Business Context and Reporting Period
This Form 8-K filing by Flotek Industries, Inc. reports a corporate governance event dated July 11, 2018. The filing details the expansion of the Board of Directors and the appointment of a new director.
Key Financial Metrics
This filing does not contain financial performance data. There are no disclosures regarding revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
- Board Expansion: The Board of Directors increased the total number of directors from six to seven.
- New Appointment: Katherine T. Richard was unanimously appointed as a director effective immediately on July 11, 2018.
- Background: Ms. Richard is the founder and CEO of Warwick Energy Group, an institutional consolidator of oil and gas interests with approximately $1.5 billion in managed assets. Her prior experience includes roles at Goldman Sachs, Serengeti Asset Management, and MSD Capital.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of risks and contingencies. It notes that Ms. Richard will be compensated in accordance with the Company's customary practices for non-employee directors, including a grant of restricted common stock, as disclosed in the Definitive Proxy Statement filed on March 30, 2018. No related party transactions requiring disclosure under Item 404(a) of Regulation S-K were identified.
Investor Verification Checklist
- Verify the specific terms of the restricted stock grant for Ms. Richard in the Definitive Proxy Statement filed on March 30, 2018.
- Review the press release dated July 12, 2018 (Exhibit 99.1) for additional context on the appointment.
- Confirm the current total number of directors on the Board is seven.