Business Context and Reporting Period
This Form 8-K Current Report was filed by Orion Energy Systems, Inc. on June 3, 2011. The filing addresses a material change in the Company's senior management structure, specifically the departure of the Chief Financial Officer and the subsequent appointment of a successor.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is strictly a disclosure of personnel changes and does not contain financial performance data.
Material Changes
- Resignation: Michael W. Harris resigned as Chief Financial Officer (CFO) effective immediately on June 3, 2011, citing private, family-related reasons.
- Appointment: Scott R. Jensen, previously the Chief Accounting Officer and Treasurer, was appointed as the new Chief Financial Officer effective June 3, 2011. He retains his role as Treasurer.
- Role Reassignment: Richard Gaumer, Executive Vice President of Operations, assumed the additional role of Chief Accounting Officer.
Management Commentary and Outlook
Management highlighted the significant financial and accounting expertise of the new leadership team. Scott R. Jensen is a Certified Public Accountant (CPA) with prior experience as the Company's CFO from 2008 to 2011 and extensive tenure in finance roles dating back to 2004. Richard Gaumer is also a CPA with a background as a tenured professor specializing in Sarbanes-Oxley compliance and Lean Accounting, as well as prior executive experience at Strategic Data Systems and Illinois Tool Works Inc.
The Company stated that due to the expertise of Messrs. Jensen and Gaumer, it does not intend to add any additional senior personnel to its financial staff at this time.
Investor Verification Checklist
- Verify the effective date of the CFO transition (June 3, 2011).
- Confirm the retention of Scott R. Jensen in the Treasurer role alongside his new CFO duties.
- Review the professional backgrounds of Scott R. Jensen and Richard Gaumer to assess continuity in financial controls.
- Note that no financial performance data is included in this specific filing; refer to the most recent 10-Q or 10-K for financial metrics.