Business Context and Reporting Period
This Form 8-K is a current report filed by Northwest Pipe Company (NWPX Infrastructure, Inc.) on August 27, 2013. The filing addresses Item 5.02 regarding the appointment of certain officers and their compensatory arrangements.
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 executive personnel changes and compensation.
Material Changes
The primary material change reported is the promotion of two executives to Executive Vice President roles effective August 27, 2013:
- William Smith: Elected Executive Vice President, Water Transmission Group. Previously served as Vice President of Operations for Water Transmission (July 2010–August 2013). He is a 37-year veteran of the steel pipe business with prior experience at Ameron, United Concrete Pipe, Thompson Steel Pipe, and LB Foster.
- Martin Dana: Elected Executive Vice President, Tubular Products Group. Previously served as Vice President of Operations for Tubular Products (January 2012–August 2013) and Vice President of Sales and Marketing for the Water Transmission Group (January 2008–December 2011). He joined the company in 1999 and previously held positions at Oregon Steel Mills.
Guidance, Outlook, and Compensation
The filing details the compensation for the newly appointed officers:
- Both William Smith and Martin Dana will receive an annual base salary of $308,040.
- Both executives will continue to participate in all incentive compensation and other benefit plans available to other executive officers of the Company.
- The filing contains no guidance, outlook, management commentary on financial performance, risks, contingencies, or unusual items.
Investor Verification Checklist
- Verify the effective date of the new executive titles (August 27, 2013).
- Confirm the annual base salary of $308,040 for both new Executive Vice Presidents.
- Review the company's proxy statement or 10-K for details on the specific incentive compensation plans mentioned.
- Check subsequent filings for any financial impact related to these personnel changes.