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| HAYN > SEC Filings for HAYN > Form 8-K on 10-Sep-2008 | All Recent SEC Filings |
10-Sep-2008
Change in Directors or Principal Officers, Financial Statements and Exhi
Haynes International, Inc. ("Company") announced that Mark M. Comerford has been appointed as the new President and Chief Executive Officer of the Company reporting directly to the Board of Directors. Mr. Comerford will assume his new position effective upon the retirement from the Company of former CEO Francis Petro on September 30, 2008. Mr. Comerford will also join the Board of Directors of the Company, and Mr. Petro will continue to serve as a member of the Board.
With the recommendation and approval of the Compensation Committee of the Board of Directors, the Company entered into an Employment Agreement with Mr. Comerford on September 8, 2008 (the "Agreement"). The Agreement's initial term begins at the close of business on September 30, 2008 and ends on September 30, 2011 and will automatically extend for one year periods thereafter assuming mutual consent of the Company and Mr. Comerford. Pursuant to the Agreement, Mr. Comerford's base salary is $425,000 per year, with bonus targets to be determined by the Compensation Committee annually prior to or at the commencement of the applicable fiscal year. In addition, the Company will pay Mr. Comerford a one-time transition bonus in the amount of $340,000.00 in cash, payable within 15 days of the effective date.
Mr. Comerford was appointed President and Chief Executive Officer of the Company effective as of October 1, 2008. From 1998 to the time he joined the Company, Mr. Comerford held various management positions with Alloy Products, a business unit of Brush Wellman Inc. Prior to joining Brush Wellman Inc., he worked at Carpenter Technology Corporation and American Brass Company in various metallurgical engineering, international and commercial management positions.
The press release announcing the appointment of Mark M. Comerford as Chief Executive Officer is attached hereto as Exhibit 99.1.
(b) Not applicable.
(d) Exhibits
99.1 Haynes International, Inc. press release, issued September 9, 2008.
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