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) July 9, 2014
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 July 9, 2014, Team, Inc. announced that Ted W. Owen, Team's Executive Vice President and Chief Financial Officer, has been promoted to President of the Company and elected to its Board of Directors. Mr. Owen, 62, who has served as the Company's Chief Financial Officer for more than 15 years, will continue to serve as Chief Financial Officer until his successor is in place.
Team's Chairman and Chief Executive Officer, Philip J. Hawk, also announced his intention, within the next several months, to transition his responsibilities as CEO to Mr. Owen. At that time, Mr. Hawk will become Team's Executive Chairman.
Item 7.01. Regulation FD Disclosure.
On July 9, 2014, Team, Inc. issued a press release announcing a plan to transition the CEO and CFO functions of the Company. The press release is attached as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release dated July 9, 2014
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) |
||
| July 9, 2014
(Date) |
/s/ André C. Bouchard
André C. Bouchard Senior Vice President, Administration, General Counsel & Secretary |
EXHIBIT 99.1
SUGAR LAND, Texas, July 9, 2014 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) today announced that Ted W. Owen, currently Team's Executive Vice President and Chief Financial Officer, has been promoted to President of the Company and elected to its Board of Directors.
Team's Chairman and Chief Executive Officer, Philip J. Hawk, also announced today the intention within the next several months to transition his responsibilities as CEO to Mr. Owen. At that time, Mr. Hawk will then become Team's Executive Chairman. Mr. Owen will continue to serve as Chief Financial Officer until his successor is in place.
"Ted has been our CFO, and a trusted colleague of mine at Team for more than 15 years, and he is well-prepared to assume these expanded leadership responsibilities. With Ted's leadership and our experienced senior management team, I am confident Team will continue to capitalize on our attractive business fundamentals and future growth opportunities," said Mr. Hawk.
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".
For additional information, contact Philip J. Hawk or Ted W. Owen at (281) 331-6154.
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.