Celestica names Chawla Group President, Global Markets; Ankenmann to become CFO

Celestica (NYSE, TSX: CLS) announced on September 11 that Chief Financial Officer Mandeep Chawla will move into the newly created role of Group President, Global Markets, and Todd Ankenmann will become CFO. Both appointments are effective October 1, 2026, according to the company’s Form 8-K, accession number 0001104659-26-107079.

A new role for commercial execution

Chawla’s new position will oversee Celestica’s overarching commercial execution and global market expansion. The Toronto-based company, which describes itself as a provider of data center infrastructure and advanced technology solutions, outlined that mandate in its September 11 press release, attached as Exhibit 99.1 to the filing.

The announcement places the current finance chief in a newly created commercial leadership role while promoting an internal finance executive to CFO. Those are the two distinct parts of the change: a new remit for Chawla and succession within the finance function. Neither appointment takes effect on the announcement date; both are scheduled for October 1.

Celestica said the structure is designed to increase operational velocity, scale the business and capture accelerating demand across its end markets. Those statements describe the company’s rationale for the appointments. They are management’s assessment of the opportunity, rather than an independent forecast of future business performance.

Finance succession from within

Chawla, 50, joined Celestica in 2010 and has been CFO since 2017, following progressively senior roles at the company. Before joining Celestica, he spent nearly a decade at General Electric and subsequently held senior leadership positions across engineering and life sciences, according to Item 5.02 of the 8-K.

He serves on the board of CCL Industries and previously served on the board of Sleep Country Canada Holdings. His qualifications include CPA and CMA designations, a Master of Finance from Queen’s University and a Bachelor of Commerce from McMaster University.

Ankenmann, also 50, joined Celestica in 2018 and has served as Senior Vice President, Finance since 2025. Before Celestica, he spent more than a decade in senior finance roles at General Electric. He holds an Honours Bachelor degree in Business Administration and Management from Wilfrid Laurier University.

The accompanying release credits Ankenmann with a pivotal role in strategic planning, financial reporting and commercial execution. His appointment therefore draws on an executive already working within Celestica’s finance organization, with responsibilities extending beyond reporting alone.

Chairman and Chief Executive Officer Rob Mionis framed the leadership changes as a response to the company’s growth and the need to scale. In the release, he emphasized Chawla’s commercial acumen and Ankenmann’s institutional knowledge, including familiarity with the ATS and CCS businesses, as reasons for the appointments and continuity in the CFO transition. These are management’s stated expectations for the new structure.

Compensation disclosed for both appointments

Item 5.02 also summarizes compensation arrangements associated with the new roles. Chawla’s salary will increase to $750,000, and his target incentive under the Celestica Team Incentive Plan will increase to 120%. His equity award will have a grant-date target value of $1.7 million, comprising 40% restricted share units and 60% performance share units.

Ankenmann’s salary will increase to $600,000, with a target incentive under the same plan of 80%. His equity award will have a grant-date target value of $1.45 million, also divided between 40% restricted share units and 60% performance share units.

The filing describes the salaries and incentive targets as increases. The disclosed figures are the terms for the new roles; they do not establish the size of either executive’s increase without the prior figures. Likewise, the equity amounts are grant-date target values, rather than statements of cash received or the value ultimately realized.

Celestica also disclosed that neither executive has a family relationship with a director or executive officer, or a direct or indirect interest in a related-person transaction requiring disclosure under Item 404(a) of Regulation S-K.

October 1 is the scheduled handover

The September 11 filing records an announced transition, with October 1, 2026 set as the effective date for both appointments. Until that date, the announcement identifies Chawla as the current CFO and Ankenmann as Senior Vice President, Finance.

The central change is the creation of a senior role focused on commercial execution and global expansion, paired with an internal CFO successor. The filing establishes the planned responsibilities, timing and compensation terms; the execution of that transition remains ahead of the effective date.