Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Patrick Industries, Inc. (the "Company" or "Patrick") was informed on May 27,
2020 that Joshua A. Boone, the Chief Financial Officer of the Company, intends
to resign from his positions at the Company effective June 12, 2020 to pursue
another business opportunity. Mr. Boone intends to support the Company during a
period of transition.
The Company has appointed John A. Forbes as Interim Chief Financial Officer
effective June 12, 2020. Mr. Forbes, who has been a member of Patrick's Board of
Directors since 2011, has extensive senior leadership experience, including as
the President of Utilimaster, a business unit of Spartan Motors USA, Inc., from
2010 to 2017, the CFO of Utilimaster from 2009 to 2010, and the CFO of Nautic
Global Group LLC from 2007 to 2009. In addition, Mr. Forbes served as the CFO of
Adorn Holdings, Inc. from 2003 until its acquisition by Patrick in 2007. With
his appointment as Interim Chief Financial Officer, Mr. Forbes has resigned from
his positions on the Audit Committee, the Compensation Committee and the
Corporate Governance and Nominations Committee of the Company's Board of
Directors.
The Company has retained a search firm to fill the Chief Financial Officer
position, in addition to assessing its internal candidates.
Item 7.01 Regulation FD Disclosure
On May 28, 2020, the Company issued a press release regarding Mr. Boone's
resignation and Mr. Forbes' appointment. A copy of the Company's press release
is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
In accordance with general instruction B.2 to Form 8-K, the information set
forth in Item 7.01 of this Form 8-K (including Exhibit 99.1) shall be deemed
"furnished" and not "filed" with the Securities and Exchange Commission for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and
shall not be incorporated by reference into any filing thereunder or under the
Securities Act of 1933, as amended.
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