Shyft Group announces CEO succession; Daryl Adams to transition to advisor role after successor appointed

SHYFT GROUP, INC.

CEO Daryl Adams to step down once successor is appointed; will serve as advisor for 6 months.
Adams to receive 18 months base salary continuation, pro-rata target bonus, accelerated equity vesting, and other benefits.
Transition agreement signed June 9, 2023; Adams will resign from Board upon successor joining.
Board initiates CEO search with leading executive search firm.

item 5.02 item 7.01 item 9.01

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Departed

Daryl M. Adams

President and Chief Executive Officer

SHYFT GROUP, INC.

Filed: June 12, 2023, 7:59 PM ET

Mr. Adams is expected to continue to serve as CEO until his successor joins the Company, at which time Mr. Adams will resign from the Company’s Board of Directors and will transition to non-executive employment with the Company as a special advisor to assist the CEO successor with transition matters for six months.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.9

Daryl M. Adams departed as President and Chief Executive Officer at SHYFT GROUP, INC..

Action: will resign
Role: President and Chief Executive Officer

Exact text from the filing

Mr. Adams is expected to continue to serve as CEO until his successor joins the Company, at which time Mr. Adams will resign from the Company’s Board of Directors and will transition to non-executive employment with the Company as a special advisor to assist the CEO successor with transition matters for six months.

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Source: SEC EDGAR

accession 0001437749-23-017080

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