Reliance, Inc. Appoints New CFO, Michael J. Thompson
Ticker: RS · Form: 8-K · Filed: Oct 3, 2024 · CIK: 861884
| Field | Detail |
|---|---|
| Company | Reliance, Inc. (RS) |
| Form Type | 8-K |
| Filed Date | Oct 3, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
TL;DR
Reliance Inc. names Michael J. Thompson as new CFO, starting Oct 7th. New role comes with $450k salary + stock.
AI Summary
Reliance, Inc. announced on October 1, 2024, the appointment of Michael J. Thompson as Chief Financial Officer, effective October 7, 2024. Thompson will receive an annual base salary of $450,000 and will be eligible for a discretionary annual bonus. He will also be granted 10,000 restricted stock units of Reliance common stock, vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence.
Risk Assessment
Risk Level: low — This filing primarily concerns a routine executive appointment and does not indicate any significant financial distress or strategic shifts.
Key Numbers
- $450,000 — CFO Annual Salary (New CFO Michael J. Thompson's starting base salary.)
- 10,000 — RSUs Granted (Restricted stock units awarded to the new CFO, vesting over three years.)
Key Players & Entities
- Reliance, Inc. (company) — Registrant
- Michael J. Thompson (person) — Appointed Chief Financial Officer
- $450,000 (dollar_amount) — Annual base salary for new CFO
- 10,000 (dollar_amount) — Restricted stock units granted to new CFO
- October 1, 2024 (date) — Date of report
- October 7, 2024 (date) — Effective date of CFO appointment
FAQ
Who has been appointed as the new Chief Financial Officer of Reliance, Inc.?
Michael J. Thompson has been appointed as the new Chief Financial Officer of Reliance, Inc.
When is Michael J. Thompson's appointment as CFO effective?
Michael J. Thompson's appointment as CFO is effective October 7, 2024.
What is the annual base salary for the new CFO?
The annual base salary for the new CFO, Michael J. Thompson, is $450,000.
What stock-based compensation will the new CFO receive?
The new CFO, Michael J. Thompson, will be granted 10,000 restricted stock units of Reliance common stock, vesting over three years.
What other compensation is the new CFO eligible for?
The new CFO, Michael J. Thompson, will be eligible for a discretionary annual bonus.
Filing Stats: 823 words · 3 min read · ~3 pages · Grade level 11.2 · Accepted 2024-10-03 16:01:00
Key Financial Figures
- $0.001 — nge on which registered Common stock, $0.001 par value RS New York Stock Exchang
Filing Documents
- tm2425393d1_8k.htm (8-K) — 32KB
- tm2425393d1_ex99-1.htm (EX-99.1) — 10KB
- tm2425393d1_ex99-1img001.jpg (GRAPHIC) — 3KB
- 0001104659-24-105825.txt ( ) — 220KB
- rs-20241001.xsd (EX-101.SCH) — 3KB
- rs-20241001_lab.xml (EX-101.LAB) — 33KB
- rs-20241001_pre.xml (EX-101.PRE) — 22KB
- tm2425393d1_8k_htm.xml (XML) — 4KB
02 Departure
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On October 2, 2024, Reliance, Inc. (the "Company") announced that it increased the size of its Board of Directors from eight to nine directors and appointed James K. Kamsickas to serve as an independent director, effective October 1, 2024. Mr. Kamsickas' term will expire at the Company's 2025 Annual Meeting of Stockholders. Mr. Kamsickas, 57, is the chairman and chief executive officer of Dana Incorporated (NYSE: DAN), a designer and manufacturer of propulsion and energy-management solutions that power vehicles and machines. Prior to being named Dana Incorporated's CEO in 2015, Mr. Kamsickas was president and CEO of International Automotive Components, and served as a member of its board of directors from 2007–2015. In addition, he previously served as head of Lear Corporation's Interior Systems Division and held several additional senior leadership roles within that organization. Mr. Kamsickas earned a bachelor of science in business administration from Central Michigan University and a master of business administration degree from Michigan State University. Mr. Kamsickas has not been named to serve on any committee of the Board of Directors at this time. Mr. Kamsickas will participate in the current director compensation arrangements applicable to non-employee directors, which are described under "Director Compensation" in the Company's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 3, 2024. The Company has entered into an indemnification agreement with Mr. Kamsickas in substantially the form of the Company's standard form of indemnification agreement. Such form of indemnification agreement was included as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 18, 2016 and is incorporated herein by reference. There are no arran
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press Release dated October 2, 2024 (included herewith) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2
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. RELIANCE, INC. Dated: October3, 2024 By: /s/ William A. Smith II William A. Smith II Senior Vice President, General Counsel and Corporate Secretary 3