Kewaunee Scientific Corporation (NASDAQ:KEQU) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March8, 2019, David M. Rausch notified Kewaunee Scientific Corporation (the Company) of his intention to resign from his position as President and Chief Executive Officer of the Company, effective immediately. Mr.Rausch also resigned from his position as a member of the Companys Board of Directors (the Board of Directors), effective immediately, on March8, 2019. Mr.Rausch resigned for personal reasons. There were no disagreements between the Company and Mr.Rausch related to his resignation.
Additionally, on March8, 2019, the Board of Directors appointed Thomas D. Hull III, previously the Companys Vice President, Finance and Chief Financial Officer, to serve as the Companys President and Chief Executive Officer, effective immediately. Mr.Hull will continue to serve as the Companys Chief Financial Officer and as the Companys principal financial officer and principal accounting officer pending the conclusion of a search to fill the role of Vice President, Finance and Chief Financial Officer, which search the Company intends to commence promptly. The Board of Directors also appointed Mr.Hull as a member of the Board of Directors. Mr.Hull will serve as a ClassI Director and will stand for re-election to the Board of Directors at the 2020 Annual Meeting.
Mr.Hull, age 42, joined the Company in November 2015 as Vice President, Finance, Chief Financial Officer, Treasurer and Secretary. Mr.Hull held several management positions with Ernst Young, LLP in Pittsburgh, Pennsylvania from 1998 through 2011. From 2011, he served as the Vice President of Finance, Accounting, and Information Technology with ATI Specialty Materials in Charlotte, North Carolina.
In his role as President and Chief Executive Officer, Mr.Hulls base annual salary will be increased to $350,000, and he will have a 2019 target award opportunity under the Companys annual incentive bonus plan equal to 60% of his base salary. Mr.Hull also will continue to be eligible to participate in the Companys other benefit programs.
The Company issued a press release on March11, 2019 regarding these matters. The press release is set forth in its entirety and attached as Exhibit 99.1 to this Form 8-K.
|Press Release of Kewaunee Scientific Corporation dated March11, 2019|
KEWAUNEE SCIENTIFIC CORP /DE/ Exhibit
EX-99.1 2 d671778dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Kewaunee Scientific Corporation Announces Resignation of Chief Executive and Election of New CEO Exchange: NASDAQ (KEQU) Contact: Thomas D. Hull III 704/871-3290 STATESVILLE,…
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About Kewaunee Scientific Corporation (NASDAQ:KEQU)
Kewaunee Scientific Corporation is engaged in the design, manufacture and installation of laboratory, healthcare and technical furniture products. The Company’s products include steel, wood and laminate furniture, fume hoods, biological safety cabinets, laminar flow and ductless hoods, adaptable modular and column systems, moveable workstations and carts, epoxy resin worksurfaces, sinks, and accessories and related design services. It operates through two segments: Domestic and International. The Domestic business segment designs, manufactures, and installs scientific and technical furniture, including steel and wood laboratory cabinetry, fume hoods, laminate casework, flexible systems, worksurfaces, workstations, workbenches, and computer enclosures. The International business segment provides facility design, engineering, construction and project management from the planning stage through testing and commissioning of laboratories.