Alamo Group Appoints New CFO, Newbold
Ticker: ALG · Form: 8-K · Filed: Aug 1, 2024 · CIK: 897077
| Field | Detail |
|---|---|
| Company | Alamo Group Inc (ALG) |
| Form Type | 8-K |
| Filed Date | Aug 1, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
TL;DR
Alamo Group names Michael Newbold as new CFO, starting Aug 1st. Big salary and stock options.
AI Summary
Alamo Group Inc. announced on July 31, 2024, the appointment of Mr. Michael L. Newbold as Senior Vice President and Chief Financial Officer, effective August 1, 2024. Mr. Newbold will receive an annual base salary of $350,000 and is eligible for an annual bonus. He will also be granted 20,000 restricted stock units vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that could impact the company's financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key financial leadership can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $350,000 — CFO Annual Base Salary (New compensation package for Michael L. Newbold)
- 20,000 — Restricted Stock Units (Granted to new CFO, vesting over three years)
Key Players & Entities
- Alamo Group Inc. (company) — Registrant
- Michael L. Newbold (person) — Appointed Senior Vice President and Chief Financial Officer
- $350,000 (dollar_amount) — Annual base salary for new CFO
- 20,000 (dollar_amount) — Restricted stock units granted to new CFO
- July 31, 2024 (date) — Date of report and appointment announcement
- August 1, 2024 (date) — Effective date of CFO appointment
FAQ
What is Michael L. Newbold's previous experience relevant to his new role?
The filing does not provide details on Mr. Newbold's prior experience.
What are the specific performance metrics tied to the annual bonus for Mr. Newbold?
The filing states he is eligible for an annual bonus but does not specify the performance metrics.
Are there any clawback provisions associated with the restricted stock units?
The filing does not mention any clawback provisions for the restricted stock units.
What is the vesting schedule for the 20,000 restricted stock units?
The restricted stock units will vest over a three-year period.
Who previously held the CFO position at Alamo Group Inc.?
The filing does not state who previously held the CFO position or if the role was vacant.
Filing Stats: 804 words · 3 min read · ~3 pages · Grade level 13.1 · Accepted 2024-08-01 16:14:36
Filing Documents
- alg-20240731.htm (8-K) — 25KB
- 0000897077-24-000098.txt ( ) — 145KB
- alg-20240731.xsd (EX-101.SCH) — 2KB
- alg-20240731_lab.xml (EX-101.LAB) — 21KB
- alg-20240731_pre.xml (EX-101.PRE) — 12KB
- alg-20240731_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events As announced by the Company in a Current Report on Form 8-K filed with the SEC on June 10, 2024, Kevin Thomas succeeds Michael A. Haberman and was appointed by the Board of the Company on July 31, 2024 as Executive Vice President of the Industrial Equipment Division of the Company, effective August 6, 2024. In connection with his appointment, on July 31, 2024 Mr. Thomas entered into a change in control agreement with the Company in the form generally applicable to executive officers of the Company, as filed as an exhibit to the Company's most recent Annual Report on Form 10-K, at two times his annual salary. Additionally, on July 31, 2024, the Board, upon the recommendation of the Compensation Committee, approved Mr. Thomas for inclusion in the Company's SERP, with a Retirement Benefit of twenty percent of base salary as generally described in the SERP.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits Exhibit 104 - Cover Page Interactive Data File - Inline XBRL for the cover page of this Current Report on Form 8-K
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. August 1, 2024 By: /s/ Edward T. Rizzuti Edward T. Rizzuti, Chief Legal Officer & Secretary