Business Context and Reporting Period
This Form 8-K is a current report filed by TimkenSteel Corporation (not Metallus Inc.) on August 12, 2019, covering events that occurred on August 8, 2019. The company is incorporated in Ohio and trades on the New York Stock Exchange under the symbol TMST.
Key Financial Metrics
This filing is a current report regarding corporate governance and personnel changes. It does not provide financial data such as revenue, profit, cash flow, margins, debt, or liquidity metrics.
Material Changes
- Director Resignation: Phillip R. Cox notified the Board of his intention to resign as a director effective August 31, 2019. The resignation is for personal reasons and is not due to any disagreement with the Company.
- Officer Appointment: The Board appointed Nicholas A. Yacobozzi (age 34) as the Company's principal accounting officer, effective August 8, 2019.
- Role Realignment: Kristopher R. Westbrooks, Executive Vice President and Chief Financial Officer, will continue to serve as the principal financial officer but will no longer serve as the principal accounting officer.
Management Commentary and Risks
Management Commentary: The filing states that Mr. Cox's departure is voluntary and unrelated to any disagreement with the Company. Mr. Yacobozzi joined the Company in January 2019 as Corporate Controller and previously served as a Senior Manager at PricewaterhouseCoopers LLP. He holds a CPA license in Ohio and degrees from John Carroll University.
Compensation: Mr. Yacobozzi receives an annual base salary and is eligible for the Company's equity compensation plans, health and life insurance, retirement, and severance benefits.
Risks and Contingencies: No specific financial risks or contingencies are disclosed in this filing.
Important Facts for Investors to Verify
- Confirm the effective date of Phillip R. Cox's resignation (August 31, 2019) and whether a replacement director has been nominated.
- Verify the transition of duties for the principal accounting officer role from Kristopher R. Westbrooks to Nicholas A. Yacobozzi.
- Review subsequent filings to ensure no undisclosed disagreements arose regarding Mr. Cox's departure.