Business Context and Reporting Period
This Form 8-K Current Report was filed by Exterran Holdings, Inc. (not Archrock, Inc.) on October 24, 2011. The report addresses significant changes in executive leadership and board composition effective October 31, 2011.
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
- Departure of CEO: Ernie L. Danner will resign as President and Chief Executive Officer and as a member of the Board of Directors effective October 31, 2011.
- Appointment of Interim CEO: D. Bradley Childers was appointed as Interim Chief Executive Officer, effective October 31, 2011, pending the selection of a permanent successor.
Management Commentary and Compensation
Mr. Childers, 47, has served as Senior Vice President of Exterran Holdings since March 2008. During his interim service, he will receive compensation consistent with his current position as disclosed in the annual proxy statement. Additionally, the Board's compensation committee expects to grant him an equity award for his interim service, with terms to be determined upon conclusion of that service. He is also subject to a severance benefit agreement previously disclosed in an August 16, 2011 filing.
Investor Verification Checklist
- Verify the exact effective date of the leadership transition (October 31, 2011).
- Review the August 16, 2011 Form 8-K to understand the terms of Mr. Childers' severance benefit agreement.
- Monitor future filings for the announcement of a permanent Chief Executive Officer.
- Confirm the specific terms of the pending equity award for the interim CEO, as they are not yet finalized.