Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Drew M. Kelley as Interim Chief Executive Officer and Member of the Board of Directors
On June 21, 2017, the Board of Directors (the “Board”) of ARC Group Worldwide, Inc. (the “Company”) appointed Mr. Drew M. Kelley as Interim Chief Executive Officer and as a member of the Board of the Company, effective July 1, 2017. Mr. Kelley will remain as the Company’s Chief Financial Officer, a position he has held since October 13, 2013. Prior to joining the Company, Mr. Kelley was a Senior Vice President at Jefferies LLC (“Jefferies”) and its predecessor, Jefferies Group, Inc. Mr. Kelley was employed by Jefferies (a brokerage, investment advisory, and corporate services company) from 2008 to 2013 where he held various positions in the investment banking group, executing corporate finance, strategic advisory, restructuring, mergers and acquisitions, equity and debt transactions for corporate clients. Prior to Jefferies, Mr. Kelley held investment banking and equity research positions at Bear, Stearns & Co. Inc. from 2002 to 2008. Mr. Kelley holds a BA in Business Economics with a Minor in Accounting from UCLA.
Mr. Kelley does not currently have a written compensation agreement with the Company or any of its subsidiaries. The Compensation Committee of the Board has adjusted Mr. Kelley’s base salary to $340,000 per annum.
Resignation of Mr. Jason T. Young as Chief Executive Officer and Member of the Board of Directors
Effective June 30, 2017, Mr. Jason T. Young has resigned as Chief Executive Officer of the Company and as a member of the Board. Mr. Young has not expressed any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices with regard to the cessation of his services as Chief Executive Officer and as a member of the Board.
(d)
|
|
The following exhibits are filed with this report:
|
Exhibit Number
Description
99.1
Press Release dated June 23, 2017