementary fiber connectivity, cabinet, and enclosure products used in optical networks.

The results of OTN Systems have been included in our Consolidated Financial Statements as of its acquisition date and are reported within the Industrial Solutions segment.

The results of SPC, FutureLink, and Opterna have been included in our Consolidated Financial Statements as of their respective acquisition dates and are reported within the Enterprise Solutions segment.

The results of CAI have been included in our Consolidated Financial Statements as of the acquisition date and are reported within the Enterprise Solutions segment.

The results of NetModule, Macmon and OTN Systems have been included in our Consolidated Financial Statements from their respective acquisition dates and are reported within the Industrial Automation Solutions segment.

For more information regarding these transactions, see Note 4 to the Consolidated Financial Statements.

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International Operations

In addition to manufacturing facilities in the United States (U.S.), we have manufacturing and other operating facilities in Canada, China, India, Mexico, and St.

Kitts, as well as various countries in Europe .

In addition to manufacturing facilities in the United States (U.S.), we have manufacturing and other operating facilities in Canada, China, India, Mexico, and Tunisia, as well as various countries in Europe .

During 2022, approximately 44% of Belden’s sales were to customers outside the U.S.

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In order to maximize our competitive advantages, we manage our product portfolio to capitalize on secular trends and high-growth applications in those markets.

Based on available data for our served markets, we estimate that our market share across our segments is significant, ranging from approximately 5% – 20%.

Based on available data for our served markets, we estimate that our market share across our segments is significant, ranging from approximately 5% to 15%.

A substantial acquisition in one of our served markets would be necessary to meaningfully change our estimated market share percentage.

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We believe that our future success will depend in part upon our ability to enhance existing products and to develop, manufacture and deliver new products that meet or anticipate such changes in our served markets.

In our Industrial Solutions segment, customers are rapidly adopting new technology to enable digital transformations and improve their Environmental, Social & Governance (ESG) impact.

In our Industrial Automation Solutions segment, customers are rapidly adopting new technology to enable digital transformations and improve their environmental impact.

This includes deploying Industry 4.0 to increase visibility of their digitized assets and adopting Artificial Intelligence (AI) to increase analytics and autonomous decision-making in their systems.

These approaches need users to refine workflows by collecting data from disparate sources, transmitting it to points of consolidation and decision making, and converting it to standard formats that application software can use.

This overall process can be referred to as "digitization" and a key part of our research and development is focused on supporting these customer journeys with technology that add value at multiple steps in the digitization process, during data acquisition, data transmission, and data orchestration and management.

This overall process can be referred to as "digitization" and a key part of our research and development is focused on supporting these customer journeys with technology that adds value at multiple steps in the digitization process, during data acquisition, data transmission, and data orchestration and management.

Our research and development enables customized enhanced solutions to support customers' innovative methods surrounding the collection, analysis, and transmission of data.

Additionally, in our Industrial Solutions segment, there is a compelling need among customers to detect, prevent and respond to cyber security threats.

This is a long-standing need within corporate networks, but we believe the rapid proliferation of new devices in the “internet of things” will continue to cause this need to broaden and accelerate in manufacturing settings.

Furthermore, there is a growing trend toward adoption of Industrial Ethernet technology, bringing to the critical infrastructure the advantages of digital communication and the ability to network devices made by different manufacturers and integrate them with enterprise systems.

There is a growing trend toward adoption of Industrial Ethernet technology, bringing to the critical infrastructure the advantages of digital communication and the ability to network devices made by different manufacturers and integrate them with enterprise systems.

While the adoption of this technology is at a more advanced stage in certain regions of the world, we believe that the trend will globalize.

This trend will also lead to a rising need for wireless systems for some applications and for cybersecurity to protect this critical infrastructure.

Part of our research and development is focused on creating scalable, efficient technologies to provide real-time instrumentation and analytics across entire networks.

This includes delivering high-

fidelity visibility and deep intelligence about networked systems, their vulnerabilities, and providing actionable information about how to effectively secure them.

Enterprise Solutions R&D efforts are aligned to the secular trends in our markets for increased communication at faster speeds of transmission.

This phenomenon is visible across all of our markets.

We continue to invest in R&D to support the continuing growth in capacity and bandwidth between the data center and the consumer to enhance their experience in their living, work and play interactions.

We continue to invest in R&D to support the continuing growth in capacity and bandwidth between the data center and the consumer to enhance their experience in their living, working and recreational interactions.

To support the demand for additional bandwidth and to improve service integrity, broadband service providers will continue to invest in their networks to enhance delivery capabilities to customers for the foreseeable future.

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Patents and Trademarks

We have a policy of seeking patents when appropriate on inventions concerning new products, product improvements, and advances in equipment and processes as part of our ongoing research, development, and manufacturing activities.

