Business Context and Reporting Period
This Form 8-K Current Report was filed by MasTec, Inc. on September 28, 2016. The filing addresses a corporate governance event regarding the appointment of a new director to the Board of Directors.
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 personnel changes and does not contain financial performance data.
Material Changes
The primary material change reported is the appointment of Mr. C. Robert Campbell as a Class III director to fill a vacancy on the Board of Directors. Additionally, Mr. Campbell has been appointed to the Finance and Mergers and Acquisitions Committee.
Management Commentary and Background
- Term Details: Mr. Campbell will serve an initial term ending at the 2017 Annual Meeting of Shareholders, at which time he is expected to stand for election to serve until the expiration of the current Class III term (2019).
- Qualifications: Mr. Campbell brings over 30 years of senior financial management experience. He previously served as MasTec's Executive Vice President and Chief Financial Officer from October 2004 to December 2013.
- Compensation: He will participate in standard non-employee director compensation arrangements as described in the 2016 Proxy Statement.
- Related Party Transactions: No transactions exceeding $120,000 involving Mr. Campbell have occurred since the beginning of the last fiscal year, other than his prior employment.
Investor Verification Checklist
- Verify the specific compensation structure for non-employee directors in the 2016 Proxy Statement.
- Confirm the date of the 2017 Annual Meeting of Shareholders to understand the exact duration of the initial term.
- Review the 2014 Form 8-K filed on January 24, 2014, for details on Mr. Campbell's prior employment agreement.