Business Context and Reporting Period
This Form 8-K is a current report filed by Select Energy Services, Inc. (ticker: WTTR) on December 19, 2019, regarding events occurring on December 18, 2019. The filing addresses a change in executive leadership and related compensatory arrangements.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The only financial figure disclosed relates to executive compensation:
- Chairman Compensation: An annual cash payment of $100,000 for service as non-executive Chairman, prorated for partial years.
- Director Compensation: Standard non-employee director compensation as detailed in the 2019 proxy statement.
Material Changes
The primary material change reported is the resignation of John Schmitz as Executive Chairman, effective December 31, 2019. Mr. Schmitz will remain on the Board of Directors and transition to the role of non-executive Chairman.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, financial outlook, or discussion of operational risks. It strictly reports the leadership transition and the associated compensation terms. A press release regarding this transition was issued on December 19, 2019, and is included as Exhibit 99.1.
Investor Verification Checklist
- Verify the effective date of John Schmitz's resignation as Executive Chairman (December 31, 2019).
- Confirm the new compensation structure for the non-executive Chairman role ($100,000 annual cash payment).
- Review the definitive proxy statement filed on March 22, 2019, for details on standard non-employee director compensation.
- Check for any subsequent filings regarding the appointment of a new Executive Chairman or CEO.