Business Context and Reporting Period
This Form 8-K Current Report was filed by Universal Technical Institute, Inc. on June 20, 2006, with the report signed on June 26, 2006. The filing addresses corporate governance changes rather than financial performance.
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 within the Board of Directors.
Material Changes
The primary material change reported is the composition of the Board of Directors:
- Resignation: Michael R. Eisenson resigned from the Board of Directors.
- Election: Allan D. Gilmour, age 71, was elected to fill the vacancy created by Mr. Eisenson's resignation.
- Board Size: With this addition, the Board now consists of nine members.
- Committee Assignment: The Company expects Mr. Gilmour to serve on the Audit Committee.
Management Commentary and Background
Mr. Gilmour was selected upon the recommendation of the Nominating and Corporate Governance Committee. His background includes a 34-year tenure at Ford Motor Company, where he held significant financial and executive roles, including Chief Financial Officer, Vice President and Controller, and President of Ford Motor Credit Company. He previously served as Vice Chairman of Ford from 2002 to 2005. He also serves on the boards of DTE Energy Company and Whirlpool Corporation.
Investor Verification Checklist
- Verify the effective date of Mr. Eisenson's resignation and Mr. Gilmour's appointment.
- Confirm Mr. Gilmour's official appointment to the Audit Committee in subsequent filings.
- Review the attached press release (Exhibit 99.1) for additional context on the leadership transition.
- Check for any related proxy statements or 10-Q filings for financial data not included in this 8-K.