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Posted 22 November, 2021

TEAM INC appointed new CEO

CEO Change detected for ticker NYSE:TISI in a 8-K filed on 22 November, 2021.


  The Board has appointed Sylvia Kerrigan as Chair, Jeffery Davis and J. Michael Anderson to the Corporate Governance and Nominating Committee. Amerino Gatti remains as Chairman and Chief Executive Officer and Sylvia Kerrigan remains as Lead Independent Director of the Company.  

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Overview of TEAM INC
Business/Consumer Services • General Services
Team, Inc. engages in the provision of fully-integrated, customized solutions for specialty industrial services. It operates through the Inspection and Heat Treating (IHT) and Mechanical Services (MS) segments. The IHT segment offers non-destructive testing services primarily for the process, pipeline and power sectors, pipeline integrity management services, and field heat treating services, as well as associated engineering and condition assessment services. The MS segment refers to solutions designed to serve clients’ needs during both the operational (onstream) and off-line states of assets. Its onstream services include a range of standard to custom-engineered leak repair and composite solutions, emissions control and compliance, hot tapping and line stopping, and on-line valve insertion solutions. The company was founded in 1973 and is headquartered in Sugar Land, TX.
Market Cap
$69.5M
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Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On November 17, 2021, the following members of the Board of Directors (the "Board") of Team, Inc. (the "Company") notified the Company that they will step down from the Board effective November 22, 2021: Louis Waters, Brian Ferraioli, Robert Skaggs, Candice Koederitz, Gary Yesavage, Craig Martin and Michael Lucas (collectively, the "Departing Directors"). As a result of the Departing Directors' voluntary resignations, the Departing Directors will also step down from their respective committee memberships effective November 22, 2021. There were no known disagreements between the Departing Directors and the Company that led to their respective resignations from the Board. 


At a Board meeting on November 17, 2021, the Governance Committee of the Board recommended to the Board that it would be advisable and in the best interests of the Company and its stakeholders to (i) accept the voluntary resignations of the Departing Directors, (ii) decrease the size of the Board to seven (7) Directors, (iii) appoint two (2) new Directors, (iv) designate classifications for each Director serving on the Board and (v) assign committees for each Director serving on the Board. The Board approved the Governance Committee's recommendation by resolution on November 17, 2021, with effect from November 22, 2021. The Board then appointed Ted Stenger and J. Michael Anderson as members of the Board effective November 22, 2021, pursuant to the terms of (i) the Subordinated Term Loan Credit Agreement, dated November 9, 2021, among the Company, Corre Credit Fund, LLC, as agent, and the lenders party thereto and (ii) the Commitment Letter Agreement, dated November 9, 2021, among the Company, Corre Partners Management, LLC and Atlantic Park Strategic Capital Fund, L.P. No plan, contract or other arrangement was entered into at the time of their appointments or otherwise exists between the Company and Ted Stenger and J. Michael Anderson. 


Effective November 22, 2021, the Board will consist of Amerino Gatti, Sylvia Kerrigan, Anthony Horton, Evan Lederman, Ted Stenger, Jeffery Davis, and J. Michael Anderson. The Board has appointed Anthony Horton as Chair, Sylvia Kerrigan, Jeffery Davis, Evan Lederman and Ted Stenger to the Special Committee. The Board has appointed Ted Stenger as Chair, Evan Lederman, and Anthony Horton to the Audit Committee. The Board has appointed Jeffrey Davis as Chair, Sylvia Kerrigan and J. Michael Anderson to the Compensation Committee. The Board has appointed Sylvia Kerrigan as Chair, Jeffery Davis and J. Michael Anderson to the Corporate Governance and Nominating Committee. Amerino Gatti remains as Chairman and Chief Executive Officer and Sylvia Kerrigan remains as Lead Independent Director of the Company. 


Exhibit number Description 


104 Cover Page Interactive Data File (embedded within the Inline XBRL document)