Business Context and Reporting Period
This Form 8-K filing by First Business Financial Services, Inc. covers events occurring between November 26, 2018, and November 29, 2018, with the report dated November 30, 2018. The filing addresses Item 5.02 regarding the departure of a senior officer and the subsequent appointment of a replacement.
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 corporate governance and personnel changes rather than financial performance data.
Material Changes
- Departure: Michael J. Murphy resigned as Chief Accounting Officer and Principal Accounting Officer on November 26, 2018, to pursue other interests. His resignation became effective on December 7, 2018.
- Appointment: On November 29, 2018, the Board of Directors appointed Peggy J. Stebbins, the Company's Controller, as the new Chief Accounting Officer and Principal Accounting Officer, effective December 7, 2018.
- Reason for Departure: The resignation is explicitly stated as not being the result of any disagreement with the Company's independent auditors or management regarding accounting principles, financial statement disclosure, or internal controls.
Management Commentary and Risks
Management confirmed that the transition is orderly, with Ms. Stebbins having served as Controller since 2016. She brings prior experience as Vice President - Controller at Anchor Bancorp Wisconsin, Inc. and Guaranty Bank, and holds a CPA designation. The filing notes no material transactions involving Ms. Stebbins requiring disclosure under Regulation S-K Item 404(a) and confirms she is not related to any Board members or executive officers.
Investor Verification Checklist
- Verify the effective date of the leadership transition (December 7, 2018).
- Confirm that the departure of the Chief Accounting Officer was not related to any accounting disputes or internal control issues.
- Review Ms. Stebbins' professional background to assess continuity in financial reporting oversight.
- Check for any subsequent filings regarding the appointment of a new Controller if Ms. Stebbins' role changes.