ORION ENERGY SYSTEMS, INC. (NASDAQ:OESX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On May25, 2017, the Board of Directors of Orion Energy Systems,
Inc. (the Company) elected Michael W. Altschaefl as the Companys
new Chief Executive Officer and Scott A. Green as the Companys
Chief Operating Officer in connection with a restructuring of the
Companys management team. As part of the restructuring, John H.
Scribante, the Companys former Chief Executive Officer, has left
the Company.
Prior to his appointment as Chief Executive Officer,
Mr.Altschaefl, age 58, has served as a director of the Company
since October 2009 and has served as the non-executive chair of
the Companys Board of Directors since August 2016. Mr.Altschaefl
currently serves as the president of Still Water Partners, Inc.,
a private investment firm. In addition, since November 2013,
Mr.Altschaefl has served as the president of E-S Plastic Products
LLC, a custom manufacturer of plastic injection parts.
Previously, Mr.Altschaefl served as the vice president – strategy
and business development of Shiloh Industries, Inc., a public
company and leading independent manufacturer of advanced metal
product solutions for high volume applications in the North
American automotive, heavy truck, trailer and consumer markets
from January 2013 until October 2013. Mr.Altschaefl was an owner
and chief executive officer of Albany-Chicago Company LLC, a
custom die cast and machined components company when Shiloh
Industries purchased the company in December 2012. Mr.Altschaefl
is a certified public accountant. Prior to acquiring
Albany-Chicago Company LLC in 2008, Mr.Altschaefl worked for 27
years with two international independent registered public
accounting firms, including 16 years as a partner. There are no
arrangements between Mr.Altschaefl and any other person to which
Mr.Altschaefl was elected to serve as our Chief Executive
Officer, nor are there any material transactions in which the
Company is a participant in which Mr.Altschaefl has a material
interest.
Prior to his appointment as Chief Operating Officer, Mr.Green,
age 59, served as the Companys executive vice president since
August 2016. Mr.Green previously served as the Companys division
president: innovation, project engineering and construction
management from July 2015 to August 2016; the Companys division
president: Orion Engineered Systems from February 2014 to July
2015; and the Companys division president: Harris Lighting from
July 2013 to February 2014. Prior to joining the Company in
connection with the Companys acquisition of Harris Manufacturing,
Inc. and Harris LED, LLC in July 2013, Mr.Green served as the
executive vice president of Harris from January 2011 until July
2013 and as chief executive officer of Harris from June 1997 to
January 2011. There are no arrangements between Mr.Green and any
other person to which Mr.Green was elected to serve as our Chief
Operating Officer, nor are there any material transactions in
which the Company is a participant in which Mr.Green has a
material interest.
A copy of the Companys press release regarding these events is
filed as Exhibit 99.1 and is incorporated herein by reference.
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| Item9.01 | Financial Statements and Exhibits. |
| (a) | Exhibits: |
| 99.1 | Press Release of the Company dated May26, 2017. |
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About ORION ENERGY SYSTEMS, INC. (NASDAQ:OESX)
Orion Energy Systems, Inc. is a designer and manufacturer of lighting platforms. The Company researches, develops, designs, manufactures, markets, sells and implements energy management systems consisting primarily of commercial and industrial interior and exterior lighting systems, and related services. The Company operates through three segments: Orion U.S. Markets Division (USM), Orion Engineered Systems Division (OES) and Distribution Services Division (ODS). The USM division develops and sells its commercial lighting systems and energy management systems to the wholesale contractor markets. The OES division develops and sells lighting products, and provides construction and engineering services for its commercial light emitting diode (LED) and high intensity fluorescent (HIF) lighting and energy management systems. The ODS division focuses on selling its lighting products through manufacturer representative agencies and a network of broadline North American distributors. ORION ENERGY SYSTEMS, INC. (NASDAQ:OESX) Recent Trading Information
ORION ENERGY SYSTEMS, INC. (NASDAQ:OESX) closed its last trading session 00.00 at 1.33 with 81,714 shares trading hands.