GEE GROUP, INC (NYSEMKT:JOB) 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
On April 6, 2017, the board of directors (the Board) of GEE
Group, Inc. (the Company) accepted the resignation of Mr. Alex
Stuckey as the Companys President and Chief Operating Officer and
appointed Mr. George A. Bajalia, a member of the Companys Board,
to serve as the Companys President. On April 6, 2017, the Board
appointed Mr. Stuckey as the Companys Chief Administrative
Officer. Mr. Stuckey will also continue to serve in all other
roles currently held in the Companys wholly owned subsidiaries.
Mr. Bajalia, age 59, has been a member of the Board since January
2015. Mr. Bajalia has over 30 years of business experience, with
financial, operational and management expertise in many
industries including the staffing industry. Since 2001, Bajalia
has provided consulting, advisory and interim management services
to executive management, boards, business owners and private
equity firms. Mr. Bajalia has assisted them with implementing
their growth and working capital strategies, turnarounds,
recapitalizations and strategic objectives.
Mr. Bajalia started his career as a certified public accountant
(CPA) at KPMG Peat Marwick in 1980. From 1984 to 1991, Mr.
Bajalia worked in all areas of finance and as a portfolio company
manager for an investment holding company based in Florida. In
1991 Mr. Bajalia became the Chief Financial Officer (CFO) of one
of the public company portfolio investments. That company was a
leading multi-state distributor of building materials and
manufacturer of building components in the US with approximately
$1 billion in revenue. During his tenure, Mr. Bajalia led the
development and implementation of a turnaround and strategic
business plan and a $300 million recapitalization including a
public stock and bond offering.
From 1998 to 2001 Mr. Bajalia served in various capacities
including President, Chief Executive Officer and Chief Operating
Officer of the professional services division of MPS Group, Inc.
(“MPS”), a publicly traded multi-billion-dollar Fortune 1000
global staffing and human resources solutions company listed on
the New York Stock Exchange (NYSE). This MPS division had offices
throughout the United States and the United Kingdom, and over
$650 million in revenue and $80 million in pretax profits. Mr.
Bajalia’s achievements with MPS included the integration of five
specialty business units, which led to increased organic revenue
growth of $200 million and pretax profits of $40 million within
two years. Mr. Bajalia also served on the Board of Directors of
There are no family relationships between Mr. Bajalia and any
other director or executive officer of the Company.
The Company and Mr. Bajalia have not yet entered into a written
employment agreement with respect to Mr. Bajalias service as
President of the Company. However, in connection with his
appointment as President of the Company, the Company and Mr.
Bajalia have agreed orally that the initial term of Mr. Bajalias
appointment shall be five years and that Mr. Bajalia shall
receive a base salary of $270,000 per year, subject to increase,
but not decrease, at the discretion of the Board. In addition,
the Company and Mr. Bajalia have orally agreed that (i) Mr.
Bajalia shall be eligible to receive an annual bonus of up to
100% of his base salary based on his meeting certain performance
based targets and (ii) Mr. Bajalia shall also receive a total of
500,000 shares of restricted stock under the Companys 2013 Stock
Incentive Plan (the “Plan”), upon shareholderapproval of an
increase in the number of authorized shares available for
issuance under the Plan. These shares shall cliff vest 20% per
year of service. Mr. Bajalia shall also be eligible to
participate in the Companys employee benefit plans as in effect
from time to time on the same basis as generally made available
to other senior executives of the Company and have other benefits
provided to executives of the Company. The Company will file an
amendment to this Form 8-K which includes a full description and
copy of the written employment agreement to be entered into
between the Company and Mr. Bajalia once it has been executed.
Alex Stuckeys annual salary has been increased to $200,000 per
Item 9.01 Financial Statements and Exhibits.
Press Release dated April 6, 2017
About GEE GROUP, INC (NYSEMKT:JOB)
GEE Group Inc., formerly General Employment Enterprises, Inc., is a provider of specialized staffing solutions. The Company operates through two segments: contract staffing services and direct hire placement. The Company’s professional staffing services provide information technology, engineering, medical and accounting professionals to clients on either a regular placement basis or a temporary contract basis. The Company’s industrial staffing business provides weekly temporary staffing for light industrial clients, primarily in Ohio. The Company and its subsidiaries provide professional placement services specializing in the placement of information technology, engineering, and accounting professionals, and medical data entry assistants (medical scribes) specializing in electronic medical records (EMR) services for emergency departments, specialty physician practices and clinics, for direct hire and contract staffing, and temporary staffing services in light industrial staffing. GEE GROUP, INC (NYSEMKT:JOB) Recent Trading Information
GEE GROUP, INC (NYSEMKT:JOB) closed its last trading session up +0.17 at 6.55 with 33,823 shares trading hands.