Business Context and Reporting Period
This Form 8-K Current Report was filed by Freightcar America, Inc. on August 29, 2008. The report addresses corporate governance changes under Section 5, Item 5.02, specifically regarding the departure of a senior officer and the 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 focuses exclusively on personnel changes and does not contain financial statements or performance data.
Material Changes
The primary material change reported is the leadership transition in the Marketing and Sales division:
- Departure: Edward J. Whalen resigned as Senior Vice President, Marketing and Sales, effective September 1, 2008, to retire from the Company.
- Appointment: Theodore W. Baun was appointed to succeed Mr. Whalen as Senior Vice President, Marketing and Sales, effective September 1, 2008.
Management Commentary and Background
Management highlighted Mr. Baun's extensive history with the Company, noting he first joined in 1994. His background includes roles in operations, marketing, and sales, as well as a tenure as Director of Sales at Mitsui Rail Capital from 2003 to 2005. He has led the Company's sales team since November 2007. Mr. Baun holds a B.A. in business economics and an M.B.A. from the University of Pittsburgh. No specific risks, contingencies, or unusual items were disclosed in this filing.
Investor Verification Checklist
- Confirm the effective date of the leadership transition (September 1, 2008).
- Review the attached Press Release (Exhibit 99.1) for additional details on the succession plan.
- Verify Mr. Baun's prior performance metrics as the leader of the sales team since November 2007.
- Check subsequent filings for any impact of this personnel change on sales strategy or revenue guidance.