Director Perry L. Elders resigns from Powell Industries board citing capital allocation disagreements

POWELL INDUSTRIES INC

Perry L. Elders resigned as director and audit committee chair, effective May 10, 2022.
Company cites lack of alignment on capital allocation, board succession, and regulatory risk assessment.
Powell Industries states its practices align with industry standards; no other director changes announced.
Elders will provide consulting services to the company through September 30, 2022.
Resignation letter filed as Exhibit 99.1; company offered opportunity for Elders to respond.

item 5.02 item 9.01

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Departed

Perry L. Elders

Director

POWL · POWELL INDUSTRIES INC

Effective: 2022-05-10
Filed: May 13, 2022, 7:59 PM ET

On May 10, 2022, Perry L. Elders resigned from the board of directors (the “Board”) of Powell Industries, Inc. (the “Company”) and all committees thereof effective immediately.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Perry L. Elders resigned as Director at POWELL INDUSTRIES INC.

Action: resigned
Role: Director

Exact text from the filing

On May 10, 2022, Perry L. Elders resigned from the board of directors (the “Board”) of Powell Industries, Inc. (the “Company”) and all committees thereof effective immediately.

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Source: SEC EDGAR

accession 0000080420-22-000024

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