OFLX 8-K
Omega Flex, Inc. (OFLX)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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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
On December 7, 2023, on the recommendation of the Nominating/Governance Committee, effective January 1, 2024, the Board of Directors of Omega Flex, Inc. (the “Company”) unanimously elected Edwin B. Moran as a Class 2 Director of the Company, with a term expiring at the 2025 annual meeting of shareholders, and Dean W. Rivest as a Class 3 Director of the Company, with a term expiring at the 2026 annual meeting of shareholders. As directors who are also employees, they will not receive separate compensation for serving as directors. There is no agreement or understanding between Mr. Moran or Mr. Rivest and any other person pursuant to which they were elected as directors, and there are no current plans for them to serve on committees.
In addition, on the recommendation of the Nominating/Governance Committee, the Board unanimously approved the following organizational changes, effective January 1, 2024:
| (a) | Kevin R. Hoben will be Executive Chairman of the Company, | |
| (b) | Dean W. Rivest will replace Mr. Hoben as Chief Executive Officer of the Company, reporting to Mr. Hoben, and | |
| (c) | Edwin B. Moran will replace Mr. Rivest as President of the Company, also reporting to Mr. Hoben. |
Furthermore, Susan B. Asch will be promoted to be a Vice President of the Company, in addition to serving as its General Counsel and Corporate Secretary, and David R. Edler will be promoted from Director - MediTrac, to Vice President and General Manager - MediTrac.
Mr. Hoben, age 77, served as the Company’s Chairman since 2019 and Chief Executive Officer since 2007, and as President from 2005 to 2018. He has served as a director of the Company since 1996, and as a director and chairman of the Company’s United Kingdom subsidiary since 2001. Mr. Hoben is also a director of Taco Comfort Solutions, Inc., an HVAC manufacturer, and has over 30 years of experience in the sale and distribution of flexible metal hose products in positions of increasing scope and responsibility.
Mr. Rivest, age 54, has been employed by the Company since 2000, and most recently was President since 2022, providing leadership over operations of the Company, and Executive Vice President from 2020 to 2022, responsible for manufacturing and engineering for all products, as well as sales and marketing for the industrial and MediTrac® products. Prior to that, Mr. Rivest was Vice President and General Manager of the industrial and MediTrac® products since 2005.
Mr. Moran, age 57, has been employed by the Company since 2001, and most recently was Executive Vice President since 2022, responsible for all sales and marketing efforts for all of the Company’s products, excluding MediTrac® corrugated medical gas piping. Previously Mr. Moran served since 2007 as Vice President - Sales Residential Markets for all sales of the flexible gas piping products manufactured by the Company.
SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
OMEGA FLEX, INC.
| Date: December 12, 2023 | By: | /s/ Kevin R. Hoben |
| Kevin R. Hoben | ||
| Chairman and Chief Executive Officer |