Strattec Security Corporation announced that, on September 22, 2021, Patrick J. Hansen, the Senior Vice President of the Company, informed the Company that he intended to retire during September 2022 following the filing of STRATTEC's Annual Report and Proxy Statement for its fiscal year 2022. On August 4, 2022, Mr. Hansen notified the Company that he will retire effective as of September 9, 2022. Mr. Hansen expects to continue to be employed by the Company in his current roles through the effective date of his retirement.

The Company has previously commenced and continues to undergo a succession process to identify and retain a successor for Mr. Hansen. As previously disclosed, Mr. Hansen has agreed to and continues to assist and support the Company in the transition of the Chief Financial Officer responsibilities to his successor through his retirement date.