Form 8-K UNIVERSAL TECHNICAL INST For: May 17
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): | May 14, 2018 | |
Universal Technical Institute, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Delaware | 1-31923 | 86-0226984 |
_____________________ (State or other jurisdiction | _____________ (Commission | ______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
16220 North Scottsdale Road, Suite 100, Scottsdale, Arizona | 85254 | |
_________________________________ (Address of principal executive offices) | ___________ (Zip Code) | |
Registrant’s telephone number, including area code: | 623-445-9500 | |
Not Applicable
______________________________________________
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:
[ ] 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))
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.
Bryce H. Peterson, our Executive Vice President and Chief Financial Officer, has left our company effective May 14, 2018 to pursue other interests. In connection with Mr. Peterson’s departure, he will be eligible to receive severance pursuant to our Severance Plan, as amended October 2015.
Effective May 14, 2018, Scott Yessner has been appointed as Interim Chief Financial Officer. Mr. Yessner will serve as our principal financial officer and principal accounting officer until a permanent Chief Financial Officer is appointed. Mr. Yessner is currently employed by Ranstad Professionals US, LLC, d/b/a Tatum (“Tatum”), a professional services firm, and will be providing his services pursuant to an Interim Services Agreement. We will compensate Tatum at the rate of $13,500 per week of service rendered by Mr. Yessner.
Mr. Yessner, age 48, has served as a consultant since 2016 and with Tatum since 2017. Prior to joining Tatum, Mr. Yessner served as founder and Chief Executive Officer of The Balance Sheet Company, LLC from 2013 to 2015. Mr. Yessner served as Group Chief Financial Officer Wealth and Corporate Banking for MUFG Union Bank from 2010 to 2013. From 2008 to 2010, Mr. Yessner served as Group Chief Financial Officer for Wells Fargo Advisors/Wachovia Securities. Prior to that, Mr. Yessner held various financial leadership roles at Countrywide Financial Corporation and Jackson National Life Insurance Company. Mr. Yessner holds a Bachelor of Economics degree from the University of California, Los Angeles and is a certified public accountant.
On May 14, 2018, we issued a press release announcing the departure of Mr. Peterson and the appointment of Mr. Yessner. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |
Press Release of Universal Technical Institute, Inc., dated May 14, 2018 | ||
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.
Universal Technical Institute, Inc. | ||||
May 17, 2018 | By: | /s/ Chad A. Freed | ||
Name: Chad A. Freed | ||||
Title: General Counsel, Executive Vice President of Corporate Development | ||||
UTI Appoints Scott Yessner as Interim Chief Financial Officer
SCOTTSDALE, ARIZ. - May 14, 2018 - Universal Technical Institute, Inc. (NYSE: UTI), announced that effective today Scott Yessner assumed the role of interim chief financial officer of the company and will report to UTI’s President and CEO Kim McWaters.
Yessner succeeds Bryce Peterson, who has left the company by mutual agreement to pursue other interests. Peterson’s departure was not the result of any dispute or disagreement with our company on any matter relating to our company’s accounting practices or financial statements, and he will be available to assist with the transition.
Yessner will serve as the company's principal financial officer and principal accounting officer until a permanent chief financial officer is appointed. Yessner will provide his services through an agreement between the Company and Tatum, a professional services company.
“We thank Bryce for his many contributions to UTI, in particular the successful implementation of our Financial Improvement Plan last year. We wish him well in his future endeavors and appreciate his support during this time of transition,” said McWaters. “We are pleased Scott is bringing his relevant experience and expertise as interim CFO at this important and transformative time for our business.”
Scott Yessner
Yessner has a strong financial services background and brings nearly 20 years of financial experience. With Tatum, a Ranstad company, he currently leads a consulting practice that specializes in helping publicly traded companies generate earnings and value transformation through strategy, business re-engineering and corporate development. Previously, Yessner was group CFO, Wealth and Corporate Banking with MUFG Union Bank and had CFO executive responsibility for accounting, SEC and regulatory reporting, treasury, strategy/M&A, FP&A, capital/external stakeholder management and governance. In addition, he was group CFO for Wells Fargo Advisors / Wachovia Securities. He has also held financial leadership roles at Jackson National Life Insurance Company, The Balance Sheet Company and Countrywide Financial Corporation. He holds a Bachelor of Economics degree from the University of California, Los Angeles and is a certified public accountant.
About Universal Technical Institute, Inc.
With more than 200,000 graduates in its 52-year history, Universal Technical Institute, Inc. (NYSE: UTI) is the nation’s leading provider of technical training for automotive, diesel, collision repair, motorcycle and marine technicians, and offers welding technology and computer numerical control (CNC) machining programs. The company has built partnerships with industry leaders, outfits its state-of-the-industry facilities with current technology, and delivers training that is aligned with employer needs. Through its network of 12 campuses nationwide, UTI offers post-secondary programs under the banner of several well-known brands, including Universal Technical Institute (UTI), Motorcycle Mechanics Institute and Marine Mechanics Institute (MMI) and NASCAR Technical Institute (NASCAR Tech). The company is headquartered in Scottsdale, Arizona. For more information, visit uti.edu.
Contact:
Jody Kent
(623) 445-0872
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