UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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): April 25, 2007
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Team, Inc.
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(Exact Name of Registrant as Specified in Charter)
Texas 001-08604 74-1765729
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
200 Hermann Drive
Alvin, Texas 77511
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(Address of Principal Executive Offices and Zip Code)
Registrant's telephone number, including area code: (281) 331-6154
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Not Applicable
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(Former name or former address, if changed since last report)
Check the appropriate line 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))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
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(b) Principal Operating Officer Retirement. Ken Tholan, President and Chief
Operating Officer of Team, Inc. ("Team" or the "Company"), will retire,
effective May 31, 2007.
(c) Appointment of Principal Officers. Effective June 1, 2007, the senior
management responsibilities previously held by Team's President and Chief
Operating Officer will be realigned under six Senior Vice Presidents, all of
whom will report directly to the Chairman and Chief Executive Officer of the
Company.
John Patrick Kearns, age 50, will serve as Senior Vice President, Operations
Support and Technology Development. Mr. Kearns joined the Company in 1980 as a
design engineer and assumed the position of Vice President of Engineering and
Manufacturing in 1996. He was promoted to Senior Vice President in 1998.
Throughout his career with the Company, Mr. Kearns has been involved with the
Company's engineering, manufacturing and research and development functions.
Ted W. Owen, age 55, will serve as Senior Vice President and Chief Financial
Officer. Mr. Owen joined the Company in February 1998 and in April 1998 was
elected Vice President, Chief Financial Officer, Secretary and Treasurer. He was
promoted to Senior Vice President in 2003.
David C. Palmore, age 51, will serve as Senior Vice President, TMS Division. Mr.
Palmore joined the Company in 1996 as a Regional Manager. Since 2004, he has
served as the Group Vice President - TMS Division.
Gregory T. Sangalis, age 51, will serve as Senior Vice President, Law,
Organization Development, and Administration. Mr. Sangalis joined the Company
and was elected Senior Vice President-Law & Administration in January 2005.
Before joining the Company, he was a Managing Director of a private equity fund
based in Houston, Texas called Main Street Equity Ventures II, L.P.
Arthur F. Victorson, age 45, will serve as Senior Vice President, TCM Division.
Mr. Victorson joined the Company at the time of the acquisition of the assets of
Cooperheat-MQS, Inc. by the Company in 2004. He had been with that company since
1997. From 2001 - 2004 he was a Regional Manager. In 2004, he became a Vice
President and General Manager of the Midwest & Great Lakes Region. In 2006, he
began serving as the Group Vice President - TCM Division.
Peter W. Wallace, Jr., age 44, will serve as Senior Vice President, Commercial
Support and Business Development. Mr. Wallace joined the Company in 1987 as an
Operations Supervisor. From 1989 - 1996 he was a Branch Manager and from 1997 -
2000 he was the Managing Director S.E. Asia. From 2001 to 2004, he was a
Regional Manager. Since 2005, he served as a Vice President and General Manager
of the Southeast Region of the TMS Division.
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.
TEAM, INC.
By: /s/ Ted W. Owen
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Ted W. Owen
Senior Vice President - Chief Financial
Officer
Dated: April 25, 2007
EXHIBIT INDEX
Exhibit number Description
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99.1 Team, Inc.'s Press Release dated April 25, 2007