Bright Horizons Family Solutions Inc 8-K, filed Apr 1, 2020
Bright Horizons Family Solutions Inc. (BFAM)
About this 8-K
Bright Horizons Family Solutions Inc filed this 8-K on April 1, 2020, reporting on events of March 31, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
(e) On March 31, 2020, Bright Horizons Family Solutions Inc. (the “Company” or “Bright Horizons”) announced voluntary temporary reductions in the salaries of its named executive officers in connection with the Company’s response to the impact of COVID-19. Stephen H. Kramer, Chief Executive Officer and President, has elected to forgo his salary until the earlier of December 31, 2020 or such time as a majority of Bright Horizons centers closed as a result of COVID-19 reopen. The Company’s other named executive officers have elected to reduce their salaries by 25% until the earlier of December 31, 2020 or such time as a majority of Bright Horizons centers closed as a result of COVID-19 reopen. In addition, the Chair of the Board, David H. Lissy, has elected to forgo his annual cash retainer and other members of the Board also have agreed to forgo their annual cash retainers, each until the earlier of December 31, 2020 or such time as a majority of Bright Horizons centers closed as a result of COVID-19 reopen.
Forward-Looking Statements
This report includes statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” The Company’s actual results and actual events may vary significantly from the results or events anticipated in these forward-looking statements, which can generally be identified by the use of forward-looking terminology, including the terms “believes,” “expects,” “may,” “will,” “should,” “seeks,” “projects,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or, in each case, their negatives or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They include statements regarding the Company’s current intentions, beliefs or expectations concerning, among other things, executive and board compensation and related timing, and the effects of the outbreak of COVID-19 on our business. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks and uncertainties include the unpredictable nature of the COVID-19 virus and its global and economic impact, as well as its impact on us, changes in government regulations and mandates, changes in the global economy, including as a result of the pandemic, and other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K filed February 27, 2020, and other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date and time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| BRIGHT HORIZONS FAMILY SOLUTIONS INC. |
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| Date: |
April 1, 2020 |
By: |
/s/ Elizabeth J. Boland | |||||
| Elizabeth J. Boland | ||||||||
| Chief Financial Officer | ||||||||