Team Inc, based in Sugar Land, has appointed Gary Hill as its new CEO. He replaces Keith Tucker, who steps down, effective January 31, 2026.
Team provides specialty industrial services and has revenues of nearly $900 million but a market capitalization of only $63 million.
Mr. Hill is currently the Chief Operating Officer at Shermco Industries, a PE-backed electrical testing company, based in Irving, TX. He also has plenty of experience at other specialty industrial companies. He will receive a base salary of $750,000. Mr. Hill also gets restricted stock units worth $562,500 that will vest over three years and performance stock units worth $1.3 million.
Mr. Hill is expected to relocate to the Houston-area by mid-2027. He will receive a relocation grant of $100,000 and $3,000 per month for temporary housing for up to 18 months.
Severance
Mr. Tucker joined Team in 2005 and became CEO in November 2022 after an eight-month spell as interim CEO.
The press release issued by the company stated that this was a planned leadership transition. However the SEC filing states that the company expects to enter a severance and consulting agreement with Mr. Tucker. That suggests it wasn’t that well planned. The filing did say that Mr. Tucker’s departure is not the result of any disagreement on any matter relating to the Company’s operations, policies or practices.
According to the proxy statement filed last year, Mr. Tucker is entitled to receive a continued salary for 18 months (his current annual salary is $750,000) for involuntary termination without cause.
[Edit 02-09-26 The company has now finalized the severance package with Mr. Tucker. In addition to the 18 months salary, he will also receive his 2025 bonus (not quantified). In addition he will enter a 12-month consulting agreement worth $375,000. Mr. Tucker’s unvested stock units will immediately vest and unvested performance units will continue to vest at 78% times the performance criteria.]
PE Investment
In September 2025, Stellex Capital Management, a New York-based private equity firm, invested $75 million in Team through a private placement of preferred stock. Most of money raised was used to pay down debt. As a result of the transaction, Stellex got to nominate two members to the Company’s eight-person Board of Directors.
The company has been struggling for many years following $538 million spent in 2015-2016 on a couple of acquisitions that went pear-shaped very quickly. It’s only in the last couple of years that the company has managed to eke out a small operating profit. However, that’s been swamped by interest and other non-recurring charges. Sounds like Stellex are flexing their muscles.
SEC filing 8-K – Team CEO appointment