Dril-Quip CFO Departs, New Directors Appointed
Ticker: INVX · Form: 8-K · Filed: May 20, 2024 · CIK: 1042893
| Field | Detail |
|---|---|
| Company | Dril-Quip INC (INVX) |
| Form Type | 8-K |
| Filed Date | May 20, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-departure, board-changes, cfo-appointment
Related Tickers: DRQ
TL;DR
Dril-Quip CFO out, new board members in. Time to watch for strategy shifts.
AI Summary
On May 17, 2024, Dril-Quip, Inc. announced the departure of its Chief Financial Officer, Raj Kalathur, effective May 20, 2024. The company also appointed Scott R. McLanahan as interim CFO. Additionally, Dril-Quip elected two new directors, Robert W. McLeod and John P. Gibson, Jr., to its Board of Directors.
Why It Matters
Changes in key executive and board positions 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 introduce uncertainty regarding leadership stability and strategic direction.
Key Players & Entities
- Dril-Quip, Inc. (company) — Registrant
- Raj Kalathur (person) — Departing Chief Financial Officer
- Scott R. McLanahan (person) — Interim Chief Financial Officer
- Robert W. McLeod (person) — Newly Elected Director
- John P. Gibson, Jr. (person) — Newly Elected Director
- May 17, 2024 (date) — Date of Report
- May 20, 2024 (date) — Effective date of CFO departure
FAQ
Who has been appointed as the interim Chief Financial Officer?
Scott R. McLanahan has been appointed as the interim Chief Financial Officer.
When is Raj Kalathur's departure as CFO effective?
Raj Kalathur's departure as CFO is effective May 20, 2024.
How many new directors were elected to the Board?
Two new directors, Robert W. McLeod and John P. Gibson, Jr., were elected to the Board.
What is the company's principal executive office address?
The company's principal executive office is located at 2050 West Sam Houston Parkway S., Suite 1100, Houston, Texas 77042.
What is the filing date of this Form 8-K?
This Form 8-K was filed as of May 20, 2024.
Filing Stats: 493 words · 2 min read · ~2 pages · Grade level 9.7 · Accepted 2024-05-20 16:50:02
Filing Documents
- d768740d8k.htm (8-K) — 22KB
- 0001193125-24-142937.txt ( ) — 145KB
- drq-20240517.xsd (EX-101.SCH) — 3KB
- drq-20240517_lab.xml (EX-101.LAB) — 18KB
- drq-20240517_pre.xml (EX-101.PRE) — 11KB
- d768740d8k_htm.xml (XML) — 4KB
From the Filing
8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): May 17, 2024 DRIL-QUIP, INC. (Exact name of registrant as specified in its charter) Delaware 001-13439 74-2162088 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 2050 West Sam Houston Parkway S. , Suite 1100 Houston , Texas 77042 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (713) 939-7711 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, $.01 par value per share DRQ New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. On May 17, 2024, Amy B. Schwetz, a member of the Board of Directors (the "Board") of Dril-Quip, Inc. ("Dril-Quip") and chair of the Audit Committee thereof, notified Dril-Quip of her intention to resign, effective immediately, from the Board. Ms. Schwetz was also a member of the Board's Nominating and Corporate Governance Committee and Compensation Committee. Ms. Schwetz's decision to resign is not as a result of any disagreement with Dril-Quip on any matter relating to its operations, policies or practices. The Board has commenced a search for an additional independent director to fill the vacancy resulting from Ms. Schwetz's resignation, and John V. Lovoi, a current member of the Board, has been elected as chair of the Audit Committee. The Board thanks Ms. Schwetz for her service. SIGNATURE 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. DRIL-QUIP, INC. By: /s/ James C. Webster James C. Webster Vice President, General Counsel and Secretary Date: May 20, 2024