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.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses