Business Context and Reporting Period
This Form 8-K is a current report filed by Exterran Holdings, Inc. (not Archrock, Inc.) on June 30, 2009. The filing addresses significant changes in corporate leadership and board composition effective as of the report date.
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 executive personnel changes and does not contain financial performance data.
Material Changes
- CEO Resignation: Stephen A. Snider resigned as Chief Executive Officer and as a member of the Board of Directors effective June 30, 2009, in accordance with previously announced retirement plans.
- Board Size Reduction: The Board decreased its size from 11 to 10 directors.
- CEO Appointment: Ernie L. Danner was appointed Chief Executive Officer, effective immediately following Mr. Snider's resignation. Mr. Danner retains his title as President and Chief Operating Officer.
Management Commentary and Risks
Management confirmed that Mr. Snider's resignation was not due to any disagreement with the company regarding operations, policies, or practices. Mr. Danner's appointment follows a previously announced management succession plan; he rejoined the company in October 2008. His compensation is consistent with disclosures in the annual proxy statement, and no new employment agreements guaranteeing specific salaries or bonuses were disclosed in this filing.
Investor Verification Checklist
- Verify the succession plan details and Mr. Danner's compensation structure in the most recent annual proxy statement.
- Review the resignation letter of Stephen A. Snider (Exhibit 99.1) for any additional context.
- Confirm the updated Board of Directors composition and any subsequent filings regarding the reduced board size.
- Check for any related financial filings (e.g., 10-Q or 10-K) to obtain the missing financial metrics referenced in this summary.