Team Inc 8-K, filed Oct 6, 2021
Team Inc (TISI)
8-K
2021-10-06
For: 2021-09-30
View Original
Added on
April 10, 2026
About this 8-K
Team Inc filed this 8-K on October 6, 2021, reporting on events of September 30, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- 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): September 30, 2021
(Exact Name of Registrant as Specified in its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(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 | ||||||
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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 30, 2021, Susan Ball, Executive Vice President and Chief Financial Officer of Team, Inc. (the “Company”) informed the Company of her intention to resign from the Company for personal reasons effective as of November 12, 2021. Ms. Ball’s resignation is not a result of any disagreements with the Company or the Board of Directors relating to the operations, policies or practices of the Company or any issues regarding its accounting policies or practices. The Company has commenced a search process with the assistance of a national executive search firm to identify Ms. Ball’s successor. It is expected that the Company and Ms. Ball will enter into a consulting agreement pursuant to which Ms. Ball will serve as a financial advisor and consultant to the Company to support the Company in the transition process, including the search for her replacement.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The following exhibit is furnished as part of Item 5.02 of this Current Report on Form 8-K:
| Exhibit number | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
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: October 6, 2021
Exhibit 99.1
 | NEWS RELEASE | ||||
FOR IMMEDIATE RELEASE
TEAM, INC. ANNOUNCES CFO, SUSAN BALL, WILL STEP DOWN
IN NOVEMBER 2021
Nationally recognized executive search firm has been retained
SUGAR LAND, TX, Oct. 6, 2021 – Team, Inc. (“TEAM”) (NYSE: TISI), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, today announced that Susan Ball, Executive Vice President and Chief Financial Officer, has informed the company of her intention to step down, effective November 12, 2021 for personal reasons. Ms. Ball has committed to continue her current role over the next six weeks and agreed to then serve as a financial advisor and consultant to TEAM to support an orderly transition process, including the search for her replacement.
Ms. Ball joined TEAM in December 2018 as Executive Vice President and Chief Financial Officer. She played an important role as the company scaled up its OneTEAM program and was influential in helping TEAM overcome the many challenges caused by the COVID-19 pandemic. Her resignation is not a result of any disagreements with TEAM or the Board of Directors relating to the operations, policies or practices of TEAM or any issues regarding its accounting policies or practices. TEAM has commenced a formal search for a new Chief Financial Officer, retaining a national executive search firm to support the process.
Amerino Gatti, TEAM’s Chairman and Chief Executive Officer, said, “On behalf of the board of directors and the executive leadership team, I want to extend our sincerest gratitude to Susan for her many valuable contributions to the company, especially for her efforts during the pandemic. On a personal note, I would like to thank Susan for her leadership and partnership – and wish her and her family well in the future.”
Ms. Ball, said, “It has been a pleasure to serve as the CFO of TEAM and I am grateful for the opportunity to work alongside Amerino and as part of his executive leadership team. I look forward to supporting a smooth transition over the next few months and would like to thank TEAM’s employees, clients and stockholders for making my time at the company a great experience.”
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.
Contact:
Kevin Smith
Senior Director, Investor Relations
(281) 388-5551
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