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Posted 12 June, 2023

SHYFT GROUP, INC. appointed new CEO

CEO Change detected for ticker Nasdaq:SHYF in a 8-K filed on 12 June, 2023.


  The Shyft Group, Inc. ("Shyft" or the "Company") is implementing a transition process for the office of President and Chief Executive Officer ("CEO").  

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Overview of SHYFT GROUP, INC.
Automotive • Commercial Vehicles
The Shyft Group, Inc. engages in vehicle manufacturing and assembly for the commercial and retail vehicle industries as well as for the emergency response and recreational vehicle markets. It operates through the Fleet Vehicles and Services, and Specialty Vehicles segments. The Fleet Vehicles and Services segment manufactures commercial vehicles used in the e-commerce/last mile/parcel delivery, beverage and grocery delivery, mobile retail, and trades and construction industries. The Specialty Vehicles segment deals with the engineering and manufacturing diesel motor home chassis, the provision of specialty vehicles and other commercial vehicles, and the distribution of related aftermarket parts and accessories. The company was founded by William F. Foster, George Sztykiel, Gerald Geary, and John Knox on September 18, 1975 and is headquartered in Novi, MI.
Market Cap
$346M
View Company Details
SHYFT GROUP, INC. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

 

The Shyft Group, Inc. ("Shyft" or the "Company") is implementing a transition process for the office of President and Chief Executive Officer ("CEO"). On June 7, 2023, the Company and its current CEO, Daryl M. Adams, reached agreement on the commencement of the CEO succession process and Mr. Adams' role in the transition process.

 

The Company's Board of Directors has initiated a search for the Company's next CEO. Mr. Adams is expected to continue to serve as CEO until his successor joins the Company, at which time Mr. Adams will resign from the Company's Board of Directors and will transition to non-executive employment with the Company as a special advisor to assist the CEO successor with transition matters for six months. After the conclusion of his special advisor service, Mr. Adams' employment with the Company will end in a manner constituting a "Qualifying Termination" for purposes of the Company's Executive Severance Plan.

 

In connection with this executive transition, Mr. Adams will receive base salary for his special advisor service equal to 50% of his CEO base salary rate. After the end of Mr. Adams' special advisor service, he will receive (in exchange for a release of claims and continued compliance with applicable restrictive covenants) the compensation and benefits that the Company is obligated to provide to him under its existing severance arrangements, including: 18 months of CEO-level base salary continuation; pro-rata annual cash incentive payout at target for the applicable year (if at least threshold achievement is attained); up to 18 months of COBRA premium coverage; accelerated vesting of his time-based restricted stock unit awards; pro-rata continued vesting based on actual performance of his performance-based restricted stock unit awards; and 12 months of outplacement services. Mr. Adams will also be reimbursed for reasonable legal fees and expenses in connection with this arrangement up to $25,000. On June 9, 2023, the Company and Mr. Adams entered into a Transition and Separation Agreement to memorialize the terms of this arrangement.