Business Context and Reporting Period
This Form 8-K Current Report was filed by Columbus McKinnon Corporation on May 17, 2015. The filing reports a corporate governance event: the appointment of a new member to the Board of Directors.
Financial Metrics
This filing does not contain financial performance data. There are no reported figures for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
The material change reported is the appointment of Heath Mitts to the Board of Directors on May 17, 2015. Mr. Mitts, previously Senior Vice President and Chief Financial Officer of IDEX Corporation, was appointed to the Audit Committee and the Governance and Nomination Committee. The Board determined he meets the definition of an independent director under NASDAQ listing standards.
Guidance, Outlook, and Compensation
Mr. Mitts is scheduled to stand for re-election at the Company's annual meeting of stockholders in July 2015. Under the standard outside director compensation program, non-employee directors receive an annual retainer of $110,000 (split between $55,000 cash and stock) and 1,500 restricted stock units annually vesting over three years. Directors also receive expense reimbursements for meeting attendance.
Key Facts for Investor Verification
- Heath Mitts was appointed to the Board of Directors on May 17, 2015.
- Mr. Mitts serves on the Audit Committee and Governance and Nomination Committee.
- The Board has certified Mr. Mitts as an independent director.
- Mr. Mitts will stand for election at the July 2015 annual stockholder meeting.
- This filing contains no financial results or operational guidance.