UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): June 11, 2020
Steel Connect, Inc. | ||
(Exact Name of Registrant as Specified in Its Charter) | ||
Delaware | 001-35319 | 04-2921333 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1601 Trapelo Road, Suite 170 Waltham, Massachusetts | 02451 | |
(Address of Principal Executive Offices) | (Zip Code) | |
Registrant's Telephone Number, Including Area Code: (781) 663-5000 |
(Former Name or Former Address, If Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
Common Stock, $0.01 par value | STCN | NASDAQ Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 11, 2020, Fawaz Khalil, age 50, was appointed President and Chief Executive Officer of ModusLink Corporation ("ModusLink"), replacing John Whitenack. A copy of the press release issued by the registrant concerning Mr. Khalil's appointment is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
Mr. Khalil joins ModusLink with an extensive background in growing and managing businesses. Prior to joining ModusLink, from May 2017 to November 2019, Mr. Khalil was President and Chief Executive Officer of Halco Lighting Technologies. From November 2015 to April 2017, Mr. Khalil was President of Purafil and Universal Air Filters (part of The Filtration Group). From February 2013 to November 2015, Mr. Khalil was Vice President and General Manager of Acuity Brands Lighting Inc. He has most recently been a Lean Management consultant. Mr. Khalil received his B.S. in Computer Science from the National University of Computing and Emerging Sciences Karachi, an M.B.A. in Finance and Banking from the Institute of Business Administration at University of Karachi, and an M.B.A. in General Management & Strategy from the Darden Graduate School of Business at the University of Virginia.
Mr. Khalil does not have any family relationships with any of the directors, executive officers, or any people nominated or chosen by the Company to become a director or executive officer. Mr. Khalil is not a party to any transactions listed in Item 404(a) of Regulation S-K.
On June 12, 2020, William T. Fejes, Jr., a director of Steel Connect, Inc., formally notified the Board of Directors (the "Board") that he does not intend to stand for re-election to the Board at the Annual Meeting of Shareholders to be held on July 23, 2020 (the "Annual Meeting"), and that he will retire from the Board immediately following the Annual Meeting. Mr. Fejes' decision not to stand for re-election to the Board related solely to his decision to retire and did not involve any disagreement with the Company on any matter relating to its operations, policies or practices.
The information in this Item 5.02, including Exhibit 99.1 attached hereto, is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. The information in this report, including the exhibit, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, regardless of any incorporation by reference language in any such filing, except as shall be expressly set forth by specific reference in such a filing
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit No. | Description |
99.1 | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
STEEL CONNECT, INC. | ||
Date: June 16, 2020 | By: | /S/ DOUGLAS B. WOODWORTH |
Douglas B. Woodworth | ||
Chief Financial Officer | ||
Exhibit 99.1
Steel Connect, Inc. Announces Fawaz Khalil Named President and CEO of ModusLink
Waltham, MA, June, 16, 2020 - Steel Connect, Inc. (NASDAQ: STCN) today announced the appointment of Fawaz Khalil as the President and Chief Executive Officer of ModusLink, succeeding John Whitenack.
Khalil joins ModusLink with an extensive background in growing and managing businesses. He has most recently been a Lean Management consultant. Previously, Khalil was President and CEO at Halco Lighting Technologies, and President at Filtration Group, besides leadership roles at Danaher and Acuity Brands. Khalil has a BS in Computer Science and an MBA from the University of Virginia, Darden Graduate School of Business.
Khalil will report directly to Warren Lichtenstein, Executive Chairman and Interim Chief Executive Officer of Steel Connect, Inc.
“John Whitenack has successfully led the turnaround at ModusLink since 2018, and we now see ModusLink consistently deliver positive revenue and EBITDA,” said Lichtenstein. “I want to thank John for his many years of service to Steel Connect and Steel Partners, and on behalf of the entire Board of Directors, we wish him the best.”
“We look forward to Fawaz’s process-driven leadership as we continue to concentrate on delivering additional value for all stakeholders,” said Lichtenstein. “Fawaz’s proven experience in leadership, innovation and technology, and digital expertise will greatly enhance ModusLink’s focus on operating efficiently and delivering best in class service to our customers.”
“I am excited to join the talented team at ModusLink,” said Khalil. “I look forward to connecting our vision, people, and ideas to drive growth and create value.”
About Steel Connect, Inc.
Steel Connect, Inc. is a diversified holding company with two wholly-owned subsidiaries, ModusLink Corporation and IWCO Direct, that have market-leading positions in supply chain management and direct marketing.
ModusLink Corporation provides supply chain business management services to many of the world's great brands across a diverse range of industries, including consumer electronics, telecommunications, computing and storage, software and content, consumer packaged goods, medical devices, retail and luxury goods. With experience and expertise in packaging, kitting and assembly, fulfillment, digital commerce, reverse logistics, as well as a global footprint spanning the Americas, Europe, and the Asia-Pacific region, the Company's adaptive approach to supply chain services helps to drive growth, lower costs and improve profitability.
IWCO Direct is a leading provider of data-driven marketing solutions that help clients drive response across all marketing channels to create new and more loyal customers. The company's full range of services includes strategy, creative and execution for omnichannel marketing campaigns, along with one of the industry's most sophisticated postal logistics strategies for direct mail. The company is ISO/IEC 27001 Information Security Management System (ISMS) certified through BSI, reflecting its commitment to data security.
Contact
Jennifer Golembeske
212-520-2300
jgolembeske@steelpartners.com