In a recent 8K filing with the U.S. Securities and Exchange Commission, Everus Construction Group, Inc. detailed several significant corporate changes, including the expansion of its board of directors and the appointment of a new director, as it prepares for a pivotal distribution of shares.
Effective as of 12:01 a.m., Eastern Time, on Sunday, Everus Construction Group increased its board size from four to five directors. David M. Sparby was appointed to fill the new position. Concurrently, Sparby was named as the sole member of the company's Audit Committee. His role is expected to continue post the effective time of the upcoming share distribution.
The distribution, as outlined in an Information Statement dated October 18, 2024, is a pro rata distribution of all common stock shares by MDU Resources Group, Inc. to its stockholders. This strategic move is scheduled for 11:59 p.m., Eastern time, on October 31, 2024, subject to the satisfaction or waiver of certain conditions described in the same statement.
David M. Sparby's appointment brings his extensive experience to the table, with the expectation that he will also serve as a director and chair of the Audit Committee following the distribution. His biography and compensation details were included in the Information Statement and are referenced in the 8K filing.
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