SIFCO Industries Appoints New CFO, Knapper Retires
Ticker: SIF · Form: 8-K · Filed: Jun 28, 2024 · CIK: 90168
Sentiment: neutral
Topics: executive-change, cfo-appointment, retirement
TL;DR
SIFCO's CFO is retiring July 31, new CFO David Scherff steps in with $275k salary.
AI Summary
SIFCO Industries, Inc. announced on June 24, 2024, the retirement of its Chief Financial Officer, Michael J. Knapper, effective July 31, 2024. Concurrently, the company appointed David Scherff as the new Chief Financial Officer, also effective July 31, 2024. Scherff will receive an annual base salary of $275,000.
Why It Matters
This leadership change in the finance department could signal a shift in financial strategy or operational focus for SIFCO Industries.
Risk Assessment
Risk Level: low — The filing details a planned executive retirement and appointment, which is a routine corporate event.
Key Numbers
- $275,000 — Annual Base Salary (For new CFO David Scherff)
Key Players & Entities
- SIFCO Industries, Inc. (company) — Registrant
- Michael J. Knapper (person) — Retiring Chief Financial Officer
- David Scherff (person) — Appointed Chief Financial Officer
- $275,000 (dollar_amount) — David Scherff's annual base salary
- July 31, 2024 (date) — Effective date for Knapper's retirement and Scherff's appointment
- June 24, 2024 (date) — Date of the earliest event reported
FAQ
Who is retiring as CFO of SIFCO Industries?
Michael J. Knapper is retiring as Chief Financial Officer.
When is Michael J. Knapper's retirement effective?
Michael J. Knapper's retirement is effective July 31, 2024.
Who has been appointed as the new CFO of SIFCO Industries?
David Scherff has been appointed as the new Chief Financial Officer.
What is David Scherff's annual base salary?
David Scherff's annual base salary is $275,000.
What is the effective date for David Scherff's appointment as CFO?
David Scherff's appointment as CFO is effective July 31, 2024.
Filing Stats: 1,123 words · 4 min read · ~4 pages · Grade level 10 · Accepted 2024-06-28 16:03:04
Key Financial Figures
- $300,000 — rff's annual base salary will be set at $300,000, and he will be eligible for an annual
- $125,000 — scretionary cash bonus in the amount of $125,000, which bonus shall be paid on or before
- $45,100 — lump sum cash payment in the amount of $45,100 paid on or before December 31, 2024. Mr
Filing Documents
- sif-20240624.htm (8-K) — 36KB
- ex101offerlettertogeorgesc.htm (EX-10.1) — 17KB
- ex102retirementagmtandrele.htm (EX-10.2) — 49KB
- ex991ceopressrelease062820.htm (EX-99.1) — 4KB
- image_0a.jpg (GRAPHIC) — 466KB
- 0000090168-24-000024.txt ( ) — 882KB
- sif-20240624.xsd (EX-101.SCH) — 2KB
- sif-20240624_lab.xml (EX-101.LAB) — 21KB
- sif-20240624_pre.xml (EX-101.PRE) — 12KB
- sif-20240624_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Appointment of Chief Executive Officer. As reported on Form 8-K filed by SIFCO Industries, Inc., an Ohio corporation (the "Company"), with the Securities and Exchange Commission on May 14, 2024, Peter W. Knapper notified the board of directors (the "Board") of the Company of his desire to retire to pursue other interests. Mr. Knapper intended to resign from his position as President and Chief Executive Officer of the Company effective as of December 31, 2024. In light of the notice delivered by Mr. Knapper, the Board commenced efforts to identify a successor to serve as Chief Executive Officer of the Company. The Board authorized the Company to extend an offer of employment to Mr. George Scherff to succeed Mr. Knapper as Chief Executive Officer of the Company pursuant to the terms and subject to the conditions set forth in an offer letter delivered to Mr. Scherff on June 25, 2024 and accepted by Mr. Scherff on June 26, 2024 (the "Offer Letter"). Pursuant to the Offer Letter, Mr. Scherff will be appointed as the Chief Executive Officer of the Company effective as of July 8, 2024 (the "Start Date"). Commencing on the Start Date, Mr. Scherff's annual base salary will be set at $300,000, and he will be eligible for an annual incentive cash bonus with a target amount of 35% of his base salary in accordance with the performance incentive plan of the Company. Mr. Scherff will be eligible to participate in the Company's 401(k) plan and such other welfare benefit plans in which other Company employees are eligible to participate. Mr. Scherff will enter into a customary Non-Disclosure, Non-Solicitation and Non-Competition Agreement with the Company. Mr. Scherff, 81, has successfully led middle-market organizations through periods of growth and transition and most recently served as a consultant, providing services
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits 10.1 Offer Letter delivered by SIFCO Industries, Inc. to Mr. George Scherff on June 25, 2024 10.2 Retirement Agreement and Release of Claims, dated June 24, 2024, between SIFCO Industries, Inc. and Mr. Peter Knapper 99.1 CEO Press Release dated June 28, 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. SIFCO Industries, Inc. (Registrant) Date: June 28, 2024 /s/ Thomas R. Kubera Thomas R. Kubera Chief Financial Officer (Principal Financial Officer)