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 and Exchange Act of 1934
Date of Report (Date of earliest event reported): January 1, 2014
CBIZ, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 1-32961 | 22-2769024 | ||
| (State or other jurisdiction | (Commission | (IRS Employer | ||
| of incorporation) | File Number) | Identification No.) | ||
| 6050 Oak Tree Boulevard, South, Suite 500 Cleveland, Ohio |
44131 | |||
| (Address of principal executive offices) | (Zip Code) | |||
216-447-9000
(Registrant’s telephone number, including area code)
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. Appointment of Principal Officers
Effective January 1, 2014, Mr. Chris Spurio was appointed Senior Vice President of CBIZ, Inc. and President of the CBIZ Financial Services practice group. Mr. Spurio is the successor to David Sibits, who has undertaken the new position of Senior Vice President, Strategic Development for the CBIZ Financial Services practice group, effective January 1, 2014. Mr. Spurio will serve in this officer capacity for an indefinite period at the discretion of the Company. In this position, Mr. Spurio becomes a member of the Senior Management Group identified in the CBIZ 2013 Proxy Statement, and in 2013 received compensation consistent with Executive Compensation Components identified in that document, including a base pay of $345,833, a bonus of $177,630 in accordance with the CBIZ Annual Executive Incentive Plan, an option grant of 65,000 shares, a restricted stock grant of 22,000 shares, and he is entitled to accelerated vesting of equity grants under certain conditions in the event of a change of control, participation in the Company’s Executive Severance Policy, a monthly automobile allowance, and eligibility to participate in the other compensation plans and programs of the Company.
Mr. Spurio has no family relationship with any director, executive officer or person nominated or chosen by the Company to become a director or officer. Mr. Spurio is not a party to any transaction with a related person, promoter or control person.
Mr. Spurio joined CBIZ in January 1998 and served as Corporate Controller until July 1999. He then served as Vice President of Finance from July 1999 until September 2008. Mr. Spurio was Executive Managing Director of the Financial Services Group’s Midwest Region from September 2008 through March 2010, and served as the Group’s Chief Operating Officer from March 2010 through December 2013. Mr. Spurio was associated with KPMG LLP, an international accounting firm, from July 1988 to January 1998. Mr. Spurio is a CPA, CGMA and a member of the American Institute of Certified Public Accountants and the Ohio Society of Certified Public Accountants.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 | Press Release of CBIZ, Inc. dated January 7, 2014 announcing the appointment of Chris Spurio. | |
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.
Dated: January 7, 2014
CBIZ, Inc.
| By: | /s/ Michael W. Gleespen | |
| Name: Michael W. Gleespen Title: Corporate Secretary and General Counsel | ||
Exhibit 99.1
CBIZ, Inc. Names New President of CBIZ Financial Services
Accounting and Tax Unit Promotes Chris Spurio to Lead Next Phase of Growth
Cleveland – January 7, 2014 – CBIZ, Inc. (NYSE: CBZ), one of the nation’s largest providers of accounting, tax and advisory services, has named Chris Spurio as President of CBIZ Financial Services.
Spurio, who most recently served as Chief Operating Officer of the financial services practice, is now responsible for the group’s day-to-day management and strategy with a focus on organic growth and internal strategic initiatives.
His predecessor, David Sibits, will refocus his efforts on external initiatives such as mergers and acquisitions and recruiting senior level talent. Sibits remains on the executive committee and assumes the title of Senior Vice President, Strategic Development of CBIZ Financial Services.
“Dave’s efforts have resulted in a tremendous foundation to drive further growth. My focus now is to accelerate the revenue growth of our accounting practice,” said Spurio. “To that end, key objectives include the further development of our consulting service groups, recruiting experienced partner-level professionals and expanding our business development manager program and marketing resources.”
Sibits’ tenure began in 2007 and includes notable accomplishments such as instituting a recruitment strategy for new personnel and company acquisitions. His efforts expanded the CBIZ footprint into markets such as Boston, New York City, Memphis and Florida.
“The new roles that Chris and I are taking on are logical progressions for our respective careers. Having worked closely with Chris in recent years, the change allows us both to maximize our individual strengths for the next leg of our company’s growth,” added Sibits. “M&A remains an important initiative as industry consolidation continues. It’s also a full-time job and, with my new responsibilities, I’ll be in a position to more effectively leverage my time and contacts.”
Spurio joined CBIZ in January 1998 and served as Corporate Controller until 1999, after which he served as Vice President of Finance until 2008. From 2008 to 2010, he served as Executive Managing Director of the Financial Services Group’s Midwest Region.
Prior to joining CBIZ, Spurio was associated with KPMG LLP, an international accounting firm. He is a CPA, CGMA and a member of the American Institute of Certified Public Accountants and the Ohio Society of Certified Public Accountants.
About CBIZ, Inc.
CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting, tax, financial advisory, government health care consulting, risk advisory, real estate consulting, and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. As one of the nation’s largest brokers of employee benefits and property and casualty insurance, and one of the largest accounting and valuation companies in the United States, the Company’s services are provided through nearly 100 Company offices in 32 states.