We have a practice of seeking patents when appropriate on inventions concerning new products, product improvements, and advances in equipment and processes as part of our ongoing research, development, and manufacturing activities.

We own many patents and registered trademarks worldwide that are used by our operating segments, with pending applications for numerous others.

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Our most prominent trademarks are:

Belden®, Alpha Wire™, GarrettCom®, Hirschmann®, Lumberg Automation™, Mohawk®, OTN Systems™, PPC®, ProSoft Technology®, Thinklogical®, Tofino®, Tripwire® and West Penn Wire™.

The Tripwire® trademark will be sold as part of the Tripwire divestiture in the first quarter of 2022 - see Note 26.

Belden®, Alpha Wire™, GarrettCom®, Hirschmann®, Lumberg Automation™, Mohawk®, OTN Systems™, PPC®, ProSoft Technology®, Thinklogical®, Tofino®, and West Penn Wire™.

Raw Materials

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Environmental, Social, and Governance (ESG) at Belden

At Belden, we believe that we have a responsibility to make a positive impact in our industry, in the communities in which we operate, and to all affected by our business operations.

Our ESG journey is guided by our shared values, and we are dedicated to continuously improving our impact through establishing visible and measurable progress.

We acknowledge our role in protecting the environment and are currently assessing our impacts.

Our strong desire is to identify and prioritize areas of improvement and we are committed to doing our part for future generations and for the planet.

In 2021, under the oversight of our ESG Steering Committee, we engaged a third party to conduct our first materiality assessment to identify the ESG topics that are most relevant to our stakeholders and to our business.

By engaging both internal and external stakeholders, we have developed a framework for our management of the identified material priority topics and to guide our strategy in making measurable progress.

To put our ambitions into action, we have established goals for our material topics, including carbon reduction goals for 2025, and look forward to communicating our continuous improvements.

Upholding transparency and open communication, we launched our dedicated ESG website on Earth Day 2021, which includes key data across a range of current ESG initiatives.

Our ESG website includes our first formal greenhouse gas inventory for direct emissions (Scope 1 and 2).

We are working to validate further historical information to serve as a verified baseline for improvements to our carbon footprint.

We are committed to building a workforce centered on our values and promoting the well-being of people across our entire value chain—employees, customers, partners and suppliers.

We believe in the potential of our workforce and the importance of providing career development for those who want to learn and grow with us.

We celebrate diversity and embrace differences to broaden our perspectives and strengthen the work we do.

Our focus is to foster a culture of teamwork that is diverse and inclusive, and we are dedicated to creating an equitable environment for our employees.

Under the leadership of our director of Inclusive Culture, we are building out a diversity, equity, and inclusion (DEI) strategy and look forward to sharing our progress with this initiative.

For further details on our ESG program and progress, please visit https://www.belden.com/resources/sustainability.

Belden believes in creating shared value for all our stakeholders, including our employees, customers, the communities we touch across our value chain, and the planet.

Responsible stewardship, managing our climate impacts, and driving sustainability through innovation is core to our business strategy.

We are dedicated to making progress towards our 2025 goals for the topics most material to our business and are working across our operations to further integrate ESG matters into how we operate.

As part of our efforts towards stakeholder transparency, we look forward to sharing our progress and work under way in our inaugural ESG Report, which we expect to publish during 2023.

Our ESG matters are overseen by our Board of Directors through the Nominating and Corporate Governance Committee.

Belden’s ESG Steering Committee manages our global ESG strategy and implementation.

For more information on our approach to ESG, visit https://www.belden.com/resources/sustainability.

Human Capital Resources

During 2021, our employees continued to experience disruptions and challenges stemming from the continuing COVID-19 pandemic.

Across our locations, we have also experienced changes in working practices as well as health and safety protocols as we work together to keep each other safe and our customers supplied.

Throughout 2021, many of our employees continued to work remotely as they navigated through varying degrees of the crisis.

We have implemented improved technologies that better enable collaboration, connection and teamwork wherever team members are based.

Some employees work with equipment and machinery that are fixed at locations, and thus were unable to work remotely.

However, mask protocols, hygiene guidelines and social distancing kept people safe.

The engagement of our team members, as measured in our twice-a-year employee survey, remained high at 89%.

We were also very pleased to once again be recognized as a Great Place to Work® in Germany and India, with our facilities in Denmark and Netherlands also receiving Great Place to Work® recognition.

Voluntary turnover of management and professional staff remained low at 8% worldwide, in line with the historically low turnover in prior years.

We continue to live our value of We Invest in Talent with 70% of vacancies in our top 165 positions being filled with people that have been promoted from within, continuing our strong balance of external hiring to introduce new ideas and perspectives with career development practices that enable internal promotions.

As part of our work on Inclusive Culture, we launched our new AVID council (Authentic Voices for Inclusion and Diversity).

