Sypris Solutions Appoints New CFO, Grants Stock Options
Ticker: SYPR · Form: 8-K · Filed: Aug 20, 2024 · CIK: 864240
| Field | Detail |
|---|---|
| Company | Sypris Solutions Inc (SYPR) |
| Form Type | 8-K |
| Filed Date | Aug 20, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
TL;DR
Sypris Solutions got a new CFO, Foster, starting Aug 19th. He's getting $350k base + bonus + 150k stock options.
AI Summary
Sypris Solutions, Inc. announced on August 15, 2024, the appointment of Mr. Jeffrey T. Foster as the new Chief Financial Officer, effective August 19, 2024. Mr. Foster will receive an annual base salary of $350,000 and is eligible for a discretionary annual bonus. He will also be granted stock options to purchase 150,000 shares of Sypris common stock.
Why It Matters
The appointment of a new CFO is a significant leadership change that could impact the company's financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $350,000 — CFO Base Salary (Annual compensation for new CFO Jeffrey T. Foster.)
- 150,000 — Stock Options (Granted to new CFO Jeffrey T. Foster.)
Key Players & Entities
- Sypris Solutions, Inc. (company) — Registrant
- Jeffrey T. Foster (person) — Appointed Chief Financial Officer
- $350,000 (dollar_amount) — Annual base salary for new CFO
- 150,000 (dollar_amount) — Stock options granted to new CFO
- August 15, 2024 (date) — Date of report
- August 19, 2024 (date) — Effective date of CFO appointment
FAQ
What is the effective date of Mr. Foster's appointment as CFO?
Mr. Foster's appointment as Chief Financial Officer is effective August 19, 2024.
What is Mr. Foster's annual base salary?
Mr. Foster's annual base salary is $350,000.
What is the total number of stock options granted to Mr. Foster?
Mr. Foster has been granted stock options to purchase 150,000 shares of Sypris common stock.
Is Mr. Foster eligible for a bonus?
Yes, Mr. Foster is eligible for a discretionary annual bonus.
What was the previous company name for Sypris Solutions, Inc.?
The former company name was Group Technologies Corp, with a date of name change on March 14, 1994.
Filing Stats: 755 words · 3 min read · ~3 pages · Grade level 10.5 · Accepted 2024-08-20 09:05:36
Key Financial Figures
- $0.01 — ge on which registered Common Stock , $0.01 par value SYPR NASDAQ Global Select
Filing Documents
- sypr20240819_8k.htm (8-K) — 34KB
- ex_716256.htm (EX-99.1) — 14KB
- logo.jpg (GRAPHIC) — 12KB
- 0001437749-24-027305.txt ( ) — 204KB
- sypr-20240815.xsd (EX-101.SCH) — 3KB
- sypr-20240815_def.xml (EX-101.DEF) — 12KB
- sypr-20240815_lab.xml (EX-101.LAB) — 15KB
- sypr-20240815_pre.xml (EX-101.PRE) — 12KB
- sypr20240819_8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officer; Compensatory Arrangements of Certain Officers. Vice President, Chief Accounting Officer and Controller On August 15, 2024, Sypris Solutions, Inc. (the "Company") appointed Rebecca R. Eckert, the Company's current Controller, to the position of Vice President, Chief Accounting Officer and Controller, effective as of November 1, 2024. Mrs. Eckert will serve as the Company's principal financial officer and principal accounting officer. Mrs. Eckert will remain located in Louisville, Kentucky and will report to Jeffrey T. Gill, the Company's Chairman, President and Chief Executive Officer. Mrs. Eckert, age 46, has served as the Company's Controller and principal accounting officer since May 2009 and as the Company's Manager of Financial Reporting from May 2005 to May 2009. Prior to 2005, Mrs. Eckert served as an auditor with Ernst & Young LLP. Mrs. Eckert holds a Bachelor of Science in Accounting from the University of Kentucky and a Master of Science in Accounting from the University of Notre Dame. She is also a certified public accountant in the state of Kentucky. There are no other arrangements or understandings between Mrs. Eckert and any other person, other than her ongoing employment with the Company, pursuant to which Mrs. Eckert was selected as an officer. Additionally, there are no family relationships between Mrs. Eckert and any director or other officer of the Company, and there are no transactions which the Company is a party and which Mrs. Eckert has a material interest subject to disclosure under Item 404(a) of Regulation S-K. Senior Vice President and Treasurer On August 15, 2024, the Company appointed Richard L. Davis, the Company's current Vice President, Chief Financial Officer and Assistant Secretary, to the position of Senior Vice President, Treasurer and Assistant Secretary, effective as of November 1, 2024. Mr. Davis will remain lo
Financial Statements and Exhibits
Financial Statements and Exhibits Exhibit Number Description 99.1 Press release issued August 20, 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. Dated: August 20, 2024 Sypris Solutions, Inc. By: /s/ Richard L. Davis Richard L. Davis Vice President, Chief Financial Officer and Assistant Secretary