ARC Group Worldwide,Inc. (NASDAQ:ARCW) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Resignation of Drew M. Kelley as Chief Financial Officer
Effective November 27, 2017, Drew M. Kelley, interim Chief Executive Officer,has resigned as Chief Financial Officer of the Company.Drew M. Kelley will continue to serve as interim Chief Executive Officer of the Company.
Appointment of R. Brian Knaley as Chief Financial Officer
Effective as of November 27, 2017, the Company has appointed Mr. R. Brian Knaley as Chief Financial Officer. Prior to joining the Company, Mr. Knaley was a Vice President and Corporate Controller at Spectranetics Corporation, a developer and manufacturer of single-use medical devices, from June 2016 to November 2017. Prior to Spectranetics Corporation, Mr. Knaley was a Corporate Controller at Arcelormittal USA, a steel and mining company, from May 2012 to June 2016. Prior to Arcelormittal USA, Mr. Knaley was a Vice President of Finance at Caterpillar Tunneling from September 2007 to May 2012.Mr. Knaley holds a BA in Accounting from Thomas More College and a CPA license in the State of Ohio.
On November 28, 2017, ARC entered into an indemnification agreement (the “Indemnification Agreement”) with Mr.Knaley (the “Indemnitee”) in connection with Mr.Knaley’s appointment as Chief Executive Officer. The Indemnification Agreement is substantially identical to the indemnification agreement entered into by the Company with its other directors and officers, and provides that the Company will indemnify the Indemnitee, to the fullest extent permitted by Utah law and the Company’s charter and subject to the limitations set forth in the Indemnification Agreement, from and against all judgments, fines, penalties, and amounts paid in settlements.
There are no family relationships between Mr.Knaley and any of the Company’s other directors or officers.
Mr. Knaley does not currently have a written compensation agreement with the Company or any of its subsidiaries. The Company and Mr. Knaley have agreed that Mr. Knaley will be paid $240,000 per annum.
The following exhibits are filed with this report:
99.1 Press Release dated November 30, 2017