Summary
Quanta Services, Inc. (PWR) filed an 8-K on April 2, 2013, to report the upcoming retirement of its founder, executive chairman, and director, John R. Colson. Mr. Colson will retire effective May 23, 2013, the date of the company's annual meeting of stockholders, and will not stand for re-election to the Board of Directors. The company anticipates appointing a new non-executive chairman following his retirement. In connection with his retirement, the Compensation Committee approved the waiver of forfeiture restrictions and accelerated the vesting of Mr. Colson's outstanding restricted stock and restricted stock unit awards. As of March 28, 2013, he held approximately 159,165 unvested shares under these awards. The retirement was stated to be without any disagreement, and a press release announcing this transition is included as an exhibit.
Key Highlights
- 1John R. Colson, founder, executive chairman, and director, will retire effective May 23, 2013.
- 2Mr. Colson will not seek re-election to the Board of Directors at the 2013 annual meeting.
- 3The company plans to appoint a new non-executive chairman after the annual meeting.
- 4Vesting of Mr. Colson's restricted stock and restricted stock unit awards has been accelerated.
- 5Approximately 159,165 unvested shares held by Mr. Colson will vest upon retirement.
- 6The retirement is not due to any disagreements with the company.