UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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. ☐
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Item 5.02 |
Departure of Directors of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On December 17, 2020, the Board of Directors (the “Board”) of H&E Equipment Services, Inc. (the “Company”) approved the promotion of Mr. John McDowell Engquist to President and Chief Operating Officer, effective January 1, 2021.
Mr. Engquist, 41, joined the company in June 2002 and has been employed in several job capacities, including Sales Representative, Branch Manager, Regional and Senior Regional Vice President. Mr. Engquist is currently the Company’s Executive Vice President, a position he has held since January 2018. Mr. Engquist received his B.S. from Louisiana State University.
There are no arrangements or understandings between Mr. Engquist and any other persons pursuant to which Mr. Engquist was selected as the President and Chief Operating Officer. Mr. Engquist does not have any direct or indirect material interest in any transaction requiring the disclosure of the information required by Item 404(a) of Regulation S-K. There is no material plan, contract or arrangement to which Mr. Engquist is a party or in which he participates that was entered into, or any grant or award to Mr. Engquist or modification thereto, under any such plan, contract or arrangement in connection with his appointment as President and Chief Operating Officer. Mr. Engquist is the son of Mr. John Martindale Engquist, Executive Chairman of the Company.
In connection with the promotion of Mr. Engquist to President, effective January 1, 2021, Mr. Bradley W. Barber resigned as President of the Company effective as of such date. However, Mr. Barber will continue in his role as a Director and Chief Executive Officer of the Company.
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Item 8.01 |
Other Events |
On December 17, 2020, the Company issued a press release announcing the promotion of Mr. Engquist to President and Chief Operating Officer, effective January 1, 2021. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
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Item 9.01 |
Financial Statements and Exhibits |
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Exhibit 99.1 |
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Exhibit 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.
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Date: December 17, 2020 |
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By: |
/s/ Leslie S. Magee |
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Leslie S. Magee Chief Financial Officer |
Exhibit 99.1
News Release
Contacts:
Leslie S. Magee
Chief Financial Officer
225-298-5261
lmagee@he-equipment.com
Kevin S. Inda
Vice President of Investor Relations
225-298-5318
kinda@he-equipment.com
H&E Equipment Services Announces
Changes to Executive Management
BATON ROUGE, Louisiana — (December 17, 2020) — H&E Equipment Services, Inc. (NASDAQ: HEES) today announced the appointment of John McDowell Engquist as President and Chief Operating Officer, effective January 1, 2021. Mr. Engquist will succeed current President, Bradley W. Barber, who has been President of the Company since November 2, 2012. Mr. Barber will continue in his role as a Director and the Chief Executive Officer of the Company. Mr. Engquist is the son of Mr. John Martindale Engquist, Executive Chairman of the Company.
Mr. Barber commented, “John’s appointment as President and Chief Operating Officer recognizes his exemplary performance throughout his career with H&E. John’s operational expertise, valued insight and strong leadership qualities have been instrumental in leading our operations in various capacities for more than a decade. We look forward to John’s future contributions in this expanded role as we seek to maximize our operating performance in today’s challenging environment and beyond, as well as capitalize on strategic growth opportunities through branch expansion and acquisitions.”
About H&E Equipment Services, Inc.
The Company is one of the largest integrated equipment services companies in the United States with 97 full-service facilities throughout the West Coast, Intermountain, Southwest, Gulf Coast, Mid-Atlantic and Southeast regions. The Company is focused on heavy construction and industrial equipment and rents, sells and provides parts and services support for four core categories of specialized equipment: (1) hi-lift or aerial platform equipment; (2) cranes; (3) earthmoving equipment; and (4) material handling equipment. By providing equipment rental, sales, on-site
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H&E Equipment Services Announces Changes to Executive Management
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December 17, 2020
parts, repair and maintenance functions under one roof, the Company is a one-stop provider for its customers’ varied equipment needs. This full service approach provides the Company with multiple points of customer contact, enabling it to maintain a high quality rental fleet, as well as an effective distribution channel for fleet disposal and provides cross-selling opportunities among its new and used equipment sales, rental, parts sales and services operations.
Forward-Looking Statements
Statements contained in this press release that are not historical facts, including statements about H&E’s beliefs and expectations, are “forward-looking statements” within the meaning of the federal securities laws. Statements containing the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “project”, “intend”, “foresee” and similar expressions constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following: (1) risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays and cancellations of construction or infrastructure projects, supply chain disruptions and other impacts to the business; (2) general economic conditions and construction and industrial activity in the markets where we operate in North America; (3) our ability to forecast trends in our business accurately, and the impact of economic downturns and economic uncertainty in the markets we serve (including as a result of current uncertainty due to COVID-19); (4) trends in oil and natural gas could adversely affect the demand for our services and products; (5) the impact of conditions in the global credit and commodity markets (including as a result of current volatility and uncertainty in credit and commodity markets due to COVID-19) and their effect on construction spending and the economy in general; (6) relationships with equipment suppliers; (7) increased maintenance and repair costs as we age our fleet and decreases in our equipment’s residual value; (8) our indebtedness; (9) risks associated with the expansion of our business and any potential acquisitions we may make, including any related capital expenditures, or our inability to consummate such acquisitions; (10) our possible inability to integrate any businesses we acquire; (11) competitive pressures; (12) security breaches and other disruptions in our information technology systems; (13) adverse weather events or natural disasters; (14) compliance with laws and regulations, including those relating to environmental matters, corporate governance matters and tax matters, as well as any future changes to such laws and regulations; and (15) other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K and the Company’s most recent Quarterly Report on Form 10-Q. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, we are under no obligation to publicly update or revise any forward-looking statements after the date of this release. These statements are based on the current beliefs and assumptions of H&E’s management, which in turn are based on currently available information and important, underlying assumptions. H&E is under no obligation to publicly update or revise any forward-looking statements after this press release, whether as a result of any new information, future events or otherwise. Investors, potential investors, security holders and other readers are urged to consider the above mentioned factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.
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