Vse Corp 8-K, filed Oct 1, 2020
Vse Corp (VSEC)
8-K
2020-10-01
For: 2020-09-30
View Original
Added on
April 08, 2026
About this 8-K
Vse Corp filed this 8-K on October 1, 2020, reporting on events of September 30, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
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, 2020
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VSE CORPORATION
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 30, 2020, VSE Corporation (“VSE” or the “Company”) announced that Thomas R. Loftus had informed the Company of his intention to retire as Executive Vice President and Chief Financial Officer of the Company. Mr. Loftus has been employed by VSE in various capacities for 42 years and has served as the Company’s Chief Financial Officer since 2002.
In conjunction with Mr. Loftus planned retirement, Mr. Loftus has agreed to remain in his current role with the Company until a successor is named. VSE expects to name a successor during the fourth quarter 2020.
To ensure an orderly transition of his duties, VSE will enter into a consulting agreement with Mr. Loftus effective upon his retirement with the Company through the end of the first quarter of 2021. Mr. Loftus’ retirement was not as a result of any issues or disagreements with the Company, including on any matters related to the Company’s financial disclosures, accounting policies or practices.
A copy of the Company’s press release dated September 30, 2020 announcing Mr. Loftus’ retirement is included as Exhibit 99.1 to this Current Report on Form 8-K as is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number
VSE CORPORATION AND SUBSIDIARIES
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.
VSE CORPORATION | |||||||||||
(Registrant) | |||||||||||
Date: | October 1, 2020 | By: | /s/ Thomas M. Kiernan | ||||||||
Thomas M. Kiernan | |||||||||||
Vice President, General Counsel and Secretary | |||||||||||
Exhibit 99.1
VSE Corporation Announces CFO Retirement
Alexandria, Virginia, September 30, 2020 – VSE Corporation (NASDAQ: VSEC), a leading provider of distribution and maintenance, repair and overhaul services for land, sea and air transportation assets in the public and private sectors today announced that Thomas R. Loftus, Executive Vice President and Chief Financial Officer plans to retire after a distinguished career with the Company. VSE expects to name Mr. Loftus’ successor during the fourth quarter of 2020. Mr. Loftus will remain with the company through year-end 2020 to ensure an orderly transition of his duties.
Mr. Loftus joined VSE in 1978, serving in a variety of finance roles during his 42-year tenure with the Company. In 2002, he was named Chief Financial Officer of VSE.
“It has been a sincere privilege to work alongside John Cuomo, the Board of Directors and my fellow employees during my career with VSE,” stated Tom Loftus, Chief Financial Officer. “I am confident that we are well-positioned for our next phase of transformative growth under John’s leadership, guided by a strategic focus on higher-margin end-markets, high free cash flow conversion and disciplined balance sheet management. I know that our most important asset – our employees – are in good hands.”
“On behalf of the Board of Directors and the entire VSE team, I want to thank Tom for his exceptional leadership and dedication to VSE,” said John Cuomo, President and CEO of VSE Corporation. “During his more than four decades with VSE, Tom was integral to the development and execution of our business strategies. Tom ensured a strong financial position for the Company with disciplined decision making and led the charge for significant free cash flow generation through consistent and rigorous efforts to reduce working capital. I personally want to thank Tom for being a trusted advisor and business partner to me. We wish him a long, happy and well-deserved retirement.”
ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include maintenance, repair and overhaul (MRO) services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE’s services and products, visit us at www.vsecorp.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause VSE’s actual results to vary materially from those indicated or anticipated by such statements. Many factors could cause actual results and performance to be materially different from any future results or performance, including, among others, the risk factors described in our reports filed or expected to be filed with the SEC. Any forward-looking statement or statement of belief speaks only as of the date of this press release. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
INVESTOR RELATIONS CONTACT: Noel Ryan | Phone: 720.778.2415 | Investors@vsecorp.com