Business Context and Reporting Period
This Form 8-K filing by Cactus, Inc. (WHD) reports a corporate governance event dated December 9, 2019. The company is incorporated in Delaware and trades on the New York Stock Exchange. The filing specifically addresses the appointment of a new Chief Accounting Officer and Principal Accounting Officer.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
The primary material change reported is the appointment of Donna Anderson as Chief Accounting Officer and Principal Accounting Officer, effective December 9, 2019. She replaces Brian Small, who served as interim Principal Accounting Officer since September 25, 2019. Mr. Small will remain with the company as Senior Finance Director.
Management Commentary and Compensation
Ms. Anderson joined Cactus, Inc. in July 2019 as Corporate Controller. She brings prior experience as Controller at Seitel, Inc. (2005–2019), Financial Reporting Manager at Waste Management, Inc. (2002–2005), and Audit Manager at KPMG LLP (starting 1996). She holds a Bachelor of Business Administration in Accounting from Texas A&M University and is a certified public accountant in Texas.
Regarding compensation:
- Ms. Anderson does not have a formal employment agreement.
- The company has executed a standard indemnification agreement with her.
- In connection with her appointment, she received an equity grant of restricted stock units (RSUs) with an aggregate grant-date value of $225,000.
- The RSUs vest ratably over three years and are subject to terms similar to other officer awards.
Investor Verification Checklist
- Verify the vesting schedule and performance conditions of the $225,000 RSU grant in the company's most recent Proxy Statement.
- Confirm the transition timeline for Brian Small's departure from the Principal Accounting Officer role.
- Review the standard indemnification agreement (Exhibit 10.6 to the 2018 Form 10-K) for specific liability protections.
- Monitor future filings for any changes to the company's financial reporting controls following the leadership transition.