Custom Truck One Source CFO Resigns, Interim Appointed
Ticker: CTOS · Form: 8-K · Filed: Mar 12, 2024 · CIK: 1709682
| Field | Detail |
|---|---|
| Company | Custom Truck One Source, INC. (CTOS) |
| Form Type | 8-K |
| Filed Date | Mar 12, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.0001, $25 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, cfo-departure
TL;DR
CTOS CFO Ryan Laschinger is out, Gary St. Clair is interim CFO. Transition until March 29.
AI Summary
On March 11, 2024, Custom Truck One Source, Inc. announced the resignation of its Chief Financial Officer, Ryan M. Laschinger. The company has appointed Gary L. St. Clair as interim CFO. Laschinger will remain with the company until March 29, 2024, to ensure a smooth transition.
Why It Matters
A CFO departure can signal financial strategy shifts or internal challenges, potentially impacting investor confidence and the company's stock performance.
Risk Assessment
Risk Level: medium — CFO changes can introduce uncertainty regarding financial strategy and stability.
Key Players & Entities
- Custom Truck One Source, Inc. (company) — The company filing the report.
- Ryan M. Laschinger (person) — Resigning Chief Financial Officer.
- Gary L. St. Clair (person) — Appointed interim Chief Financial Officer.
- March 11, 2024 (date) — Date of the event reported.
- March 29, 2024 (date) — Last day of employment for the resigning CFO.
FAQ
Who is the new interim Chief Financial Officer?
Gary L. St. Clair has been appointed as the interim Chief Financial Officer.
When is Ryan M. Laschinger's last day with the company?
Ryan M. Laschinger will remain with the company until March 29, 2024.
What is the name of the company filing this report?
The company filing this report is Custom Truck One Source, Inc.
What was the date of the earliest event reported?
The date of the earliest event reported is March 11, 2024.
What is the principal executive office address of Custom Truck One Source, Inc.?
The principal executive office address is 7701 Independence Avenue, Kansas City, Missouri 64125.
Filing Stats: 1,230 words · 5 min read · ~4 pages · Grade level 20 · Accepted 2024-03-12 16:30:42
Key Financial Figures
- $0.0001 — ange on which registered Common Stock, $0.0001 par value CTOS New York Stock Exchange
- $25 million — that authorizes the repurchase of up to $25 million of shares of the Company's common stock
Filing Documents
- ctos-20240311.htm (8-K) — 34KB
- 0001709682-24-000014.txt ( ) — 195KB
- ctos-20240311.xsd (EX-101.SCH) — 3KB
- ctos-20240311_def.xml (EX-101.DEF) — 15KB
- ctos-20240311_lab.xml (EX-101.LAB) — 27KB
- ctos-20240311_pre.xml (EX-101.PRE) — 16KB
- ctos-20240311_htm.xml (XML) — 4KB
01. Other Events
Item 8.01. Other Events On March 11, 2024, the Board of Directors of Custom Truck One Source, Inc. (the "Company") approved a stock repurchase program that authorizes the repurchase of up to $25 million of shares of the Company's common stock. Under the repurchase program, repurchases can be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions, or otherwise, all in accordance with the rules of the Securities and Exchange Commission and other applicable legal requirements. The specific timing, price and size of purchases will depend on prevailing stock prices, general economic and market conditions, and other considerations. The repurchase program does not obligate the Company to acquire any particular amount of its common stock, and the repurchase program may be suspended or discontinued at any time at the Company's discretion.
Forward-Looking Statements
Forward-Looking Statements This Current Report on Form 8-K includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, as amended, and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "suggests," "plans," "targets," "intends," "believes," "seeks," "may," "will," "should," "could," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's management's control, that could cause actual results or outcomes to differ materially from those discussed in this Current Report on Form 8-K. Important factors, among others, that may affect actual results or outcomes include: increases in labor costs, our inability to obtain raw materials, component parts and/or finished goods in a timely and cost-effective manner, and our inability to manage our rental equipment in an effective manner; competition in the equipment dealership and rental industries; our sales order backlog may not be indicative of the level of our future revenues; increases in unionization rate in our workforce; our inability to recruit and retain the experienced personnel, including skilled technicians, we need to compete in our industries; our inability to attract and retain highly skilled personnel and our inability to retain or plan for succession of our senior management; material disruptions to our operation and manufacturing locations as a result o