Business Context and Reporting Period
This Form 8-K filing by Advanced Energy Industries, Inc. covers the event date of February 28, 2014. The report addresses a change in the composition of the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is a current report regarding corporate governance and does not contain financial statement data.
Material Changes
On February 28, 2014, Douglas S. Schatz, co-founder of the Company, notified the Board of his decision not to stand for re-election at the 2014 Annual Meeting of Shareholders scheduled for May 7, 2014. Mr. Schatz intends to dedicate more time to his charitable foundations. Consequently, the Board will reduce its size to six members effective upon the end of Mr. Schatz's term.
Outlook and Management Commentary
The Board is actively engaged in a search for an additional director to replace Mr. Schatz. A press release announcing this retirement was issued on March 6, 2014, and is included as Exhibit 99.1.
Key Facts for Investor Verification
- Co-founder Douglas S. Schatz is retiring from the Board of Directors.
- The Board size will be reduced to six members.
- The Company is actively searching for a new director.
- The 2014 Annual Meeting of Shareholders is scheduled for May 7, 2014.