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
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Chief Accounting Officer Transition
On January 5, 2022 (the “Separation Date”), Joseph Sherk left his position as Senior Vice President and Chief Accounting Officer of Steel Connect, Inc. (the “Company”). Mr. Sherk will remain employed in an advisory role to assist with the transition. Mr. Sherk’s separation from the Company was not the result of any dispute related to accounting policies or internal controls or any other disagreement with the Company, and the Company thanks him for his service.
Effective upon the Separation Date, the Board of Directors of the Company appointed Mr. Gary W. Tankard to serve as Chief Accounting Officer of the Company. Mr. Tankard, age 47, has served as Controller of the Company since January 2020 and as Controller of the Company’s affiliate, Steel Partner Holdings, L.P. (“Steel Holdings”), since September 2020. Prior to joining the Company, Mr. Tankard most recently served as Assistant Controller at L3 Technologies, Inc., an aerospace and defense company, from August 2016 to December 2019. Mr. Tankard also previously held technical accounting and controller roles with The Madison Square Garden Company and has ten years of accounting and audit experience with Deloitte & Touche LLP. He holds a Bachelor of Science in Accounting from the University of Delaware.
There are no transactions in which Mr. Tankard has an interest requiring disclosure under Item 404(a) of Regulation S-K, and he has no reportable family relationships under Item 401(d) of Regulation S-K or any arrangement or understanding with any person with respect to his appointment as an officer.
Chief Accounting Officer Compensation
In connection with Mr. Tankard’s appointment, his annual base salary will be increased to $315,000. Mr. Tankard is employed by Steel Services, Ltd. (“Steel Services”), a wholly-owned subsidiary of the Company’s affiliate, Steel Holdings, which provides certain management services to the Company and Steel Holdings. Mr. Tankard will be entitled to participate in the Steel Services short-term and long-term incentive plans, with an annual short-term incentive target award equal to 52.5% of Mr. Tankard’s annual base salary.
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.
| January 10, 2022 | Steel Connect, Inc. | |||||||
| By: | /s/ Jason Wong | |||||||
| Name: Jason Wong | ||||||||
| Title: Chief Financial Officer | ||||||||