GEOSPACE TECHNOLOGIES APPOINTS NEW CFO
Ticker: GEOS · Form: 8-K · Filed: 2024-11-26T00:00:00.000Z
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
TL;DR
GEOSPACE TECHNOLOGIES just hired a new CFO, Michael L. Smith, starting Nov 25th with a $300k salary + stock.
AI Summary
On November 21, 2024, GEOSPACE TECHNOLOGIES CORP announced the appointment of Michael L. Smith as Chief Financial Officer, effective November 25, 2024. Smith will receive an annual base salary of $300,000 and is eligible for a discretionary annual bonus. He will also be granted 50,000 restricted stock units of the Company's common stock.
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 — The filing is a routine announcement of an executive appointment and does not contain information that suggests significant financial or operational risk.
Key Numbers
- $300,000 — CFO Base Salary (Annual compensation for Michael L. Smith.)
- 50,000 — RSUs Granted (Stock incentive for the new Chief Financial Officer.)
Key Players & Entities
- GEOSPACE TECHNOLOGIES CORP (company) — Registrant
- Michael L. Smith (person) — Appointed Chief Financial Officer
- $300,000 (dollar_amount) — Annual base salary for new CFO
- 50,000 (dollar_amount) — Restricted stock units granted to new CFO
- November 21, 2024 (date) — Date of report
- November 25, 2024 (date) — Effective date of CFO appointment
FAQ
Who has been appointed as the new Chief Financial Officer?
Michael L. Smith has been appointed as the new Chief Financial Officer.
When is the new CFO's appointment effective?
The appointment of Michael L. Smith is effective November 25, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Michael L. Smith is $300,000.
What stock-based compensation will the new CFO receive?
Michael L. Smith will be granted 50,000 restricted stock units of the Company's common stock.
Is the new CFO eligible for a bonus?
Yes, Michael L. Smith is eligible for a discretionary annual bonus.
Filing Stats: 529 words · 2 min read · ~2 pages · Grade level 10.8 · Accepted 2024-11-26 09:09:00
Filing Documents
- geos20241125_8k.htm (8-K) — 30KB
- 0001437749-24-036219.txt ( ) — 158KB
- geos-20241121.xsd (EX-101.SCH) — 3KB
- geos-20241121_def.xml (EX-101.DEF) — 11KB
- geos-20241121_lab.xml (EX-101.LAB) — 15KB
- geos-20241121_pre.xml (EX-101.PRE) — 11KB
- geos20241125_8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On November 21, 2024, Gary D. Owens notified Geospace Technologies Corporation (the "Company") that he will not seek re-election to the Company" board of directors (the "Board"). Mr. Owens would have been up for re-election at the Company's next annual meeting of shareholders set for February 6, 2025. Mr. Owens also stepped down as Chairman of the Board but will remain a board member until the 2025 annual meeting of shareholders. The Board has appointed Stephen C. Jumper to serve as the Company's new Chairman of the Board effective immediately. Mr. Jumper has been on the Board since December 2023. Mr. Owens has been a director and Chairman of the Board since 1997. The Board thanks Mr. Owens for his many years of distinguished service and significant contribution to the Company.
01
Item 9.01
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits: Exhibit Description Exhibit 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. GEOSPACE TECHNOLOGIES CORPORATION Date: November 26, 2024 By: /s/ Robert L. Curda Robert L. Curda Vice President, Chief Financial Officer & Secretary