SHYF Shyft Group Inc

 

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): December 22, 2024

 

THE SHYFT GROUP, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Michigan	001-33582	38-2078923
(State or Other Jurisdiction of Incorporation)	(Commission File No.)	(IRS Employer  Identification No.)

 

41280 Bridge Street, Novi, Michigan		48375
(Address of Principal Executive Offices)		(Zip Code)

 

(517) 543-6400

(Registrant’s Telephone Number, Including Area Code)

 

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))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock		SHYF		The NASDAQ Stock Market LLC

 

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 Principal Officers; Election of Directors; Appointment of Principal Officers

 

On December 22, 2024, The Shyft Group, Inc. (the “Company”) appointed Mr. Scott M. Ocholik, age 51, as the Interim Chief Financial Officer of the Company, effective January 1, 2025. As previously disclosed in the Company’s Current Report on Form 8-K filed on November 21, 2024, the Company’s current Chief Financial Officer, Jon Douyard, announced his resignation on November 21, 2024 but is continuing to serve at full capacity in his role through December 31, 2024. Mr. Ocholik has been serving as our Vice President, Chief Accounting Officer and Corporate Controller since July 19, 2022, and will continue to serve in such role while serving as our Interim Chief Financial Officer. Mr. Ocholik joined the Company as Vice President and Corporate Controller on July 22, 2019. Prior to joining the Company, Mr. Ocholik served as Executive Vice President and Chief Financial Officer at Gestamp North America from December 2015 to May 2018. Mr. Ocholik earned a Bachelor of Arts in Accounting and Master of Business Administration from Michigan State University.

 

In connection with Mr. Ocholik’s appointment as Interim Chief Financial Officer, the Company and Mr. Ocholik entered into a letter agreement, dated December 22, 2024 pursuant to which Mr. Ocholik will serve as the Interim Chief Financial Officer. As previously announced, the Company’s Board of Directors is conducting a comprehensive search for a permanent Chief Financial Officer, considering both internal and external candidates. During the period in which Mr. Ocholik serves as Interim Chief Financial Officer, he will be provided with an additional base salary payment at the rate of $25,000 per month (the “Incremental Monthly Payment”), which amount will be prorated for any partial month. The other elements of Mr. Ocholik’s current compensation and benefits will remain unchanged, including that the Interim Monthly Payment will not be factored in any element of his compensation that is expressed as a function of his base salary. The foregoing is only a summary of Mr. Ocholik’s agreement and is qualified in its entirety by reference to the copy of the agreement which will be filed as an exhibit to our Annual Report on Form 10-K for the fiscal year ending December 31, 2024.

 

There is no family relationship between Mr. Ocholik and any director or executive officer of the Company, and there are no transactions between Mr. Ocholik and the Company that are required to be reported under Item 404(a) of Regulation S-K.

 

On December 30, 2024, the Company issued a press release announcing the appointment of Mr. Ocholik as Interim Chief Financial Officer of the Company, effective January 1, 2025. A copy of such press release is attached to this Current Report as Exhibit 99.1.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits. The following exhibit is being filed herewith:

 

99.1		Press Release, dated December 30, 2024, issued by The Shyft Group, Inc.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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.

 

	THE SHYFT GROUP, INC.
Dated: December 30, 2024	By:	/s/ Joshua A. Sherbin
	Joshua A. Sherbin
	Chief Legal, Administrative and Compliance Officer

 

Exhibit 99.1

 

41280 Bridge St Novi, MI 48375 P: 517.543.6400 THESHYFTGROUP.COM

 

Shyft Group Announces Interim CFO Appointment

 

NOVI, Mich., Dec. 30, 2024 — The Shyft Group, Inc. (NASDAQ: SHYF) (“Shyft” or the “Company”), the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets, today announced the appointment of Scott Ocholik, Vice President, Chief Accounting Officer, and Corporate Controller, as Interim Chief Financial Officer, effective January 1, 2025.

 

“Scott has been a key member of our leadership team, and his financial expertise, operational knowledge, and steady leadership make him well-suited to step into this interim role,” said John Dunn, President and CEO. “As we enter an important time for Shyft, Scott will help ensure stability and continuity in our financial operations while we continue to execute on our strategic priorities.”

 

The appointment follows the previously announced resignation of CFO Jon Douyard. Shyft’s Board of Directors is conducting a comprehensive search for a permanent CFO, considering both internal and external candidates.

 

“I am excited to step into this role at a pivotal time for Shyft.” said Scott Ocholik, Interim CFO. “I look forward to working closely with the team as we advance our strategic objectives.”

 

Ocholik has served as Vice President, Chief Accounting Officer, and Corporate Controller since 2022, after joining Shyft in 2019 as Vice President and Corporate Controller. Prior to Shyft, he was Executive Vice President and Chief Financial Officer at Gestamp North America. He earned a Bachelor of Arts in Accounting and a Master of Business Administration from Michigan State University.

 

About The Shyft Group

 

The Shyft Group is a North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets. The company brings a 50-year legacy serving its customers, which include first-to-last mile delivery companies across vocations, federal, state, and local government entities; the trades; and utility and infrastructure segments. The Shyft Group is organized into two core business units: Shyft Fleet Vehicles and Services™ and Shyft Specialty Vehicles™. Today, its family of brands include Utilimaster®, Blue Arc™ EV Solutions, Royal® Truck Body, DuraMag® and Magnum®, Strobes-R-Us, Spartan® RV Chassis, Red Diamond™ Aftermarket Solutions, Builtmore Contract Manufacturing™, and Independent Truck Upfitters. The Shyft Group and its go-to-market brands are well known in their respective industries for quality, durability, and first-to-market innovation. The Company employs approximately 3,000 employees and contractors across 19 locations, and operates facilities in Arizona, California, Florida, Indiana, Iowa, Maine, Michigan, Missouri, Pennsylvania, Tennessee, Texas, and Saltillo, Mexico. The Company reported sales of $872 million in 2023. Learn more at TheShyftGroup.com.

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CONTACTS

 

MEDIA

 

Sydney Machesky

Director of Corporate Communications

Sydney.Machesky@theshyftgroup.com

586.413.4112

 

INVESTORS

 

Randy Wilson

Vice President, Investor Relations and Treasury

Randy.Wilson@theshyftgroup.com

248.727.3755

 

 

 

 

 

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Cover	Dec. 22, 2024
Cover [Abstract]
Document Type	8-K
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Document Period End Date	Dec. 22, 2024
Entity File Number	001-33582
Entity Registrant Name	THE SHYFT GROUP, INC.
Entity Central Index Key	0000743238
Entity Tax Identification Number	38-2078923
Entity Incorporation, State or Country Code	MI
Entity Address, Address Line One	41280 Bridge Street
Entity Address, City or Town	Novi
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48375
City Area Code	517
Local Phone Number	543-6400
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Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock
Trading Symbol	SHYF
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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