Archrock, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Archrock, Inc. on December 11, 2017. The report discloses a material change in executive leadership, specifically the appointment of an interim Chief Financial Officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The only financial data disclosed relates to the compensation arrangement for the new interim officer.
- Interim CFO Compensation: Estimated annual compensation of approximately $690,000.
- Contract Rate: $345 per hour based on an assumed 2,000 hours of service per year.
Material Changes
On December 11, 2017, the Company announced the appointment of Raymond (Randy) K. Guba as interim Chief Financial Officer, effective December 12, 2017. Mr. Guba will serve in this capacity until the Board selects a permanent successor. He was also appointed interim CFO of Archrock GP LLC, the managing general partner of Archrock Partners, L.P.
Management Commentary and Arrangements
Mr. Guba was engaged through a consulting agreement with Randstad Professionals US, LLC (d/b/a Tatum). The agreement allows for termination by either party upon written notice. The Company confirmed there are no other employment agreements guaranteeing salaries, bonuses, or benefits, and no family relationships exist between Mr. Guba and other executives or directors.
Investor Verification Checklist
- Verify the duration of the interim CFO role and the timeline for a permanent appointment.
- Confirm the total cost impact of the $690,000 estimated annual compensation on the current fiscal year.
- Review the background of Mr. Guba's prior roles at Global Power and FTS International for relevant industry experience.
- Check for any subsequent filings regarding the selection of a permanent CFO.