Business Context and Reporting Period
This Form 8-K was filed by Orion Energy Systems, Inc. on May 25, 2017. The report details a significant restructuring of the Company's management team, including the departure of the former Chief Executive Officer and the appointment of new executive leadership.
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 changes and does not contain financial performance data.
Material Changes
- Departure of CEO: John H. Scribante, the former Chief Executive Officer, has left the Company.
- Appointment of New CEO: Michael W. Altschaefl was elected as the new Chief Executive Officer. He previously served as the non-executive chair of the Board of Directors since August 2016 and as a director since October 2009.
- Appointment of New COO: Scott A. Green was appointed as the new Chief Operating Officer. He previously served as the Company's Executive Vice President since August 2016.
Management Commentary and Background
The Board of Directors executed these changes as part of a management restructuring. No material transactions or arrangements were disclosed regarding the appointments of Mr. Altschaefl or Mr. Green.
- Michael W. Altschaefl: A certified public accountant with 27 years of experience in public accounting firms. He currently serves as president of Still Water Partners, Inc., and E-S Plastic Products LLC. He previously held leadership roles at Shiloh Industries, Inc. and Albany-Chicago Company LLC.
- Scott A. Green: Has extensive experience within Orion Energy Systems, having served in various division president roles since 2013. Prior to joining Orion, he was the CEO of Harris Manufacturing, Inc. from 1997 to 2011.
Investor Verification Checklist
- Verify the official press release (Exhibit 99.1) for additional details on the transition plan.
- Review upcoming quarterly reports (10-Q) to assess the financial impact of the management restructuring.
- Confirm the specific terms of employment and compensation for the new CEO and COO in subsequent filings.
- Monitor for any further changes in the Board of Directors composition following the CEO transition.