Team Inc, based in Sugar Land, has appointed Nelson Haight as its new CFO. He joins from Key Energy Services, where he had been CFO since June 2020. He replaces Susan Ball, who resigned in November 2021.
Team provides testing, inspection and repair services to industries such as refining and power, though the company describes itself as a ‘global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions’.
The company has had a rough few years following a couple of disastrous acquisitions made in 2015-2016 for $538 million that went south very quickly. At the end of March 2022, the company had shareholders’ equity of $27 million and long-term debt of $501 million. In the first quarter, the company made a net loss of $32 million on revenues of $219 million.
Amerino Gatti, who had been CEO since 2018, left the company in March to be replaced by interim CEO, Keith Tucker. Mr. Gatti received a severance payment of 18 months of salary ($1.275 million in total, to be paid over 12 months) plus a 12-month consulting contract of $39,583 per month.
The company hired Alvarez and Marsal in 2017 to assist in identifying cost-saving opportunities. After Ms. Ball left, Matt Kvarda, an A&M employee, had been acting as interim CFO. Since the beginning of 2021, the company has paid A&M nearly $12 million dollars in consulting fees, which includes the interim CFO services.
Mr. Haight will receive a base salary of $450,000. He also received a signing bonus of $25,000 and a guaranteed bonus for 2022 of at least $150,000.
No word on Mr. Haight’s replacement at Key, which is now a private company. In 2020, an out-of-court restructuring resulted in the lenders receiving 97% of the new equity of Key.
SEC filing – Team CFO appointment