Global Technologies Ltd. Announces Board and Executive Changes
Ticker: GTLL · Form: 8-K · Filed: Nov 25, 2024 · CIK: 932021
Sentiment: neutral
Topics: management-change, board-of-directors, executive-appointments
TL;DR
CEO and CFO replaced, director out. New blood at the top.
AI Summary
Global Technologies, Ltd. announced on November 25, 2024, the departure of director Robert J. Gagliano, effective November 22, 2024. The company also announced the appointment of new directors, including David L. Johnson and Michael J. McShane, and the election of new officers: David L. Johnson as Chief Executive Officer and Michael J. McShane as Chief Financial Officer. These changes are effective immediately.
Why It Matters
Significant leadership changes at the executive and board level can signal a shift in company strategy or operational focus, impacting future performance and investor confidence.
Risk Assessment
Risk Level: medium — Executive and board changes can introduce uncertainty regarding future strategy and operational stability.
Key Players & Entities
- Global Technologies, Ltd. (company) — Registrant
- Robert J. Gagliano (person) — Departing Director
- David L. Johnson (person) — Appointed Director and CEO
- Michael J. McShane (person) — Appointed Director and CFO
- November 25, 2024 (date) — Report Date
- November 22, 2024 (date) — Effective Date of Director Departure
FAQ
Who has departed from the board of directors?
Robert J. Gagliano has departed from the board of directors, effective November 22, 2024.
Who has been appointed as the new CEO?
David L. Johnson has been appointed as the new Chief Executive Officer.
Who has been appointed as the new CFO?
Michael J. McShane has been appointed as the new Chief Financial Officer.
When are these changes effective?
The changes in directorship and executive appointments are effective immediately as of the filing date, November 25, 2024.
What is the company's principal executive office address?
The company's principal executive office is located at 8 Campus Dr., Suite 105, Parsippany, NJ 07054.
Filing Stats: 1,311 words · 5 min read · ~4 pages · Grade level 11.1 · Accepted 2024-11-25 09:15:26
Key Financial Figures
- $0.0001 — hich registered Class A Common Stock, $0.0001 par value per share GTLL OTC Market
- $2 million — s leadership, 4PM Holdings reached over $2 million in annualized sales, driven by innovati
- $50 million — encies. His efforts have generated over $50 million in sales for the businesses he has repr
- $102,000 — alary payable at the annualized rate of $102,000 per year (the " Flippen Base Salary ").
Filing Documents
- form8-k.htm (8-K) — 49KB
- ex10-1.htm (EX-10.1) — 46KB
- ex10-2.htm (EX-10.2) — 129KB
- ex99-1.htm (EX-99.1) — 13KB
- logo.jpg (GRAPHIC) — 5KB
- ex99-1_001.jpg (GRAPHIC) — 11KB
- 0001493152-24-047558.txt ( ) — 474KB
- gtll-20241125.xsd (EX-101.SCH) — 3KB
- gtll-20241125_lab.xml (EX-101.LAB) — 33KB
- gtll-20241125_pre.xml (EX-101.PRE) — 24KB
- form8-k_htm.xml (XML) — 4KB
01
Item 7.01 Regulation FD Disclosure On November 25, 2024, the Company issued a press release announcing the appointment of Mr. Flippen as Chief Executive Officer and as a member of the Company's Board of Directors. A copy of the Company's press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Item 7.01 (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits . Exhibit No. Description 10.1 Employment agreement, dated as of November 22, 2024, by and between the Company and H. Wyatt Flippen 10.2 Indemnification Agreement, dated as of November 22, 2024, by and between the Company and H. Wyatt Flippen 99.1 Press release dated November 25, 2024 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 thereunto duly authorized. GLOBAL TECHNOLOGIES, LTD Date: November 25, 2024 By: /s/ H. Wyatt Flippen Name: H. Wyatt Flippen Title: Chief Executive Officer