Business Context and Reporting Period
This Form 8-K was filed by TTM Technologies, Inc. on May 9, 2018. The report addresses a corporate governance event involving the departure of a director, James K. Bass, effective upon the closing of the company's acquisition of Anaren, Inc., which occurred on April 18, 2018.
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
- Director Resignation: James K. Bass resigned from the Board of Directors and all committees.
- Reason for Departure: The resignation was necessitated by a potential conflict of interest arising from the company's acquisition of Anaren, Inc. Mr. Bass serves on the board of a direct competitor of Anaren, Inc.
- Nature of Event: The departure was a mutual agreement between Mr. Bass and the Company to avoid conflicts of interest and was not the result of any disagreement with the Company.
Outlook, Risks, and Management Commentary
Management indicated that the resignation is in the best interests of both TTM Technologies and the competitive company where Mr. Bass serves. The Nominating and Corporate Governance Committee will oversee a search to fill the vacancy on the Board as soon as practicable following the effectiveness of the resignation. No other risks, contingencies, or unusual items were disclosed in this filing.
Investor Verification Checklist
- Confirm the closing date of the Anaren, Inc. acquisition to determine the exact effective date of Mr. Bass's resignation.
- Monitor future filings for the appointment of a new director to fill the vacancy.
- Review the company's proxy statement or other governance documents for details on the Nominating and Corporate Governance Committee's search process.