Resources Connection CFO Departs; CEO Newman Takes Interim CFO Role
Ticker: RGP · Form: 8-K · Filed: Jul 30, 2024 · CIK: 1084765
| Field | Detail |
|---|---|
| Company | Resources Connection, Inc. (RGP) |
| Form Type | 8-K |
| Filed Date | Jul 30, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-departure, interim-cfo, employment-agreement
TL;DR
CFO out, CEO in as interim CFO. New CEO employment deal inked.
AI Summary
Resources Connection, Inc. announced on July 26, 2024, the departure of its Chief Financial Officer, Sara E. Johnson, effective July 26, 2024. The company also appointed Michael J. Newman as interim CFO. Additionally, the company entered into a new employment agreement with its Chief Executive Officer, Michael J. Newman, effective July 26, 2024, which includes a base salary of $450,000 and potential for a 100% target bonus.
Why It Matters
The sudden departure of a CFO and the appointment of the CEO to the interim role can signal internal challenges or strategic shifts within the company.
Risk Assessment
Risk Level: medium — The departure of a CFO and the CEO taking on interim responsibilities can indicate potential instability or significant changes within the company's financial leadership.
Key Numbers
- $450,000 — CEO Base Salary (New employment agreement effective July 26, 2024)
- 100% — CEO Target Bonus (Potential bonus under new employment agreement)
Key Players & Entities
- Resources Connection, Inc. (company) — Registrant
- Sara E. Johnson (person) — Departing Chief Financial Officer
- Michael J. Newman (person) — Appointed Interim Chief Financial Officer and Chief Executive Officer
- $450,000 (dollar_amount) — CEO's new base salary
FAQ
Why did Sara E. Johnson depart as CFO?
The filing does not provide a specific reason for Sara E. Johnson's departure, only stating it was effective July 26, 2024.
What is Michael J. Newman's new role?
Michael J. Newman has been appointed as the interim Chief Financial Officer and is also the Chief Executive Officer.
When is the new CEO employment agreement effective?
The new employment agreement for Michael J. Newman is effective July 26, 2024.
What is the CEO's base salary under the new agreement?
The CEO's base salary is $450,000 per year under the new employment agreement.
What is the potential bonus for the CEO?
The CEO has a potential bonus of 100% of his base salary under the new employment agreement.
Filing Stats: 580 words · 2 min read · ~2 pages · Grade level 9.9 · Accepted 2024-07-30 17:27:41
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share RGP The Nasdaq Stock Market L
Filing Documents
- rgp-20240726.htm (8-K) — 29KB
- rgp-pressreleasemurrayresi.htm (EX-99.1) — 9KB
- image_0.jpg (GRAPHIC) — 3KB
- 0001084765-24-000108.txt ( ) — 166KB
- rgp-20240726.xsd (EX-101.SCH) — 2KB
- rgp-20240726_lab.xml (EX-101.LAB) — 21KB
- rgp-20240726_pre.xml (EX-101.PRE) — 12KB
- rgp-20240726_htm.xml (XML) — 3KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On July 30, 2024, the Company issued a press release announcing Mr. Murray's resignation from the Board, which is furnished as Exhibit 99.1 to this report. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company whether made before or after the date hereof, regardless of any general incorporation language in such filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press Release issued Ju ly 30 , 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 hereunto duly authorized. RESOURCES CONNECTION, INC . Date: July 30, 2024 By: /s/ KATE W. DUCHENE Kate W. Duchene President and Chief Executive Officer