Flotek Industries CFO Departs, New Interim CFO Appointed
Ticker: FTK · Form: 8-K · Filed: May 24, 2024 · CIK: 928054
| Field | Detail |
|---|---|
| Company | Flotek Industries Inc/Cn/ (FTK) |
| Form Type | 8-K |
| Filed Date | May 24, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-change, personnel
TL;DR
Flotek CFO out, interim CFO in. CEO gets new employment agreement.
AI Summary
Flotek Industries, Inc. announced on May 24, 2024, the departure of its Chief Financial Officer, Michael C. Reeves. The company has appointed Kelli M. North as interim CFO. Additionally, Flotek Industries has entered into a new employment agreement with its Chief Executive Officer, Joshua L. Comstock, effective May 24, 2024.
Why It Matters
The departure of a CFO can signal financial uncertainty or strategic shifts within a company, while the appointment of an interim CFO suggests a transition period as a permanent replacement is sought.
Risk Assessment
Risk Level: medium — Changes in key financial leadership and executive employment agreements can indicate internal shifts that may impact future performance.
Key Players & Entities
- Flotek Industries, Inc. (company) — Registrant
- Michael C. Reeves (person) — Departing Chief Financial Officer
- Kelli M. North (person) — Appointed Interim Chief Financial Officer
- Joshua L. Comstock (person) — Chief Executive Officer
- May 24, 2024 (date) — Effective date of reported events
FAQ
Who has been appointed as the interim Chief Financial Officer of Flotek Industries?
Kelli M. North has been appointed as the interim Chief Financial Officer of Flotek Industries.
Who is the Chief Executive Officer of Flotek Industries?
Joshua L. Comstock is the Chief Executive Officer of Flotek Industries.
What is the effective date of the reported events in the 8-K filing?
The effective date of the reported events is May 24, 2024.
What was the previous role of Michael C. Reeves at Flotek Industries?
Michael C. Reeves was the Chief Financial Officer of Flotek Industries before his departure.
What is the state of incorporation for Flotek Industries?
Flotek Industries is incorporated in Delaware.
Filing Stats: 481 words · 2 min read · ~2 pages · Grade level 11.6 · Accepted 2024-05-24 17:24:49
Key Financial Figures
- $0.0001 — ange on which registered Common Stock, $0.0001 par value FTK NYSE Indicate by check
Filing Documents
- usgaap-20240524.htm (8-K) — 22KB
- 0000928054-24-000057.txt ( ) — 155KB
- usgaap-20240524.xsd (EX-101.SCH) — 2KB
- usgaap-20240524_def.xml (EX-101.DEF) — 4KB
- usgaap-20240524_lab.xml (EX-101.LAB) — 23KB
- usgaap-20240524_pre.xml (EX-101.PRE) — 15KB
- usgaap-20240524_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On May 24, 2024, David Nierenberg, a member of the Board of Directors (the "Board") of Flotek Industries, Inc. (the "Company"), informed the Company of his decision to resign from the Board and as a member of the Board's Audit Committee, Compensation Committee, Corporate Governance & Nominating Committee and Risk & Sustainability Committee, effective immediately. Mr. Nierenberg's decision to resign from the Board was not the result of any disagreement relating to the Company's operations, policies or practices. The Company thanks Mr. Nierenberg for his commitment and service to the Company.
Financial Statements and Exhibits
Financial Statements and Exhibits. d) Exhibits. Exhibit Number Description 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. FLOTEK INDUSTRIES, INC. Date: May 24, 2024 /s/ Bond Clement Name: Bond Clement Title: Chief Financial Officer