UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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) June 24, 2013
TEAM, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
001-08604 |
74-1765729 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
13131 Dairy Ashford, Suite 600 Sugar Land, Texas |
77478 |
| (Address of principal executive offices) | (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 box 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.
On June 24, 2013, we disseminated a press release announcing the appointment of a new executive officer, Jeff Ott. Mr. Ott is President, Quest Integrity Group, and will become an executive officer of the registrant effective July 1, 2013.
Item 9.01. Financial Statements and Exhibits.
Exhibit number
Description
99.1
Team, Inc.'s Press Release issued June 24, 2013
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TEAM, Inc.
(Registrant) |
||
| June 24, 2013
(Date) |
/s/ André C. Bouchard
André C. Bouchard Senior Vice President - Administration General Counsel and Secretary |
EXHIBIT 99.1
SUGAR LAND, Texas, June 24, 2013 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) today announced the alignment of its business activities into business groups designed to drive the Company's next phase of continued long term growth. Effective July 1, 2013, Team's operations will be organized into three business groups, Inspection and Heat Treating Services, Mechanical Services, and Quest Integrity Group. Each business group will be led by a Business Group President, who will report directly to Phil Hawk, Team's Chairman and CEO.
The organizational changes are expected to provide greater focus and alignment of resources to address customer needs, enhance execution and improve growth opportunities across the entire organization. Each business group will be supported by their own field service group and technical, commercial, manufacturing, and operations support, where appropriate. The repositioning of Quest Integrity Group within Team reflects both its significant growth since joining the Team family nearly three years ago and Team's commitment to continue expansion of its capabilities and innovative new technologies.
Art Victorson, 51, is President, Inspection and Heat Treating Services. Art joined Team in 1997 and most recently served as Senior Vice President, TCM Division. Current revenues for this business group are approximately $375 million.
Pete Wallace, 50, is President, Mechanical Services. Pete joined Team in 1988 and most recently served as Executive Vice President and Chief Operating Officer. Current revenues for this business group are approximately $275 million.
Jeff Ott, 50, continues as President, Quest Integrity Group, a role he has held since 2007. Current revenues for this group are approximately $60 million.
"Team's revenues have grown at more than a 20% compound average growth rate for the last decade. Our expanding business size and scale now enables us to bring more focus, dedicated resources, and technology applications to the attractive future growth opportunities available in each of our business groups," said Phil Hawk, Team's Chairman. "We expect this increased focus to result in enhanced service capabilities and improved support to our customers."
Also reporting to Hawk are Ted Owen, continuing as Executive Vice President & Chief Financial Officer, and André C. "Butch" Bouchard, continuing as Senior Vice President, Administration, General Counsel & Secretary.
About Team, Inc.
Headquartered near Houston, Texas, Team, Inc. is a leading provider of specialty industrial services, including inspection and assessment, required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries. Team offers these services in over 125 locations throughout the world. Team's common stock is traded on the New York Stock Exchange under the ticker symbol "TISI".
Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995. We have made reasonable efforts to ensure that the information, assumptions and beliefs upon which this forward-looking information is based are current, reasonable and complete. Such forward-looking statements involve estimates, assumptions, judgments and uncertainties. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Such known factors are detailed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein will occur or that objectives will be achieved. We assume no obligation to publicly update or revise any forward-looking statements made today or any other forward-looking statements made by the company, whether as a result of new information, future events or otherwise.
CONTACT: Philip J. Hawk or Ted W. Owen
(281) 331-6154