Its purpose is to advise, guide and support our colleagues around the world as we seek to become an even more diverse and inclusive organization.

The council is made up of team members from a wide variety of backgrounds across the company.

We also completed a worldwide Workplace Inclusion survey with our DEI partners at Kaleidescope Group.

The survey had a response rate of 75% and highlighted areas of strength and opportunities as we continue to evolve our culture.

We learned that our team members have strong feelings of belonging and mutual respect in a culture which is honest and authentic.

However, we also identified opportunities to improve equity and employee “voice” in certain locations.

We have incorporated this feedback into our DEI action plans.

While our senior leadership reflects both ethnic and gender diversity, we remain committed to further increasing diversity throughout all levels of the organization, including our Board of Directors.

We launched our Be Well program in the USA and have commenced plans to expand this internationally.

The program supports our team members as they strive to achieve their own physical, financial, social and emotional well-being.

The program consists of events, challenges, active learning and incentives that help our team members reflect upon and improve their overall well-being.

Our employees’ well-being is directly associated with our success.

We prioritize fostering an equitable and supportive culture that incorporates diversity and inclusion across our entire value chain.

Priority areas for our Human Capital Management strategy are Diversity, Equity, and Inclusion (DEI), Employee Growth & Development, and Employee Well-Being & Engagement.

As of December 31, 2022, our global team members totaled 8,000 employees of which 25% are in the United States, 4% in Canada, 11% in China, 3% in India, 23% in Mexico, and 28% in the European Union.

Of our workforce, 38% identify as women and they represent 22% of the senior management and 33% of our Board of Directors.

Individuals of ethnically diverse backgrounds make up 24% of our U.S.

workforce and 11% of our Board of Directors.

Diversity, Equity, and Inclusion (DEI)

At Belden, we are dedicated to creating a culture of equity, inclusivity and diversity for the people that we employ.

Under the guidance of our Vice President of Diversity, Equity & Inclusion, the Authentic Voices for Inclusion and Diversity (AVID) Council supports our workplace culture and diversity initiatives across the company.

Our Human Resources, Talent Acquisition teams and Business Units also hold meetings throughout the year to ensure alignment with our DEI strategy to practice and uphold our commitment to diversity throughout the Company.

We are also a proud signatory of the CEO Action for Diversity & Inclusion pledge.

Employee Growth & Development

We believe in the potential of our employees and the importance of providing career development opportunities within our Company for those who wish to learn and grow with us.

We continue to live our value of “We Invest in Talent” with 74% of our top 150 positions being filled with people that have been promoted from within.

Moreover, our Early Career Leadership Program (ECLP) gives us the ability to recruit and retain high caliber candidates at an early stage with 22 graduates in 2022.

We also extend offers to high performing interns from our internship program to participate in our ECLP.

Employee Well-Being & Engagement

To ensure we are working towards the betterment of our employees’ well-being, we conduct a bi-annual employee engagement survey, for which we saw a 83% participation rate in 2022 with an overall sustainable engagement score of 88%.

Voluntary turnover of management and professional staff remained low at 10% while the overall company Lost Time Incident Rate (LTIR) and Total Recordable Incident Rate (TRIR) were 0.41 and 0.55, respectively.

The Be Well program that formally launched in the United States now encompasses our entire operational footprint to support our workforce’s physical, emotional, social, and financial wellbeing with almost 50% of our workforce participating.

Once again, we are recognized as a Great Place to Work® in various global locations, including Canada, Denmark, France, Germany, Hong Kong, Hungary, India, Mexico, Singapore, Spain, United Kingdom, and the United States – a testament of Belden’s commitment to our employees.

Available Information

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Name Age Position

Roel Vestjens 47 President and Chief Executive Officer

Ashish Chand 48 President and Chief Executive Officer

Brian Anderson 48 Senior Vice President, Legal, General Counsel and Corporate Secretary

Ashish Chand 47 Executive Vice President, Industrial Automation

Dean McKenna 53 Senior Vice President, Human Resources

Anshu Mehrotra 51 Senior Vice President, Sales and Marketing

Brian Lieser 57 Executive Vice President, Industrial Automation Solutions

Anshu Mehrotra 52 Executive Vice President, Broadband & 5G

Jeremy Parks 47 Senior Vice President, Finance, and Chief Financial Officer

Leah Tate 46 Senior Vice President, Human Resources

Doug Zink 47 Vice President and Chief Accounting Officer

Roel Vestjens was appointed President and Chief Executive Officer on May 21, 2020.

Prior to that, he was the Chief Operating Officer since July 2019;

Executive Vice President, Industrial Solutions from February 2018 to July 2019;

Executive Vice President, Industrial Solutions and Broadcast IT Solutions from January 2017 to February 2018;

and the Executive Vice President, Broadcast Solutions from March 2014 to January 2017.

