Floor & Decor CFO Resigns, Interim Appointed
Ticker: FND · Form: 8-K · Filed: Sep 24, 2024 · CIK: 1507079
Sentiment: neutral
Topics: cfo-change, executive-departure, personnel
Related Tickers: FDO
TL;DR
FDO CFO Thomas Murphy out, interim Michael Perry in. Murphy stays till Nov 1 as advisor.
AI Summary
On September 20, 2024, Floor & Decor Holdings, Inc. filed an 8-K report detailing the resignation of its Chief Financial Officer, Thomas J. Murphy. The company has appointed interim CFO, Michael L. R. Perry, effective immediately. The filing also notes that Mr. Murphy will remain with the company in an advisory role until November 1, 2024, to ensure a smooth transition.
Why It Matters
The unexpected departure of a CFO can signal internal challenges or strategic shifts, potentially impacting investor confidence and the company's financial direction.
Risk Assessment
Risk Level: medium — A CFO departure, even with an interim in place and advisory role, introduces uncertainty regarding financial leadership and strategy.
Key Players & Entities
- Floor & Decor Holdings, Inc. (company) — Registrant
- Thomas J. Murphy (person) — Resigning Chief Financial Officer
- Michael L. R. Perry (person) — Interim Chief Financial Officer
- September 20, 2024 (date) — Date of earliest event reported
- November 1, 2024 (date) — End of advisory role for Thomas J. Murphy
FAQ
Who has been appointed as the interim Chief Financial Officer?
Michael L. R. Perry has been appointed as the interim Chief Financial Officer, effective immediately.
What is the effective date of the CFO change?
The change is effective immediately as of September 20, 2024.
Will Thomas J. Murphy continue to be involved with the company?
Yes, Thomas J. Murphy will remain with the company in an advisory role until November 1, 2024, to assist with the transition.
What is the reason cited for Thomas J. Murphy's departure?
The filing does not explicitly state a reason for Mr. Murphy's resignation, only that he is stepping down as CFO.
What is the company's principal executive office address?
The address of the principal executive offices is 2500 Windy Ridge Parkway SE, Atlanta, Georgia, 30339.
Filing Stats: 911 words · 4 min read · ~3 pages · Grade level 11.3 · Accepted 2024-09-24 16:30:20
Key Financial Figures
- $0.001 — ch registered Class A common stock, $0.001 par value per share FND New York Sto
- $8,000,000 — f the defendants in exchange for (1) an $8,000,000 payment to the Company, net of payment
Filing Documents
- tm2424595d1_8k.htm (8-K) — 30KB
- tm2424595d1_ex99-1.htm (EX-99.1) — 476KB
- tm2424595d1_ex99-2.htm (EX-99.2) — 91KB
- tm2424595d1_ex99-1img001.jpg (GRAPHIC) — 47KB
- tm2424595d1_ex99-1img002.jpg (GRAPHIC) — 1KB
- tm2424595d1_ex99-1img003.jpg (GRAPHIC) — 8KB
- 0001104659-24-102452.txt ( ) — 943KB
- fnd-20240920.xsd (EX-101.SCH) — 3KB
- fnd-20240920_lab.xml (EX-101.LAB) — 33KB
- fnd-20240920_pre.xml (EX-101.PRE) — 22KB
- tm2424595d1_8k_htm.xml (XML) — 3KB
01.Other
Item 8.01.Other Events. As previously disclosed in periodic filings with the U.S. Securities and Exchange Commission (the "SEC"), on June 18, 2020, a stockholder filed a putative derivative complaint, Lincolnshire Police Pension Fund v. Taylor, et al., No. 2020-0487-JTL, in the Delaware Court of Chancery, purportedly on behalf of Floor & Decor Holdings, Inc. (the "Company") against certain of the Company's officers, directors, and stockholders (the "Derivative Litigation"). An amended complaint was filed on September 14, 2022. The Company along with the other defendants filed a motion to dismiss on October 31, 2022. The plaintiffs then filed a second amended complaint on December 22, 2022. The complaint alleges breaches of fiduciary duties and unjust enrichment. The factual allegations underlying these claims are similar to the factual allegations made in the previously dismissed In re Floor & Decor Holdings, Inc. Securities Litigation, as described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The defendants have denied, and continue to deny, any and all allegations of wrongdoing or liability asserted in the Derivative Litigation. Nonetheless, solely to eliminate the uncertainty, distraction, disruption, burden, risk and expense of further litigation, the defendants entered into a Stipulation of Compromise and Settlement (the "Stipulation") with the plaintiffs, which was filed with the Court on September 17, 2024, setting forth the terms and conditions of the proposed settlement (the "Settlement") to the Court for its approval. The Settlement provides, among other things, for a full release of the claims that the plaintiffs or any other Company stockholder asserted or could have asserted in the Derivative Litigation against any of the defendants in exchange for (1) an $8,000,000 payment to the Company, net of payment of the fees and expenses of plaintiffs' counsel, and (2) the Company's agreement to implement and/or maintain cert
01.Financial
Item 9.01.Financial (d) Exhibits: Exhibit Number Description 99.1 Stipulation of Compromise and Settlement 99.2 Notice of Proposed Derivative Settlement 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. FLOOR & DECOR HOLDINGS, INC. Date:September 24, 2024 By: /s/ David V. Christopherson Name: David V. Christopherson Title: Executive Vice President, Chief Administrative Officer and Chief Legal Officer