DXP Enterprises, Inc. (NASDAQ:DXPE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY
ARRANGEMENTS OF CERTAIN OFFICERS.
As was previously announced in the DXP Enterprises, Inc. 2017
Proxy Statement, Mac McConnell transitioned from Chief
Financial Officer to Chief Accounting Officer and Kent Yee was
appointed Senior Vice President/Chief Financial Officer, in
each case, on May 1, 2017 and effective June 19, 2017. Mr. Yee
remains a Senior Vice President/Corporate Development in
addition to his role as Chief Financial Officer.
Previously, Mr. Yee, age 42, has served as Senior Vice
President Corporate Development since 2011 and leads DXP’s
mergers and acquisitions, business integration and internal
strategic project activities. During March 2011, Mr. Yee joined
DXP from Stephens Inc.’s Industrial Distribution and Services
team where he served in various positions and most recently as
Vice President from August 2005 to February 2011. Prior to
Stephens, Mr. Yee was a member of The Home Depot’s Strategic
Business Development Group with a primary focus on acquisition
activity for HD Supply. Mr. Yee was also an Associate in the
Global Syndicated Finance Group at JPMorgan Chase. He has
executed over 43 transactions including more than $1.4 billion
in MA and $3.4 billion in financing transactions primarily for
change of control deals and numerous industrial and
distribution acquisition and sale assignments. He holds a
Bachelors of Arts in Urban Planning from Morehouse College and
an MBA from Harvard University Graduate School of Business.
ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
An annual meeting of shareholders of DXP Enterprises, Inc. was
held on June 19, 2017. At that meeting managements nominees
were elected directors for the ensuing year. Of the 13,555,812
shares of Common Stock present in person or represented by
proxy at the meeting, the number of shares of Common Stock
voted for and the number of shares of Common Stock as to which
authority to vote in the election was withheld were as follows
with respect of the nominees:
|
Common Stock Shares/Votes Voted For |
Common Stock Shares/Votes Withheld |
|
|
David Little |
12,935,747 |
620,065 |
|
Cletus Davis |
7,557,006 |
5,998,806 |
|
Timothy P. Halter |
7,883,054 |
5,672,758 |
|
David Patton |
13,135,131 |
420,681 |
With respect to the number of shares of Common Stock that were
voted for, voted against, and were withheld from voting for
proposal #2 to approve, as a non-binding advisory vote,
executive compensation are set forth below:
|
For |
12,511,918 |
|
|
Against |
936,016 |
|
|
Abstain |
107,898 |
With respect to the number of shares of Common Stock that were
voted for one year, two years, three years and abstained from
voting for proposal #3 to vote, as a non-binding advisory vote,
on the frequency of future non-binding, advisory votes on
executive compensation are set forth below:
|
One Year |
10,940,075 |
|
|
Two Years |
4,311 |
|
|
Three Years |
2,573,818 |
|
|
Abstain |
37,608 |
Of the 5,000 shares (500 votes) of Series B Preferred Stock and
Series A Preferred Stock present in person or represented by
proxy at the meeting, the number of shares of Series B
Preferred Stock and Series A Preferred Stock voted for and the
number of shares of Series B Preferred Stock and Series A
Preferred Stock as to which authority to vote in the election
was withheld were as follows with respect of the nominees:
|
Series B Preferred Stock and Series A Preferred Stock Shares/Votes Voted For |
Series B Preferred Stock and Series A Preferred Stock Shares/Votes Withheld |
|
|
David Little |
– |
|
|
Cletus Davis |
– |
|
|
Timothy P. Halter |
– |
|
|
David Patton |
– |
With respect to the number of shares of Series B Preferred
Stock and Series A Preferred Stock that were voted for, voted
against, and were withheld from voting for proposal #2 are set
forth below:
|
For |
||
|
Against |
– |
|
|
Abstain |
– |
With respect to the number of shares of Series B Preferred
Stock and Series A Preferred Stock that were voted for one
year, two years, three years, and abstained from voting for
proposal #3 to vote, as a non-binding advisory vote, on the
frequency of future non-binding, advisory votes on executive
compensation are set forth below:
|
One Year |
||
|
Two Years |
– |
|
|
Three Years |
– |
|
Abstain |
– |
ITEM 8.01 OTHER EVENTS
Effective June 19, 2017, Todd Hamlin transitioned from Senior
Vice President, Service Centers to Senior Vice President,
Sales. In Mr. Hamlin’s new role, he is responsible for driving
a singular focus on sales within the DXP Service Centers and
Innovative Pumping Solutions business segments with the goal of
growing DXP’s key customers channels.
Previously, Mr. Hamlin, age 45, has served as Senior Vice
President of DXP Service Centers since June 2010, where he was
responsible for sales and operations. Mr. Hamlin joined the
company in 1995. From February 2006 until June 2010 he served
as Regional Vice President of the Gulf Coast Region. Prior to
serving as Regional Vice President of the Gulf Coast Region he
served in various capacities, including application engineer,
product specialist and sales representative. From April 2005
through February 2006, Mr. Hamlin worked as a sales manager for
the UPS Supply Chain division of United Parcel Service, Inc. He
holds a Bachelors of Science in Inudstrial Distribution from
Texas AM University and a Master in Distribution from Texas AM
University. Mr. Hamlin serves on the Advisory Board for Texas
AM’s Master in Distribution degree program. In 2014, Mr.
Hamlin was elected to the Bearing Specialists Association’s
Board of Directors.
About DXP Enterprises, Inc. (NASDAQ:DXPE)
DXP Enterprises, Inc. (DXP) is engaged in the business of distributing maintenance, repair and operating (MRO) products, equipment and service to industrial customers. The Company operates through three segments: Service Centers, Supply Chain Services and Innovative Pumping Solutions. The Service Centers segment provides MRO products, equipment and services, including technical expertise and logistics capabilities to industrial customers. The Supply Chain Services segment manages all or part of a customer’s supply chain, including procurement and inventory management. The Innovative Pumping Solutions segment provides source for engineering, systems design and fabrication. It operates from approximately 190 locations in over 40 states in the United States, approximately 10 provinces in Canada, Dubai and one state in Mexico. The Company’s product categories include rotating equipment, bearings & power transmission, industrial supplies, metal working and safety products & services.