ProFrac Holding Corp. Announces Board and Executive Changes
Ticker: ACDC · Form: 8-K · Filed: May 16, 2024 · CIK: 1881487
| Field | Detail |
|---|---|
| Company | Profrac Holding CORP. (ACDC) |
| Form Type | 8-K |
| Filed Date | May 16, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, executive-compensation, board-of-directors
TL;DR
ProFrac board shakeup and exec comp changes filed.
AI Summary
ProFrac Holding Corp. announced on May 16, 2024, changes in its board of directors and executive compensation arrangements. The filing details the departure of certain officers and the election of new directors, alongside updates to compensatory plans for key executives.
Why It Matters
Changes in a company's board and executive compensation can signal shifts in strategy, governance, or financial outlook, impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can indicate internal shifts that may affect company strategy and performance.
Key Players & Entities
- ProFrac Holding Corp. (company) — Registrant
- May 16, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- 333 Shops Boulevard, Suite 301, Willow Park, Texas 76087 (address) — Principal executive office address
FAQ
What specific roles have seen departures or appointments within ProFrac Holding Corp.?
The filing indicates the departure of certain officers and the election of new directors, though specific names and roles are not detailed in this excerpt.
What is the effective date of the reported changes?
The earliest event reported is dated May 16, 2024.
What type of compensatory arrangements are being updated for certain officers?
The filing mentions updates to compensatory arrangements for certain officers, but the specifics of these arrangements are not detailed in this excerpt.
Where is ProFrac Holding Corp. incorporated and what is its principal business address?
ProFrac Holding Corp. is incorporated in Delaware and its principal executive office is located at 333 Shops Boulevard, Suite 301, Willow Park, Texas 76087.
What SEC filing form is ProFrac Holding Corp. submitting?
ProFrac Holding Corp. is submitting a Form 8-K, a current report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Filing Stats: 756 words · 3 min read · ~3 pages · Grade level 10.6 · Accepted 2024-05-16 16:34:14
Key Financial Figures
- $0.01 — tered Class A common stock, par value $0.01 per share ACDC The Nasdaq Global Se
Filing Documents
- tm2414757d1_8k.htm (8-K) — 32KB
- tm2414757d1_ex99-1.htm (EX-99.1) — 10KB
- tm2414757d1_ex99-1img001.jpg (GRAPHIC) — 4KB
- 0001104659-24-062562.txt ( ) — 220KB
- acdc-20240516.xsd (EX-101.SCH) — 3KB
- acdc-20240516_lab.xml (EX-101.LAB) — 33KB
- acdc-20240516_pre.xml (EX-101.PRE) — 22KB
- tm2414757d1_8k_htm.xml (XML) — 4KB
02Departure
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Departure of Chief Financial Officer On May 16, 2024, ProFrac Holding Corp., a Delaware corporation (the " Company "), announced that Lance Turner, the Chief Financial Officer, will resign from the Company, effective June 17, 2024. After June 17, pursuant to a consulting arrangement to be negotiated, Mr. Turner will work to support a successful transition to the new CFO, Austin Harbour. Mr. Turner's resignation was not because of any disagreement with the Company on any matter relating to the Company's operations, policies or practices, including accounting principles and practices. Appointment of Chief Financial Officer Effective as of June 17, 2024, Austin Harbour, 43, will serve as the Chief Financial Officer of the Company. Mr. Harbour worked in the energy & power investment banking group at Piper Sandler Companies from 2021 to 2024. He was previously with the firm from 2012 to 2015. During his career, Mr. Harbour has focused primarily on energy services and equipment, including advising on some of the largest M&A and restructuring transactions in the sector. Prior to joining Piper Sandler, Harbour served at Superior Energy Services as the CFO of its North American business from 2020 to 2021, worked at Lazard Freres from 2015 to 2020, and Bank of America Merrill Lynch from 2011 to 2012. Prior to business school, Mr. Harbour began his career with D.R. Horton, Inc. with the majority of his tenure in land acquisition and land development in the company's Las Vegas Division. Harbour holds a Master of Business Administration degree from Texas A&M University and a bachelor's degree from Texas Christian University.
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On May 16, 2024, the Company issued a press release announcing the resignation of Mr. Turner and the appointment of Mr. Harbour as its Chief Financial Officer, a copy of which is furnished with this Current Report on Form 8-K as Exhibit 99.1. This information is furnished pursuant to Item 7.01 "Regulation FD Disclosure," and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press Release dated May 16, 2024 104.1 Cover Page Interactive Data File (Embedded within Inline XBRL document)
SIGNATURES
SIGNATURES 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 hereunto duly authorized. PROFRAC HOLDING CORP. By: /s/ Steven Scrogham Name: Steven Scrogham Title: Chief Legal Officer, Chief Compliance Officer and Corporate Secretary Date: May 16, 2024