Business Context and Reporting Period
This Form 8-K filing by Energy Recovery, Inc. (ERI) covers the period ending January 22, 2024, reporting on an event that occurred on January 16, 2024. The Company is a Delaware corporation headquartered in San Leandro, California, with common stock trading on The Nasdaq Stock Market under the symbol ERII.
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The document is a current report focused exclusively on corporate governance and personnel changes.
Material Changes
The primary material change reported is the appointment of Mr. David Moon as President and Chief Executive Officer, effective immediately on January 16, 2024. Mr. Moon previously served as the interim President and CEO starting October 23, 2023, and has been a member of the Board of Directors since July 2023.
Management Commentary and Risks
Management Commentary: The Board highlighted Mr. Moon's over 25 years of leadership experience in commercial and industrial technology, manufacturing, and marketing. His background includes roles as President of Carrier Commercial Refrigeration, President and COO of Heatcraft Worldwide Refrigeration (Lennox International), and various positions at Allied Signal, Case Corporation, and Tenneco Oil Company.
Compensation: The filing states that Mr. Moon's compensation for his role as President and CEO has not yet been determined. The Compensation Committee will set the terms at a later date, and an amendment to this report will be filed to disclose the material terms of the arrangement.
Risks and Contingencies: No specific financial risks or contingencies are disclosed in this filing. The document notes that Mr. Moon has no family relationships with other directors or officers and no material interest in transactions requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the future filing of an amendment to this 8-K to disclose Mr. Moon's specific compensation package.
- Review the attached Press Release (Exhibit 99.1) for additional strategic context regarding the leadership transition.
- Confirm the Company's latest financial performance in the most recent 10-Q or 10-K filing, as this 8-K contains no financial data.