Business Context and Reporting Period
This Form 8-K Current Report from Cytosorbents Corp. covers events occurring on February 8, 2013. The filing addresses a change in the company's principal officers, specifically the resignation of the Chief Financial Officer and the appointment of an interim replacement.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and personnel changes rather than financial performance data.
Material Changes
- Resignation: Thomas Bocchino resigned as Chief Financial Officer effective February 8, 2013. The resignation was not due to any disagreements regarding the company's operations, policies, or practices.
- Transition Arrangement: Mr. Bocchino agreed to remain with the company on a part-time basis. His employment agreement terms remain in effect for 30 days following his resignation.
- Appointment: Ronald Berger was appointed as Interim Chief Financial Officer on February 8, 2013.
Management Commentary and Risks
Mr. Berger, 69, brings extensive experience in accounting and finance, including roles as Vice President of Finance and Administration at Quick Chek Corporation and Controller of Singer Supermarkets. He is a certified public accountant and has served as the Company's Controller for the past nine years. The company confirmed there are no family relationships between Mr. Berger and other officers or directors, and no related party transactions are reportable. No employment agreement was executed with Mr. Berger at the time of this filing.
Investor Verification Checklist
- Verify the duration of Mr. Berger's interim tenure and the timeline for a permanent CFO search.
- Confirm the specific scope of Mr. Bocchino's part-time role during the 30-day transition period.
- Review the attached press release (Exhibit 99.1) for additional context on the leadership transition.