Team Inc 8-K, filed Feb 25, 2020
Team Inc (TISI)
8-K
2020-02-25
For: 2020-02-25
View Original
Added on
April 10, 2026
About this 8-K
Team Inc filed this 8-K on February 25, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): February 25, 2020
TEAM, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware | 001-08604 | 74-1765729 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
13131 Dairy Ashford, Suite 600
Sugar Land, Texas 77478
(Address of Principal Executive Offices and Zip Code)
Registrant’s telephone number, including area code: (281) 331-6154
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CF 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $0.30 par value | TISI | New York Stock Exchange |
Indicate by check mark whether registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
Item 8.01 Other Events.
On February 25, 2020, Team, Inc. (“we,” “our,” “us,” or the “Company”) issued a press release announcing that our Board of Directors unanimously appointed Amerino Gatti, our Chief Executive Officer, to the additional position of Chairman of the Board of Directors effective immediately. Mr. Gatti has been a member of our Board of Directors and Chief Executive Officer since January 2018.
Also on February 25, 2020, the Company announced that our Board of Directors has designated Louis A. Waters as the Lead Independent Director, effective immediately. Mr. Waters had served as the non-executive Chairman of the Board since May 2017 and previously served as the Lead Director from June 2007 until May 2017. Mr. Waters has been a member of the Board of Directors since 1998.
A copy of the Company's press release issued February 25, 2020 regarding the matters described in Item 8.01 of this Current Report on Form 8-K is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit number | Description | |
99.1 | ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TEAM, Inc. | ||
By: | /s/ André C. Bouchard | |
André C. Bouchard | ||
Executive Vice President, Chief Legal Officer and Secretary | ||
Dated: February 25, 2020
 | NEWS RELEASE |
Contact: | |
Susan Ball | |
EVP, Chief Financial Officer and Treasurer | |
(281) 388-5521 | |
TEAM, INC. ANNOUNCES CEO AMERINO GATTI TO ASSUME ROLE OF CHAIRMAN OF THE BOARD
SUGAR LAND, TX – February 25, 2020 – Team, Inc. (NYSE: TISI), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, announced today that Louis A. Waters has elected to step down as Chairman of the TEAM Board of Directors, and, by a unanimous vote of the Board of Directors, Amerino Gatti will assume the role of Chairman, in addition to his current role as Chief Executive Officer, effective immediately. The Company also announced that the Board of Directors has appointed Mr. Waters as Lead Independent Director.
Mr. Gatti has served as Chief Executive Officer and a member of the Board since January 2018, when he joined the company. Prior to joining TEAM, he served as an Executive Officer and President of the Production Group at Schlumberger Limited. Over his 25-year career at Schlumberger, Mr. Gatti served in a variety of roles of progressing leadership responsibility including, President - Well Services, VP Production Group - North America, VP & General Manager - Qatar GeoMarket, Global VP Sand Management Services, and VP Marketing & Sales - North America. Earlier in his Schlumberger career, he held field operations, engineering and human resources positions around the world, including North America, South Asia and the Middle East. Mr. Gatti holds a B.S. in Mechanical Engineering from the University of Alberta, Canada.
“It has been my pleasure to serve as Chairman of the Board and I look forward to my continued involvement as independent lead director,” said Mr. Waters. “Under Amerino’s strong leadership, TEAM has led many successful initiatives, including an integration and transformation program that has streamlined operations and established a strategic plan for long-term growth. These companywide initiatives have resulted in significant improvements to our cash flow and overall financial performance. On behalf of the Board, we are confident that Amerino’s leadership in the combined role of Chairman of the Board and Chief Executive Officer will continue to have a positive impact on the Company’s future.”
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“I am honored to assume this important role for TEAM and want to thank my fellow directors for the trust they have placed in me and our leadership team,” said Mr. Gatti. “I will continue to build on our positive momentum by focusing on our highest priorities: the safety of our employees, leveraging our differentiated portfolio and talented people in close collaboration with our clients, and creating value for our shareholders. We remain committed to strengthening our balance sheet and positioning the company for long-term success – and I look forward to advancing these priorities in my added role as Chairman.”
In the lead independent director role, Mr. Waters will perform the duties outlined in the Company’s Corporate Governance Principles. These duties include serving as a liaison between the independent directors and the Chairman; approving agendas for board meetings; presiding over meetings and executive sessions of the independent directors; and leading the Board’s annual evaluation of the Chief Executive Officer. TEAM’s Corporate Governance Principles are available in the Investors section of our website at www.teaminc.com.
About Team, Inc.
Headquartered in Sugar Land, Texas, Team Inc. (NYSE: TISI) is a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions. We deploy conventional to highly specialized inspection, condition assessment, maintenance and repair services that result in greater safety, reliability and operational efficiency for our client’s most critical assets. Through locations in more than 20 countries, we unite the delivery of technological innovation with over a century of progressive, yet proven integrity and reliability management expertise to fuel a better tomorrow. For more information, please visit www.teaminc.com.
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