Latham Group, Inc. (SWIM) - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Latham Group, Inc. on October 9, 2024. The filing reports material corporate governance changes involving the Board of Directors. The Company is an emerging growth company incorporated in Delaware and trades on The Nasdaq Stock Market LLC under the symbol "SWIM".
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 personnel changes and does not contain financial performance data.
Material Changes
- Director Resignation: Robert D. Evans resigned as a Class II member of the Board and Chair of the Audit Committee, effective immediately on October 9, 2024. The resignation was not due to any disagreement with management or the Board regarding operations, policies, or practices.
- Director Appointment: Frank J. Dellaquila was appointed as a Class II member of the Board and Chair of the Audit Committee, effective immediately to fill the vacancy left by Mr. Evans. Mr. Dellaquila serves as a director designee of Pamplona Capital Partners V, L.P.
Outlook, Risks, and Management Commentary
The Board determined that Mr. Dellaquila is an independent director and qualifies as an "audit committee financial expert" under SEC Rules. He satisfies all applicable requirements to serve on the Audit Committee, including Nasdaq Global Select Market requirements. Mr. Dellaquila will receive compensation under the Company's Non-Employee Director Compensation Plan and will enter into a standard indemnity agreement. No material risks, contingencies, or unusual items were disclosed in this filing.
Key Facts for Investor Verification
- Confirm the effective date of the Board composition change (October 9, 2024).
- Verify Frank J. Dellaquila's background as a former CFO of Emerson Electric Co. and his current role as Chair of the Audit Committee.
- Note that the resignation of Robert D. Evans was not related to any disagreement with the Company.
- Review the attached press release (Exhibit 99) for additional details on the transition.