Vestjens joined Belden in 2006 as Director of Marketing for the EMEA region.

In April 2008, Mr.

Vestjens was promoted to Director of Sales and Marketing for the Industrial Solutions business, and in January 2009, he was appointed General Manager of Belden’s Wire and Cable Systems business in EMEA.

Vestjens relocated to Asia in November 2010, and became President of the APAC OEM business, followed by President of all APAC Operations in May 2012.

Vestjens joined Belden from Royal Philips Electronics where he held various European sales and marketing positions.

Vestjens holds a bachelor degree in Electrical Engineering and a Master of Science and Management degree from Nyenrode Business University in the Netherlands.

Ashish Chand was appointed President and Chief Executive Officer on February 22, 2023.

Chand joined Belden in 2002, and most recently served as the Company's Executive Vice President of Industrial Automation Solutions since July 2019, and Managing Director of Belden Asia Pacific from August 2017.

Over the course of his tenure with Belden, he has held roles across several functions, including sales and marketing and operations in both Asia and North America.

Chand has played a pivotal role in developing and executing Belden's long-term growth agenda, solutions and product strategy, and go-to-market efforts.

He made key contributions towards establishing and growing Belden throughout the Asia Pacific region, including setting up manufacturing in China and India.

Chand holds a BA in Economics from Loyola College, Chennai, India, an MBA from XLRI Jamshedpur, India, and a Doctorate of Business Administration from the City University of Hong Kong.

Brian Anderson has been Senior Vice President, Le gal, General Counsel and Corporate Secretary since April 2015.

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Prior to joining Belden, Mr.

Anderson was in private practice at the law firm Lewis Rice.

Anderson was in private practice at the law firm Lewis Rice in St.

Anderson has a B.S.B.

in Accounting and an M.B.A.

degree in Accounting and an M.B.A.

from Eastern Illinois University and holds a J.D.

from Washington University in St.

Ashish Chand was appointed Executive Vice President, Industrial Automation in July 2019.

Prior to that, he served as Managing Director, Industrial Solutions, for the Company’s APAC division from August 2017 to June 2019.

Chand joined the Company in 2002 and has assumed positions of increasing responsibility in sales and marketing, operations, business devel opment and general management since that time.

Prior to joining Belden, Mr.

Chand had experience in the oil and gas and non-ferrous metals segments.

Chand holds a doctoral degree in Business from the City University of Hong Kong, an M.B.A.

from XLRI Jamshedpur, India and a B.A.

from Loyola College Chennai, India.

Dean McKenna has been Senior Vice President, Human Resources since May 2015.

Prior to joining Belden, he was Vice President of Human Resources for the international business of SC Johnson.

Prior to SC Johnson, he worked in various senior international human resource, organizational development and talent positions at Ingredion, Akzo Nobel and ICI Group PLC.

He received his degree in Strategic Human Resource Management at the Nottingham Business School in the United Kingdom.

Anshu Mehrotra was appointed Senior Vice President, Sales and Marketing in January 2021.

Louis School of Law.

Brian Lieser was appointed Executive Vice President, Industrial Automation Solutions on February 22, 2023.

Prior to that, he served as Vice President of Global Products of Industrial Automation Solutions where he was responsible for product strategy, roadmap, and development as well as domestic and international growth, particularly within Asia and Europe.

Lieser joined the Company in 2009 and has assumed positions of increasing responsibility primarily within the Industrial Automation Solutions segment.

Previously, Mr.

Lieser held positions at Rockwell Automation, Rosemount, and MTS Systems.

Lieser holds a Bachelor of Science in Aerospace Engineering from the University of Minnesota and an MBA in Marketing from the University of St.

Anshu Mehrotra was appointed Executive Vice President, Broadband & 5G in August 2022.

Prior to that, he served as Senior Vice President, Sales and Marketing since January 2021.

Prior to joining Belden, he was Group President for Welding at Illinois Tool Works (ITW), leading the global Industrial Welding platform.

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from Northwestern University at Kellogg School of Management.

Jeremy Parks was appointed Senior Vice President, Finance, and Chief Financial Officer on February 16, 2021.

Jeremy Parks was appointed Senior Vice President, Finance, and Chief Financial Officer in February 2021.

Prior to re-joining Belden in 2021, Mr.

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in economics from State University of New York – Buffalo, and an M.B.A from Xavier University.

Leah Tate was appointed Senior Vice President, Human Resources in March 2022.

Prior to that, she served as the Vice President, Human Resources for the Company’s Industrial Automation platform as well as in other roles in the human resources organization.

Prior to joining Belden, Ms.

Tate held human resource roles in the Pulte Group and Ingersoll Rand.

Tate holds a Bachelor of Science degree in Management and a Master of Science degree in Human Resource Management from Purdue University.

Doug Zink has been Vice President and Chief Accounting Officer since September 2013.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business