Otelco Inc. (NASDAQ:OTEL) Files An 8-K Results of Operations and Financial Condition
Item 2.02.
On May 8, 2019, Otelco Inc. (the “Company”) announced its results of operations for its first quarter ended March 31, 2019. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Information contained herein, including Exhibit 99.1, shall not be deemed filed for the purposes of the Securities Exchange Act of 1934, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.
On May 8, 2019, the Company announced that Mr. Richard A. Clark, the current Chief Operating Officer of the Company, was appointed President of the Company on May 1, 2019 and will be appointed Chief Executive Officer of the Company, effective January 1, 2020. The position of President and Chief Executive Officer of the Company is currently held by Mr. Robert J. Souza, who will remain as Chief Executive Officer until his retirement on December 31, 2019.
Mr. Clark has been the Chief Operating Officer of the Company since October 2018. Prior to joining the Company, Mr. Clark served as Executive Vice President and Chief Financial Officer at FirstLight Fiber (a high speed data provider) from December 2016 until September 2018. From October 2013 until December 2016, Mr. Clark served as Executive Vice President and Chief Financial Officer of Oxford Networks (a high speed data provider) until Oxford was acquired by FirstLight Fiber. Mr. Clark served as Senior Vice President and Chief Financial Officer of WAI Global (a global manufacturer and distributor of automotive aftermarket parts) from February 2011 through September 2013 and as Executive Vice President and Chief Financial Officer of Parts Depot, Inc. (a distributor of auto parts) from November 2005 through February 2011. Mr. Clark served in executive positions from 1995 through 2005 at various companies in financial and operating positions. Mr. Clark began his career at PriceWaterhouseCoopers from 1986 through 1995. He graduated from Husson University in 1986 with a degree in public accounting and is a Certified Public Accountant. Mr. Clark is 54 years old.
Mr. Clark was not appointed as Chief Executive Officer of the Company for a fixed term of office, but rather will hold such position until a successor is named.
Mr. Clark is not party to any (a) arrangement or understanding regarding his appointment as an executive officer, nor does he have any family relationships with any director, executive officer or person nominated or chosen to become a director or executive officer of the Company, or (b) transaction required to be disclosed to Item 404(a) of Regulation S-K.
to Mr. Clark’s existing employment agreement, effective upon Mr. Clark’s appointment as Chief Executive Officer the Company will grant Mr. Clark an option to purchase up to 50,000 shares of the Company’s Class A common stock, par value $0.01 per share, which will vest in equal annual installments over a five-year period thereafter.
Information is being furnished herein in Exhibit 99.2 with respect to the slide presentation prepared for use with the press release. These materials are dated May 8, 2019 and the Company does not undertake to update the materials after that date.
The presentation is also available on the Investors section of the Company’s website at www.otelco.com. The Company’s Annual Report to Shareholders and its reports on Forms 10-K, 10-Q and 8-K and other publicly available information should be consulted for other important information about the Company.
Information contained herein, including Exhibit 99.2, shall not be deemed filed for the purposes of the Securities Exchange Act of 1934, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.
The press release announcing Mr. Clark’s appointment as President and as Chief Executive Officer, as well as Mr. Souza’s retirement, is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
