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MarketScreener Homepage  >  Equities  >  Nasdaq  >  TPI Composites, Inc.    TPIC

TPI COMPOSITES, INC.

(TPIC)
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TPI COMPOSITES, INC : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

08/11/2020 | 04:27pm EST

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 11, 2020, TPI Composites, Inc. (the Company) announced that Linda Hudson, has been appointed to its Board of Directors (the Board). Ms. Hudson was appointed as a Class II Director on August 11, 2020, to serve for a term expiring at the Company's 2021 annual meeting of stockholders, or until her successor is elected or qualified or until her earlier resignation or removal. Ms. Hudson also will serve on the Nominating and Corporate Governance Committee and Technology Committee of the Board.

From May 2014 to January 2020, Ms. Hudson served as the Chairperson and Chief Executive Officer of The Cardea Group, a management consulting firm that she founded. Ms. Hudson previously served as CEO Emeritus of BAE, a U.S.-based subsidiary of BAE Systems, a global defense, aerospace, and security company headquartered in London, from February 2014 to May 2014, and as President and Chief Executive Officer of BAE from October 2009 until January 2014. Ms. Hudson also served as President of BAE Systems' Land and Armaments operating group, from October 2006 to October 2009. Prior to joining BAE Systems, Ms. Hudson served as Vice President of General Dynamics Corporation and President of its Armament and Technical Products business, and held various engineering, production operations, program management, and business development positions for defense and aerospace companies. Ms. Hudson holds a B.S. in Systems Engineering from the University of Florida.

Ms. Hudson currently serves as a director of Bank of America Corporation and Trane Technologies plc, formerly Ingersoll Rand, plc, and previously served as a director of The Southern Company from 2014 to July 2018.

In connection with her appointment as a director of the Company, Ms. Hudson received an option to purchase shares of the Company's common stock with a total value of $60,000 and an exercise price of $29.56, pursuant to the Company's Second Amended and Restated Non-Employee Director Compensation Policy (Director Compensation Policy) and the Company's 2015 Amended and Restated Stock Option and Incentive Plan (the Plan). The option will have a term of ten years and will vest over four years (25% on the first anniversary date of the grant date and 25% on each yearly anniversary of the grant date thereafter); provided, however that the option will vest in its entirety upon a change of control of the Company. In addition, Ms. Hudson received an award of restricted stock units with a total value of $86,500 pursuant to the Director Compensation Policy and the Plan. The restricted stock units will vest in full on the earlier of the Company's next annual shareholder meeting or the first year anniversary of the date of the grant so long as Ms. Hudson continues to serve on the Board through the vesting date. In addition, Ms. Hudson also will receive an annual cash fee of $75,000 (prorated for 2020) for serving on the Board and additional fees for her committee assignments in accordance with the Director Compensation Policy.

The Board has determined that Ms. Hudson will be an independent director for purposes of NASDAQ rules. In addition, Ms. Hudson was not appointed pursuant to any arrangement or understanding with any other person, and there are no transactions between Ms. Hudson and the Company that would require disclosure under Item 404(a) of Regulation S-K. The Company will enter into its standard form of indemnification agreement with Ms. Hudson in connection with her appointment to the Board.

On August 11, 2020, the Company issued a press release regarding Ms. Hudson's appointment, which is included as Exhibit 99.1 to this Form 8-K. The information in Exhibit 99.1 is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Exhibit 99.1 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.




(d) Exhibits.



  99.1        Press Release of TPI Composites, Inc, dated August 11, 2020
104         Cover Page Interactive Data File (embedded within the Inline XBRL
            document)

© Edgar Online, source Glimpses

Stocks mentioned in the article
ChangeLast1st jan.
BAE SYSTEMS PLC -1.90% 500.4 Delayed Quote.-9.60%
TPI COMPOSITES, INC. 3.06% 40.04 Delayed Quote.116.32%
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Financials (USD)
Sales 2020 1 654 M - -
Net income 2020 -16,9 M - -
Net Debt 2020 101 M - -
P/E ratio 2020 -83,5x
Yield 2020 -
Capitalization 1 431 M 1 431 M -
EV / Sales 2020 0,93x
EV / Sales 2021 0,83x
Nbr of Employees 13 300
Free-Float 83,8%
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Technical analysis trends TPI COMPOSITES, INC.
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Average target price 43,36 $
Last Close Price 40,04 $
Spread / Highest target 19,9%
Spread / Average Target 8,30%
Spread / Lowest Target -25,1%
EPS Revisions
Managers
NameTitle
William E. Siwek President & Chief Executive Officer
Steven C. Lockard Chairman
Thomas J. Castle Senior VP-Operations & Strategic Markets
Bryan Robert Schumaker Chief Financial Officer
Theo Gibson Chief Information Officer