-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ASZJrnoqHKtEh+pq2KsZabP7Yf9L2nBntSLu3XxPidLWQMu2yajtIYyU1aIZE3bM obaOuviGaA0OQgd2mlmi0Q== 0001157523-07-004041.txt : 20070425 0001157523-07-004041.hdr.sgml : 20070425 20070425154115 ACCESSION NUMBER: 0001157523-07-004041 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070425 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers FILED AS OF DATE: 20070425 DATE AS OF CHANGE: 20070425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEAM INC CENTRAL INDEX KEY: 0000318833 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS REPAIR SERVICES [7600] IRS NUMBER: 741765729 STATE OF INCORPORATION: TX FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08604 FILM NUMBER: 07787509 BUSINESS ADDRESS: STREET 1: 200 HERMANN DRIVE CITY: ALVIN STATE: TX ZIP: 77056 BUSINESS PHONE: 2813316154 MAIL ADDRESS: STREET 1: 1019 SOUTH HOOD STREET CITY: ALVIN STATE: TX ZIP: 77551 8-K 1 a5386162.txt TEAM, INC. 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): April 25, 2007 ------------------------------- Team, Inc. - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Texas 001-08604 74-1765729 - -------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification No.) 200 Hermann Drive Alvin, Texas 77511 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices and Zip Code) Registrant's telephone number, including area code: (281) 331-6154 ---------------------------- Not Applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate line below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. ------------------------------------------------------------------ (b) Principal Operating Officer Retirement. Ken Tholan, President and Chief Operating Officer of Team, Inc. ("Team" or the "Company"), will retire, effective May 31, 2007. (c) Appointment of Principal Officers. Effective June 1, 2007, the senior management responsibilities previously held by Team's President and Chief Operating Officer will be realigned under six Senior Vice Presidents, all of whom will report directly to the Chairman and Chief Executive Officer of the Company. John Patrick Kearns, age 50, will serve as Senior Vice President, Operations Support and Technology Development. Mr. Kearns joined the Company in 1980 as a design engineer and assumed the position of Vice President of Engineering and Manufacturing in 1996. He was promoted to Senior Vice President in 1998. Throughout his career with the Company, Mr. Kearns has been involved with the Company's engineering, manufacturing and research and development functions. Ted W. Owen, age 55, will serve as Senior Vice President and Chief Financial Officer. Mr. Owen joined the Company in February 1998 and in April 1998 was elected Vice President, Chief Financial Officer, Secretary and Treasurer. He was promoted to Senior Vice President in 2003. David C. Palmore, age 51, will serve as Senior Vice President, TMS Division. Mr. Palmore joined the Company in 1996 as a Regional Manager. Since 2004, he has served as the Group Vice President - TMS Division. Gregory T. Sangalis, age 51, will serve as Senior Vice President, Law, Organization Development, and Administration. Mr. Sangalis joined the Company and was elected Senior Vice President-Law & Administration in January 2005. Before joining the Company, he was a Managing Director of a private equity fund based in Houston, Texas called Main Street Equity Ventures II, L.P. Arthur F. Victorson, age 45, will serve as Senior Vice President, TCM Division. Mr. Victorson joined the Company at the time of the acquisition of the assets of Cooperheat-MQS, Inc. by the Company in 2004. He had been with that company since 1997. From 2001 - 2004 he was a Regional Manager. In 2004, he became a Vice President and General Manager of the Midwest & Great Lakes Region. In 2006, he began serving as the Group Vice President - TCM Division. Peter W. Wallace, Jr., age 44, will serve as Senior Vice President, Commercial Support and Business Development. Mr. Wallace joined the Company in 1987 as an Operations Supervisor. From 1989 - 1996 he was a Branch Manager and from 1997 - 2000 he was the Managing Director S.E. Asia. From 2001 to 2004, he was a Regional Manager. Since 2005, he served as a Vice President and General Manager of the Southeast Region of the TMS Division. 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. TEAM, INC. By: /s/ Ted W. Owen ----------------------------------------- Ted W. Owen Senior Vice President - Chief Financial Officer Dated: April 25, 2007 EXHIBIT INDEX Exhibit number Description - -------------- ----------- 99.1 Team, Inc.'s Press Release dated April 25, 2007 EX-99.1 2 a5386162ex99_1.txt EXHIBIT 99.1 Exhibit 99.1 Team, Inc. Announces Organization Realignment President to Retire; Additional Officers Named ALVIN, Texas--(BUSINESS WIRE)--April 25, 2007--Team, Inc. (NASDAQ:TISI) today announced the planned realignment of its senior management team that will become effective on June 1, 2007 with the beginning of its new fiscal year. Ken Tholan, 68, Team's President and Chief Operating Officer, will retire at the end of this fiscal year. "Through his leadership and passion for the business during his eleven years at Team, Ken has played a key role in Team's success. We thank him for his outstanding service to our Company and wish him all the best," said Phil Hawk, Team's Chairman and Chief Executive Officer. With Ken's retirement, the senior management responsibilities will be realigned under six Senior Vice Presidents, three of whom are being newly elected to corporate officer positions. All six senior vice presidents will report directly to Phil Hawk who remains as Chairman and CEO. John (Pat) Kearns, 50, is Senior Vice President, Operations Support and Technology Development. Pat leads Team's safety, manufacturing, engineering, equipment centers, technical training, operations support, quality, and certain specialized service activities. Ted Owen, 55, is Senior Vice President and Chief Financial Officer. Ted leads all of Team's financial and internal audit activities, information systems development and support, and investor relations activities. David Palmore, 51, elected to Senior Vice President, TMS Division, oversees the business and field operations of Team's mechanical services: on-stream leak repair, hot tapping, fugitive emission monitoring, field machining, bolting, and field valve repair. Previously, David was Group Vice President, TMS Division. Greg Sangalis, 51, is Senior Vice President, Law, Organization Development, and Administration. Greg oversees human resources, benefits administration, risk management, recruiting, management training and legal activities. Greg is also Team's General Counsel and Corporate Secretary. Art Victorson, 45, elected to Senior Vice President, TCM Division, oversees the business and field operations of Team's inspection and heat treating service lines. Previously, Art was Group Vice President, TCM Division. Pete Wallace, 44, promoted to Senior Vice President, Commercial Support and Business Development. In this new position, Pete will lead Team's service line management, business development, branch operations support, marketing, and national procurement activities. Previously, Pete was Vice President and General Manager of the TMS Southeast Region. "I am delighted with our entire senior management team and our expanded leadership capacity as a result of the realignment. Working closely together and with our more than 3,000 Team colleagues, we will maintain our focus on safe, effective, efficient and responsive service and support to our customers while continuing to pursue growth opportunities related to both our service capabilities and business performance," said Hawk. "We are very well positioned strategically and organizationally for sustained attractive business growth." Headquartered in Alvin, Texas, Team Inc. is a leading provider of specialty and construction services required in maintaining high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries. The Company's inspection services also serve a broader customer base that includes the aerospace and automotive industries. Team offers these services in over 70 locations throughout the United States, Aruba, Canada, Singapore, Trinidad and Venezuela. The Company licenses its proprietary techniques and materials to various companies outside the United States and receives royalties based upon revenues earned by its licensees. Team Inc. common stock is traded on the NASDAQ Global Select Market under the ticker symbol "TISI". CONTACT: Team, Inc., Alvin Philip J. Hawk or Ted W. Owen, 281-331-6154 -----END PRIVACY-ENHANCED MESSAGE-----