Business Context and Reporting Period
This Form 8-K Current Report was filed by Great Elm Capital Corp. on June 8, 2018, covering events that occurred on June 4, 2018. The filing addresses significant changes in the Company's executive leadership, specifically the departure of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data disclosed relates to the compensation package associated with the executive departure.
Material Changes
- Resignation: Michael J. Sell resigned as Chief Financial Officer and Treasurer effective June 4, 2018.
- Separation Terms: Mr. Sell entered into a Separation Agreement with Great Elm Capital Management, Inc. (GECM). He is entitled to a lump sum payment of $150,000 (subject to withholdings) and continued medical and dental benefits until December 31, 2018.
- Appointment: John J. Woods was appointed as the new Chief Financial Officer and Treasurer effective June 4, 2018.
Management Commentary and Background
John J. Woods, 45, brings prior experience as the CFO of Great Elm Capital Group, Inc. (GEC) and GECM. Before joining the Great Elm organization in 2017, he held various roles at Providence Equity Partners LLC, including Corporate Controller, Treasurer, and CFO of the capital markets division. The full Separation Agreement will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the period ending June 30, 2018.
Investor Verification Checklist
- Verify the effective date of John J. Woods' appointment and his transition plan.
- Review the full Separation Agreement for Michael J. Sell once filed in the upcoming Form 10-Q to understand any additional conditions or non-compete clauses.
- Confirm the impact of this leadership change on the Company's upcoming financial reporting cycle.