Dycom Industries Appoints New CFO, Steven J. Z. Smith
Ticker: DY · Form: 8-K · Filed: 2024-06-17T00:00:00.000Z
Sentiment: neutral
Topics: executive-appointment, cfo, personnel-change
TL;DR
Dycom just named Steven J. Z. Smith as CFO, starting June 17th. Salary's $450k.
AI Summary
Dycom Industries, Inc. announced on June 14, 2024, the appointment of Steven J. Z. Smith as Chief Financial Officer, effective June 17, 2024. Smith previously served as the Interim CFO and will receive an annual base salary of $450,000, along with other compensation and benefits. This appointment follows the departure of Timothy E.Doescher from the CFO role.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact investor confidence and the company's financial strategy.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $450,000 — CFO Annual Base Salary (Compensation for the newly appointed Chief Financial Officer.)
Key Players & Entities
- Dycom Industries, Inc. (company) — Registrant
- Steven J. Z. Smith (person) — Appointed Chief Financial Officer
- $450,000 (dollar_amount) — Annual base salary for new CFO
- June 17, 2024 (date) — Effective date of CFO appointment
- Timothy E. Doescher (person) — Departing CFO
FAQ
What is Steven J. Z. Smith's new role at Dycom Industries?
Steven J. Z. Smith has been appointed as the Chief Financial Officer (CFO) of Dycom Industries, Inc.
When does Steven J. Z. Smith's appointment as CFO become effective?
The appointment of Steven J. Z. Smith as CFO is effective June 17, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Steven J. Z. Smith as CFO is $450,000.
Who previously held the CFO position?
Timothy E. Doescher previously held the CFO position, and Steven J. Z. Smith served as Interim CFO.
What other compensation is Steven J. Z. Smith eligible for?
In addition to his base salary, Steven J. Z. Smith is eligible for other compensation and benefits as outlined in the filing.
Filing Stats: 2,740 words · 11 min read · ~9 pages · Grade level 12.5 · Accepted 2024-06-17 08:04:48
Key Financial Figures
- $0.33 — ch Registered Common stock, par value $0.33 1/3 per share DY New York Stock Exc
- $1,250,900 — benefits: (i) an annual base salary of $1,250,900; (ii) an annual bonus as determined by
- $840,000 — benefits: (i) an annual base salary of $840,000, to be increased to $1,125,000 upon the
- $1,125,000 — salary of $840,000, to be increased to $1,125,000 upon the Retirement Date (subject to in
- $2,000,000 — ggregate grant date fair value equal to $2,000,000 (divided by the average closing price o
- $40,000 — ch Agreement (up to a maximum amount of $40,000) and, on an after tax basis, for all re
Filing Documents
- ss3512736_8k.htm (8-K) — 42KB
- ss3512736_ex1001.htm (EX-10.1) — 93KB
- ss3512736_ex1002.htm (EX-10.2) — 97KB
- ss3512736_ex9901.htm (EX-99.1) — 13KB
- image_001.jpg (GRAPHIC) — 7KB
- image_002.jpg (GRAPHIC) — 3KB
- 0000947871-24-000569.txt ( ) — 486KB
- dy-20240614.xsd (EX-101.SCH) — 3KB
- dy-20240614_lab.xml (EX-101.LAB) — 33KB
- dy-20240614_pre.xml (EX-101.PRE) — 22KB
- ss3512736_8k_htm.xml (XML) — 4KB
02. Departure of Directors or Certain Officers; Election
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Appointment of President and Chief Executive Officer; Appointment of Chair of the Board of Directors On June 14, 2024, Dycom Industries, Inc. (the "Company") announced the appointment of Daniel S. Peyovich, the Company's Executive Vice President and Chief Operating Officer since 2021, as the Company's President. Mr. Peyovich's appointment is made in connection with the resignation of Steven E. Nielsen as the Company's President, effective as of June 14, 2024, and with his planned retirement as Chair of the Board of Directors (the "Board") and Chief Executive Officer of the Company. Mr. Nielsen is expected to retire as the Company's Chair of the Board and Chief Executive Officer on November 30, 2024 (the "Retirement Date"). Mr. Peyovich will succeed Mr. Nielsen as the Company's Chief Executive Officer following the Retirement Date. Effective on the Retirement Date, Richard K. Sykes, a member of the Board since 2018, will succeed Mr. Nielsen as the Company's Chair of the Board. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. Steven E. Nielsen's Amended and Restated Employment Agreement In connection with Steven E. Nielsen's resignation from his role as President of the Company, his employment agreement with the Company, dated as of May 21, 2020, was amended and restated effective as of June 14, 2024 (as amended and restated, the "Nielsen Agreement"). The Nielsen Agreement provides that Mr. Nielsen will continue to serve as Chair of the Board and Chief Executive Officer of the Company until the Retirement Date. During the term of the Nielsen Agreement, the Company will provide Mr. Nielsen with the following compensation and benefits: (i) an annual base salary of $1,250,900; (ii) an annual bonus as determined by the Board o
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits 10.1 Amended and Restated Employment Agreement by and between Dycom Industries, Inc. and Steven E. Nielsen, dated as of June 14, 2024. 10.2 Employment Agreement by and between Dycom Industries, Inc. and Daniel S. Peyovich, dated as of June 14, 2024. 99.1 Press Release dated June 17, 2024. 104 Cover Page Interactive Data File – the cover page XBRL tags are 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 thereunto duly authorized. Dated: June 17, 2024 DYCOM INDUSTRIES, INC. (Registrant) By: /s/ Ryan F. Urness Name: Ryan F. Urness Title: Vice President, General Counsel and Corporate Secretary