Business Context and Reporting Period
This Form 8-K is a current report filed by Command Center, Inc. (not Hirequest, Inc.) on May 18, 2012, covering events occurring on May 16 and May 17, 2012. The filing addresses changes in corporate governance and management, specifically the departure of an interim officer and the appointment of a new Chief Financial Officer.
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 personnel changes and does not contain financial performance data.
Material Changes
- Resignation of Interim CFO: Ralph E. Peterson resigned as Interim Chief Financial Officer effective May 16, 2012. The company stated there was no disagreement regarding operations or policies. Mr. Peterson will remain on the Board of Directors until the 2012 Annual Meeting of Shareholders.
- Appointment of New CFO: Dan Jackson was appointed Chief Financial Officer effective May 16, 2012. He commenced employment on April 16, 2012.
- Compensation Arrangement: Mr. Jackson entered into an at-will employment agreement with an annual base salary of $185,000. He is not guaranteed an annual bonus but may become eligible for bonus opportunities subject to Compensation Committee approval.
Guidance, Outlook, and Risks
The filing does not contain financial guidance, outlook, or specific risk factors beyond the standard disclosure that the press release attached as Exhibit 99.1 is not deemed "filed" for purposes of Section 18 of the Exchange Act. The employment agreement for the new CFO is terminable at any time by either party with or without cause.
Investor Verification Checklist
- Verify the company name is Command Center, Inc., not Hirequest, Inc.
- Confirm the terms of the Employment Agreement (Exhibit 10.1) regarding the new CFO's compensation and termination rights.
- Review the attached Press Release (Exhibit 99.1) for additional context on the leadership transition.
- Monitor the 2012 Annual Meeting of Shareholders regarding Mr. Peterson's continued service on the Board.