Business Context and Reporting Period
This Form 8-K Current Report was filed by Antero Midstream Corp on March 23, 2020. The filing addresses Item 5.02 regarding the departure of a senior officer and the appointment of a successor.
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
The primary material change reported is the leadership transition within the accounting department:
- Departure: K. Phil Yoo notified the company of his intent to retire as Vice President, Accounting, and Chief Accounting Officer. His retirement is effective May 15, 2020. The filing states this departure is not the result of any disagreement with the company.
- Appointment: Sheri Pearce has been appointed as the new Chief Accounting Officer, effective immediately following Mr. Yoo's resignation.
Management Commentary and Risks
Management Commentary:
- Paul M. Rady, Chairman and CEO, thanked Mr. Yoo for his dedication and contributions to the company's success.
- Glen C. Warren, Jr., President and CFO, expressed excitement about Ms. Pearce's promotion, citing her 25 years of experience as an audit partner at KPMG LLP and her background in the energy and mining industries.
Compensatory Arrangements:
In connection with her promotion, Antero Midstream plans to enter into an Indemnification Agreement with Ms. Pearce. This agreement will indemnify her to the fullest extent permitted under Delaware law and advance expenses incurred in proceedings where she could be indemnified. The filing notes there are no other transactions requiring disclosure under Item 404(a) of Regulation S-K.
Key Facts for Investor Verification
- Verify the effective date of the leadership transition (May 15, 2020).
- Review the background of the new Chief Accounting Officer, Sheri Pearce, specifically her tenure at KPMG and prior role at Antero Midstream since November 2018.
- Confirm that the departure of the previous Chief Accounting Officer was voluntary and not due to any disagreement with the company.
- Note that this filing does not contain updated financial results or guidance.