Astronics Corp Reports Director/Officer Changes & Compensation
Ticker: ATROB · Form: 8-K · Filed: Oct 15, 2024 · CIK: 8063
| Field | Detail |
|---|---|
| Company | Astronics Corp (ATROB) |
| Form Type | 8-K |
| Filed Date | Oct 15, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, compensation, corporate-governance
TL;DR
Astronics Corp filed an 8-K detailing director/officer changes and compensation arrangements.
AI Summary
Astronics Corporation filed an 8-K on October 15, 2024, reporting events as of October 11, 2024. The filing primarily concerns the departure of directors or certain officers, the election of directors, the appointment of certain officers, and compensatory arrangements for certain officers. It also includes Regulation FD disclosures and financial statements/exhibits.
Why It Matters
Changes in corporate leadership and executive compensation can signal shifts in company strategy or financial health, impacting investor confidence and stock performance.
Risk Assessment
Risk Level: medium — Changes in key personnel and compensation structures can introduce uncertainty regarding future company performance and strategy.
Key Players & Entities
- ASTRONICS CORP (company) — Registrant
- 0000008063 (company) — Central Index Key
- 160959303 (company) — IRS Number
- New York (company) — State of Incorporation
- 130 Commerce Way East Aurora New York 14052 (company) — Business Address
- October 11, 2024 (date) — Earliest event reported
- October 15, 2024 (date) — Filing Date
FAQ
What specific director or officer positions were affected by the changes reported in this 8-K?
The filing indicates changes related to the 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers' but does not specify names or exact roles within the provided text.
Are there any details regarding new compensatory arrangements for officers mentioned?
Yes, the filing explicitly lists 'Compensatory Arrangements of Certain Officers' as an item of information, suggesting such details are included.
What is the primary purpose of this 8-K filing for Astronics Corporation?
The primary purpose is to report current events, including changes in directors and officers, their compensation, and to provide necessary financial statements and exhibits.
When was the earliest event reported in this filing?
The earliest event reported in this filing was on October 11, 2024.
What is Astronics Corporation's standard industrial classification code?
Astronics Corporation's standard industrial classification code is 3728, which pertains to 'AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC'.
Filing Stats: 1,175 words · 5 min read · ~4 pages · Grade level 11.5 · Accepted 2024-10-15 08:42:40
Filing Documents
- atro-20241011.htm (8-K) — 28KB
- a101124exhibit101.htm (EX-10.1) — 81KB
- a101124exhibit991.htm (EX-99.1) — 16KB
- image_0.jpg (GRAPHIC) — 35KB
- 0000008063-24-000051.txt ( ) — 317KB
- atro-20241011.xsd (EX-101.SCH) — 2KB
- atro-20241011_lab.xml (EX-101.LAB) — 21KB
- atro-20241011_pre.xml (EX-101.PRE) — 12KB
- atro-20241011_htm.xml (XML) — 3KB
02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers. (b), (c) and (e) On October 15, 2024, Astronics Corporation (the "Company") announced that David C. Burney has provided notice to the Board of Directors of the Company (the "Board") on October 11, 2024 that he will be retiring from his position as Executive Vice President, Chief Financial Officer and Treasurer of Company effective as of January 3, 2025. In connection therewith, the Company also announced that, on October 11, 2024, the Board appointed Nancy L. Hedges to the position of Chief Financial Officer effective as of January 4, 2025. In connection with this appointment, Ms. Hedges will also begin to serve as the Company's principal financial officer and continue to serve as the Company's principal accounting officer. Ms. Hedges, age 50, has served as Corporate Controller and principal accounting officer of the Company since 2014. Prior to her position with the Company, she served as Director of Accounting and External Reporting at Dayco, LLC (formerly Mark IV Industries, Inc.) from May 2008 to November 2014. Ms. Hedges is a CPA and also has over twelve years of accounting experience from her time at PricewaterhouseCoopers LLP in its Accounting and Business Advisory Services practice. No family relationships exist between Ms. Hedges and any of the Company's directors or other executive officers. There are no other arrangements between Ms. Hedges and any other person pursuant to which Ms. Hedges was selected as an officer, nor are there any transactions to which the Company is or was a participant and in which Ms. Hedges has a material interest subject to disclosure under Item 404(a) of Regulation S-K. As of the filing of this Current Report on Form 8-K, the Compensation Committee of the Board and the Board have not determined any changes to the compensation of Ms. Hedges in connection with her new appointment. The Company will provide this informati
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. A copy of the press release announcing the retirement of Mr. Burney and the appointment of Ms. Hedges is attached herewith as Exhibit 99.1.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. Exhibit Description 10.1 Transition and Retirement Agreement dated October 11, 2024, by and between David C. Burney and the Company 99.1 Press Release, dated October 15, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE 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. Astronics Corporation Dated: October 15, 2024 By: /s/ David C. Burney Name: David C. Burney Executive Vice President and Chief Financial Officer