CSP Inc. Reports Director and Officer Changes
Ticker: CSPI · Form: 8-K · Filed: Dec 19, 2024 · CIK: 356037
Sentiment: neutral
Topics: management-change, board-of-directors, executive-compensation
TL;DR
CSP Inc. board shakeup, new execs appointed.
AI Summary
On December 17, 2024, CSP Inc. filed an 8-K report detailing changes in its board of directors and executive officers. The filing includes information on the election of new directors and potential compensatory arrangements for certain officers. Specific details regarding the individuals involved and the nature of the compensatory arrangements are expected to be elaborated upon within the full filing.
Why It Matters
Changes in a company's board and executive team can signal shifts in strategy, governance, or operational focus, potentially impacting future performance and shareholder value.
Risk Assessment
Risk Level: medium — Changes in directorship and executive roles can introduce uncertainty regarding future company direction and stability.
Key Players & Entities
- CSP Inc. (company) — Registrant
- December 17, 2024 (date) — Date of earliest event reported
FAQ
What specific changes were made to CSP Inc.'s board of directors?
The filing indicates the election of directors, but specific names and details of the changes are not provided in this summary.
Were there any changes in CSP Inc.'s executive officers?
The filing mentions 'Appointment of Certain Officers,' suggesting potential changes or appointments to executive roles.
What is the nature of the 'Compensatory Arrangements of Certain Officers' mentioned?
The filing notes this item but does not provide specific details about the compensatory arrangements themselves.
When was the earliest event reported in this 8-K filing?
The earliest event reported is dated December 17, 2024.
What is CSP Inc.'s principal executive office address?
CSP Inc.'s principal executive offices are located at 175 Cabot Street - Suite 210, Lowell, MA 01854.
Filing Stats: 897 words · 4 min read · ~3 pages · Grade level 10.6 · Accepted 2024-12-19 16:46:03
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share CSPI Nasdaq Global Market
- $450 million — ice President and CFO of Virtustream, a $450 million stand-alone SaaS subsidiary. Mr. Folg
Filing Documents
- cspi-20241217x8k.htm (8-K) — 35KB
- cspi-20241217xex99d1.htm (EX-99.1) — 10KB
- 0000356037-24-000061.txt ( ) — 175KB
- cspi-20241217.xsd (EX-101.SCH) — 4KB
- cspi-20241217_def.xml (EX-101.DEF) — 3KB
- cspi-20241217_lab.xml (EX-101.LAB) — 17KB
- cspi-20241217_pre.xml (EX-101.PRE) — 11KB
- cspi-20241217x8k_htm.xml (XML) — 5KB
02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers. (b) On December 17, 2024, CSP Inc. (the " Company ") announced that Board members, Charles Blackmon and C. Shelton James, are not seeking re-election and are retiring from the board effective on February 3, 2025, the expected day before the Company's 2025 Annual Stockholder Meeting. Mr. Blackmon currently serves as Chair of the Audit Committee, and a member of the Nominating Committee. Mr. James currently serves on the Audit Committee and Compensation Committee. (d) On December 17, 2024, the Company announced that Steve Webber and Anthony Folger, will be joining the Company's Board of Directors, with the appointment to the Board effective immediately following the Company's filing of its Annual Report on Form 10-K for the fiscal year ended September 30, 2024. Mr. Webber and Mr. Folger will be filing two vacancies created by the current Board increasing the number of directors from five members to seven members. Mr. Webber and Mr. Folger will be standing for re-election at the Company's 2025 Annual Meeting of Stockholders, which is expected to be held on February 4, 2025. Mr. Webber and Mr. Folger are both expected to serve on the Audit Committee. Steve Webber : Mr. Webber, 54 years old, has over 30 years of financial management experience and was a certified public accountant. For the last year and currently, Mr. Webber is Chief Operational Officer and Chief Financial Officer at Quickbase, a platform for dynamic work management that helps teams tackle highly complex projects and automate processes, where he is responsible for overseeing the organization's operations, systems, and finances. He served solely as Quickbase's Chief Financial Officer before he also became Chief Operating Officer. He is also currently an advisor to Board, a software development company, and has served in this role for five months. Prior to joining Quickbase, Mr. Web
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits 99.1 Press Release of CSP Inc. dated December 17, 2024 SIGNATURE 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. Date: December 19, 2024 CSP INC. By: /s/Gary W. Levine Name: Gary W. Levine Title: Chief Financial Officer