Posted 12 October, 2023

Party City Holdco Inc. appointed new CEO

CEO Change detected for ticker OTC:PRTYQ in a 8-K filed on 12 October, 2023.

  On the Effective Date, Mr. Brad Weston provided notice of his intention to resign as Chief Executive Officer ("CEO") of the Company, effective November 3, 2023.  

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Overview of Party City Holdco Inc.
Retail/Wholesale • Specialty Retail
Party City Holdco, Inc. engages in the supply of decorated party goods. It operates through the following segments: Wholesale and Retail. The Wholesale segment designs, manufactures, and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, and stationery throughout the world. The Retail segment focuses on specialty retail party supply stores in the United States and Canada, principally under the names Party City and Halloween City. The company was founded in 1947 and is headquartered in Woodcliff Lake, NJ.
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Relevant filing section
Item 5.02 - Departure of Directors; Election of Directors; Compensatory Arrangements of Certain Officers and Directors 

Departure of Officers

On the Effective Date, Mr. Brad Weston provided notice of his intention to resign as Chief Executive Officer ("CEO") of the Company, effective November 3, 2023. Mr. Sean Thompson, the Company's current President & Chief Commercial Officer, is expected to assume the role of Interim CEO upon the effectiveness of Mr. Weston's resignation.

Departure of Directors 

In accordance with the Plan, Norman S. Matthews, Joel A. Alsfine, Steven Collins, James Conroy, William S. Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John A. Frascotti, and Michelle Millstone-Shroff resigned from the board of directors of the Company (the "Board") on the Effective Date. There were no known disagreements between such directors and the Company which led to their respective resignations from the Board.

Appointment of Directors 

As of the Effective Date, the Board consists of the following five directors who were appointed: Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Bradley Weston (the Company's Chief Executive Officer). The appointments were made pursuant to the terms of the Confirmation Order. Mr. Robert Hull was appointed to serve as Chairman of the Board. Additionally, the Board will have an Audit Committee and Compensation Committee.

There are no other arrangements or understandings between the directors of the Board and any other persons pursuant to which he or she was appointed as a member of the Board. None of the directors of the Board have any family relationship with any director or executive officer of the Company. There is no relationship between any director of the Board and the Company that would require disclosure pursuant to Item 404(a) of Regulation S-K. 

Indemnification Agreements 

The Company's COI (as defined below) provides that it will indemnify, to the fullest extent authorized or permitted by applicable law, each of its directors and officers against any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, because of their status as one of its directors or officers. The Board has approved a form of indemnification agreement to be entered into with each person who serves as one of the Company's directors or officers from time to time in order to provide for, among other things, such indemnification (subject to certain limitations) as well as the advancement of all expenses incurred by the director or executive officer in connection with a legal proceeding arising out of their service to the Company, in each case to the extent permitted by applicable law.

On or around the Effective Date, the Company entered into its standard form of indemnification agreement with each person serving as one of its directors and officers. The Company expects each person who joins the Company as a new director or officer after the Effective Date to enter into the standard form of indemnification agreement promptly after commencing service with the Company. The Company will also maintain reasonable directors and officer's liability insurance covering each member of the Board and the Company's officers.

The foregoing description of the Company's form of indemnification agreement is qualified in its entirety by reference to the full text of form of indemnification agreement, which is filed as Exhibit 10.5 to this Current Report and is incorporated by reference herein.