Business Context and Reporting Period
This Form 8-K Current Report was filed by Silvercrest Asset Management Group Inc. on April 27, 2017, covering events that occurred on April 21, 2017. The filing addresses significant changes to the Company's Board of Directors.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on corporate governance changes.
Material Changes
- Resignation: Richard Pechter resigned as a director effective immediately on April 21, 2017. He previously served as Chairperson of the Compensation Committee and as a member of the Audit and Nominating and Corporate Governance Committees.
- Appointment: Brian Dunn was appointed as a director on April 21, 2017, to fill the vacancy created by Mr. Pechter's resignation.
- Committee Assignments: Mr. Dunn was appointed to the same committees as his predecessor: Chairperson of the Compensation Committee and member of the Audit and Nominating and Corporate Governance Committees.
- Reason for Departure: Mr. Pechter advised that his resignation was not the result of any disagreement with the Company regarding operations, policies, or practices.
Compensation and Background
Mr. Dunn will receive compensation consistent with other non-management directors, currently set at $65,000 for each annual term served, with potential future grants of Class A restricted stock units. He has over 30 years of experience in incentive and executive compensation, having retired as Chairman of McLagan and CEO of Performance, Reward & Talent for Aon Hewitt Consulting Worldwide in December 2015.
Investor Verification Checklist
- Verify the effective date of the board changes (April 21, 2017).
- Confirm the specific committee roles assigned to the new director, Brian Dunn.
- Review the attached press release (Exhibit 99.1) for additional context on the transition.
- Note that no financial metrics or operational guidance are provided in this specific filing.