XML 30 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Note 12 - Subsequent Events
6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Subsequent Events [Text Block]
12.
Subsequent Events
 
 
Resignation of Christiaan M. Olivier as
Chief Executive Officer (Principal Executive Officer), President and Director
 
After the close of business on
July 15, 2020,
the Corporation received the voluntary resignation of Christiaan M. Olivier as Chief Executive Officer (Principal Executive Officer), President and a director of SGRP, and from all positions with SGRP's subsidiaries, effective with the close of business on
August 7, 2020 (
the "
CEO Effective Time
").
 
Mr. Olivier has said that his resignation is due to his assertion that actions of the Corporation's
two
largest shareholders (Robert G. Brown and William H. Bartels), at times supported by some independent directors, have led to dysfunctional governance and disagreements with the Board over director and related party accountability and corporate strategy.  Mr. Olivier has provided written correspondence to SGRP discussing his beliefs respecting the circumstances of his resignation.
 
On
July 17, 2020,
the Board of Directors of SGRP (the "
Board
") accepted Mr. Olivier's resignation. The Board plans to appoint an interim successor Chief Executive Officer and President.
 
Retirement of James R. Segreto as Chief Financial Officer (Principal Financial and Accounting Officer), Treasurer and Secretary
 
After the close of business on
July 15, 2020,
the Corporation received the notice of the voluntary retirement of James R. Segreto as Chief Financial Officer (Principal Financial and Accounting Officer), Treasurer and Secretary of SGRP, and from all positions with SGRP's subsidiaries, effective with the close of business on
August 7, 2020 (
the "
CFO Effective Time
").
 
Mr. Segreto's retirement letter expressed similar concerns outlined by Mr. Olivier and as reported and supported in various SEC filings. Mr. Segreto has provided written correspondence to SGRP discussing his beliefs respecting the circumstances of his retirement.
 
On
July 17, 2020
the Board accepted Mr. Segreto's notice of retirement.  Several candidates have been identified by management and recommended to the Corporation's Audit Committee and Governance Committee.