Power Solutions International Announces Board and Executive Changes

TL;DR

PSI board shakeup and exec comp changes announced May 23rd.

AI Summary

Power Solutions International, Inc. announced on May 23, 2024, changes in its board of directors and executive compensation arrangements. Specifically, the company reported the departure of certain officers and directors, the election of new directors, and updates to compensatory arrangements for its named executive officers.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy, governance, or financial outlook, impacting investor confidence and stock performance.

Risk Assessment

Risk Level: medium — Board and executive changes can introduce uncertainty regarding future strategy and leadership stability.

Key Players & Entities

• Power Solutions International, Inc. (company) — Registrant
• May 23, 2024 (date) — Date of earliest event reported

FAQ

Filing Documents

• d842109d8k.htm (8-K) — 24KB
• 0001193125-24-148125.txt ( ) — 129KB
• psix-20240523.xsd (EX-101.SCH) — 3KB
• psix-20240523_lab.xml (EX-101.LAB) — 15KB
• psix-20240523_pre.xml (EX-101.PRE) — 9KB
• d842109d8k_htm.xml (XML) — 3KB

From the Filing

8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 23, 2024 Power Solutions International, Inc. (Exact Name of Registrant as Specified in Charter) Delaware 001-35944 33-0963637 (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 201 Mittel Drive , Wood Dale , Illinois 60191 (Address of Principal Executive Offices, and Zip Code) (630) 350-9400 Registrant's Telephone Number, Including Area Code 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. below): Written communication 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 communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communication 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 None - - Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 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 Arrangements of Certain Officers. Effective May 23, 2024 (the "Effective Date"), Shaojun Sun resigned from the Board of Directors (the "Board") of Power Solutions International, Inc. (the "Company" or "PSI"). Dr. Sun served on the Board as Chairman of the Nominating and Corporate Governance Committee and a member of the Compensation Committee. Dr. Sun's resignation is not based upon any disagreement with the Company on any matter relating to the respective operations, policies, or practices of the Company. Further, on the Effective Date, the Board appointed Kui Jiang to the Board and to serve as Chairman of the Nominating and Corporate Governance Committee and a member of the Compensation Committee. Mr. Jiang will serve on the Board as designee of Weichai America Corp., PSI's majority stockholder. Mr. Jiang will serve until the Company's 2024 annual meeting of stockholders or until his successor is duly elected and qualified. Mr. Jiang, age 60, has previously served as a member of the Board of the Company from 2017 to 2020. Mr. Jiang also has served as Senior President of Weichai Power Co., Ltd and the Chairman of the Board of Directors of Weichai America Corp. Mr. Jiang served as President of Shandong Heavy Industry Group Co., Ltd., a leading automobile and equipment manufacturing group, from 2009 to 2023. Prior to that, Mr. Jiang has held various leadership positions, including Executive Deputy General Manager and Vice Chairman of Weichai Group Holdings Limited; Vice President of Shantui Construction Machinery Co., Ltd.; Chairman of Strong Construction Machinery Co., Ltd.; Chief Engineer and Deputy General Manager of Shantui Import and Export Company; and Deputy General Manager of Shantui Engineering Machinery Co., Ltd. Mr. Jiang has served as a member of the Supervisory Board of KION GROUP AG, a publicly-traded global leader in industrial trucks, related services and supply chain solutions; Board Director of Sinotruck, a publicly-traded truck manufacturer; Board Director of Ballard Power Systems Inc., a publicly-traded company in fuel cell production; a member of the Board of Hydraulics Drive Technology Beteiligungs GmbH, Chairman of Strong Construction Machinery Co., Ltd.; and Board Director of Shandong Heavy Industry Group Co., Ltd. Mr. Jiang earned his MBA from Wright State University and bachelor's degree of engineering from the Automobile Engineering Department of Tsinghua University. There are no family relationships between Mr. Jiang and any other director or executive officer of the Company, and there are no transactions between Mr. Jiang and the Company that would be required to be reported under Item 404(a) of Regulation S-K. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Power Solutions Inter

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