8-KLeadership Changes

QUANTA SERVICES, INC. 8-K Report, Executive Changes (Mar 18, 2005)

Filed March 18, 2005For Securities:PWR

Summary

This Form 8-K filing by Quanta Services, Inc. (PWR) on March 18, 2005, reports a change in its Board of Directors. Ben A. Guill resigned as a director effective March 17, 2005. Mr. Guill's resignation was a direct result of First Reserve Fund IX, L.P. selling a significant portion of its Quanta common stock, reducing its ownership to below 10%. Prior to this sale, First Reserve, as a major shareholder, had the contractual right to appoint one director, which it exercised through Mr. Guill. With its ownership stake reduced, First Reserve no longer holds this designation right, leading to Mr. Guill's departure from the board. This event signals a shift in significant shareholder influence on the company's governance.

Key Highlights

  • 1Ben A. Guill resigned as a director of Quanta Services, Inc. effective March 17, 2005.
  • 2Mr. Guill's resignation was due to First Reserve Fund IX, L.P. selling 3,544,400 shares of Quanta common stock.
  • 3First Reserve's ownership stake in Quanta Services, Inc. dropped below 10% following the share sale.
  • 4As a result of reduced ownership, First Reserve lost its contractual right to designate a director for Quanta's board.
  • 5Mr. Guill served as First Reserve's designee on Quanta's board of directors.
  • 6This filing indicates a change in the composition of Quanta's board and a reduction in direct representation from a major shareholder.

Frequently Asked Questions

Ben A. Guill resigned because First Reserve Fund IX, L.P., his appointing entity, sold a substantial number of Quanta Services shares. This sale reduced First Reserve's ownership to less than 10%, thereby forfeiting their contractual right to designate a director on the board.

First Reserve Fund IX, L.P. was a significant shareholder that held the contractual right to appoint one director to Quanta's board. Ben A. Guill served as that appointed director, representing First Reserve's interests on the board.

First Reserve Fund IX, L.P. sold 3,544,400 shares of Quanta Services, Inc.'s common stock.

Following the sale of shares and the reduction of their ownership below 10%, First Reserve Fund IX, L.P. no longer has the contractual right to designate a director on Quanta Services' board. Therefore, their direct representation through Mr. Guill has ended.