Business Context and Reporting Period
OPAL Fuels Inc. filed a Form 8-K dated October 5, 2023, reporting changes in its finance leadership. The filing was signed and furnished with related exhibits on October 12, 2023.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating financial metrics.
- Fortistar will provide interim CFO services under an interim services agreement.
- Fees are charged at an agreed hourly rate, with cumulative monthly fees not to exceed $50,000.
- The fee is described as substantially similar to the cash compensation previously paid to Ann Anthony.
Material Changes
- Ann Anthony notified the company of her intention to resign as Chief Financial Officer to pursue another professional opportunity.
- She will also resign as Principal Financial Officer and Principal Accounting Officer. Her departure date had not been determined as of the filing.
- The filing states that her resignation was not related to any disagreement with the company or its independent registered public accounting firm.
- On October 10, 2023, the board appointed Scott Contino as Interim Chief Financial Officer. He will assume the role when Ms. Anthony departs and will also serve as Interim Principal Financial Officer and Principal Accounting Officer.
- OPAL Fuels has begun searching for a permanent CFO.
Management Commentary, Risks, and Unusual Items
Mr. Contino has more than 25 years of experience at Fortistar LLC and served as its CFO for 18 years, with responsibility for accounting, tax, treasury, and insurance matters. He previously served as CFO of the company’s predecessor parent.
Mr. Contino will not receive direct compensation from OPAL Fuels. His services will be provided through Fortistar under the existing administrative services agreement and the interim services agreement.
The filing includes customary forward-looking statement warnings. No operational guidance, financial outlook, contingent liabilities, or other unusual financial items are disclosed.
Important Facts for Investors to Verify
- Confirm the actual departure date of Ms. Anthony and the effective date of Mr. Contino’s interim appointment.
- Review the Interim Services Agreement for the detailed fee terms and related-party service arrangements with Fortistar.
- Monitor the timing and qualifications of the permanent CFO appointment.
- Assess whether the transition affects financial reporting, internal controls, or future SEC filings.
- Note that the filing date, reported events, and exhibit dates span October 5, October 10, and October 12, 2023.