BrightView Holdings CFO Departs, New Directors Appointed

TL;DR

CFO out, interim CFO in, two new board members. Watch for strategy shifts.

AI Summary

BrightView Holdings, Inc. announced on February 27, 2024, the departure of its Chief Financial Officer, John J. Feeney. The company has appointed Alexander M. Vlachos as the interim CFO. Additionally, the company elected two new directors, David J. M. Miller and Michael J. Montelongo, to its board.

Why It Matters

Changes in key executive positions and board composition can signal shifts in company strategy or financial oversight, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Executive departures and board changes can introduce uncertainty regarding leadership stability and strategic direction.

Key Players & Entities

• BrightView Holdings, Inc. (company) — Registrant
• John J. Feeney (person) — Departing Chief Financial Officer
• Alexander M. Vlachos (person) — Interim Chief Financial Officer
• David J. M. Miller (person) — Newly Elected Director
• Michael J. Montelongo (person) — Newly Elected Director
• February 27, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value BV New York Stock Exchange
• $425,000 — nual base salary at his current rate of $425,000; (ii) have an opportunity to earn an an
• $7,500 — termination in an amount not to exceed $7,500. These severance benefits are the sam

Filing Documents

• tm247512d1_8k.htm (8-K) — 34KB
• tm247512d1_ex10-1.htm (EX-10.1) — 88KB
• 0001104659-24-029984.txt ( ) — 313KB
• bv-20240227.xsd (EX-101.SCH) — 3KB
• bv-20240227_lab.xml (EX-101.LAB) — 33KB
• bv-20240227_pre.xml (EX-101.PRE) — 22KB
• tm247512d1_8k_htm.xml (XML) — 3KB

02 Departure of Directors or Certain Officers; Election of Directors;

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As previously disclosed, the Company announced on February 23, 2024, that the employment as an executive officer of Jamie C. Gollotto, President, Seasonal (Maintenance Services), ended effective at the close of business on February 19, 2024 (the "Transition Date") and that he will provide services as a non-executive employee until March 29, 2024 (the "Separation Date"). On February 27, 2024, the Company and Mr. Gollotto entered into a Transition Services and Separation Agreement (the "Transition Agreement") which, in exchange for a release of claims, agreeing to certain post-employment restrictive covenants set forth in the Transition Agreement and other valuable consideration, provides that Mr. Gollotto will be employed full-time as a non-executive employee during the period beginning on Transition Date and continuing until the Separation Date (the "Transition Period"), unless earlier terminated under the Transition Agreement. The Transition Agreement supersedes and replaces Mr. Gollotto's employment letter agreement dated July 1, 2020 (the "Employment Letter"). During the Transition Period, Mr. Gollotto will (i) receive an annual base salary at his current rate of $425,000; (ii) have an opportunity to earn an annual incentive bonus for fiscal year 2024, subject to the terms and conditions of the Company's annual bonus plan, with a target annual bonus equal to 85% of his base salary; and (iii) continue to be eligible to participate in the employee benefit plans generally available to employees of the Company. Under the Transition Agreement, if Mr. Gollotto terminates employment on the Separation Date, or is earlier terminated without "cause" (as defined in the Employment Letter) (each a "Qualifying Termination") then, subject to his timely execution and non-revocation of a release of claims and continued c

01. Financial

Item 9.01. Financial (d) Exhibits. The following exhibits are filed herewith: Exhibit No. Description 10.1 Transition Services and Separation Agreement, effective February 27, 2024, by and between BrightView Holdings, Inc., BrightView Landscapes, LLC and Jamie C. Gollotto. 104 Cover Page Interactive Data File (embedded within the 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. BrightView Holdings, Inc. Date: March 1, 2024 By: /s/ Jonathan M. Gottsegen Jonathan M. Gottsegen Executive Vice President, Chief Legal Officer and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR