UNIVERSAL TECHNICAL INSTITUTE INC false 0001261654 0001261654 2024-09-05 2024-09-05

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 5, 2024

 

 

UNIVERSAL TECHNICAL INSTITUTE, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-31923   86-0226984
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (IRS Employer
Identification No.)

 

4225 E. Windrose Drive, Suite 200, Phoenix, Arizona   85032
(Address of principal executive offices)   (Zip Code)

(623) 445-9500

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Common Stock, par value $0.0001 per share

 

UTI

 

New York Stock Exchange

(Title of each class)   (Trading
symbol)
  (Name of each exchange
on which registered)

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.

 

 

 


Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Resignation of Chief Financial Officer

On September 5, 2024, Troy Anderson, the Executive Vice President and Chief Financial Officer of Universal Technical Institute, Inc., a Delaware corporation (the “Company”), notified the Company that he is resigning from all offices and positions that he holds with the Company and its subsidiaries, effective as of October 11, 2024 (the “Effective Date”), to pursue a new position outside the Company.

Mr. Anderson’s decision to step down is not the result of any dispute or disagreement with the Company on any matter relating to its accounting or financial policies or procedures or its financial statements or disclosures. The Company appreciates Mr. Anderson’s many contributions and thanks him for his service.

Appointment of Interim Chief Financial Officer

In connection with Mr. Anderson’s resignation, Christine Kline, the Vice President and Chief Accounting Officer of the Company, will be named Interim Chief Financial Officer and will assume the duties as the principal financial officer for the Company, effective as of the Effective Date.

Ms. Kline, age 46, has served as the Company’s Vice President and Chief Accounting Officer since December 2023. Prior to this role, she served as Vice President, Corporate Controller since joining the Company in February 2020. Prior to joining the Company, Ms. Kline served as the Director of Financial Reporting at Nuverra Environmental Solutions from July 2015 to February 2020 and was named the Principal Accounting Officer from November 2019 through February 2020, and as the Director of Accounting and Reporting at PetSmart, Inc. from October 2007 to July 2015. Ms. Kline started her career with Deloitte & Touche LLP. Ms. Kline is a Certified Public Accountant. Ms. Kline earned a Bachelor of Science degree in Accounting and Finance from the University of Arizona

There are no family relationships, as defined in Item 401 of Regulation S-K, between Ms. Kline and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer. Additionally, there have been no transactions involving Ms. Kline that would require disclosure under Item 404(a) of Regulation S-K. Ms. Kline has not entered into any material plan, contract, agreement, or amendment in connection with her appointment as the Company’s Interim Chief Financial Officer.

 

Item 7.01

Regulation FD Disclosure.

On September 10, 2024, the Company issued a press release regarding the resignation of Mr. Anderson and the appointment of Ms. Kline as Interim Chief Financial Officer. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The information in Item 7.01 of this Form 8-K, including Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit No.   

Description

99.1    Press Release of Universal Technical Institute, Inc., dated September 10, 2024
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

2


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: September 10, 2024   Universal Technical Institute, Inc.
    By:  

/s/ Christopher Kevane

    Name:   Christopher Kevane
    Title:   Executive Vice President and Chief Legal Officer

 

3

LOGO

Media Contact:

Susan Aspey

saspey@uti.edu

Universal Technical Institute, Inc. Announces CFO Transition

Troy Anderson to Depart from the Company; Christine Kline Appointed Interim CFO

PHOENIX (September 10, 2024)Universal Technical Institute, Inc., a leading workforce solutions provider, today announced that Troy Anderson has resigned as Executive Vice President and Chief Financial Officer, effective October 11, 2024, to accept a position at another public company. Christine Kline, Chief Accounting Officer, has been appointed interim CFO while a national search is conducted for a replacement.

“Troy has been a key player in the first stage of our company’s transformative North Star Strategy, which included two acquisitions, building two new campuses, and multiple program launches. In addition he led the reorganization of our Finance function and successfully executed many financial transactions that have built value for our shareholders,” said Jerome Grant, Chief Executive Officer, Universal Technical Institute, Inc. “We are grateful for Troy’s outstanding contributions which have helped make the company larger, stronger, and healthier.”

Mr. Grant continued, “Until a new CFO is hired, I’m pleased to share that Christine Kline will become interim CFO and report to me. Since joining the company over four years ago, Christine has distinguished herself as an innovative and talented senior leader who has supported the development of the company’s multi-divisional financial function.”

Recently, Universal Technical Institute, Inc. announced the second phase of its North Star Strategy to accelerate the company’s mission to close the skilled workforce gap in America. The core tenets of the strategy—growth, diversification and optimization—are the foundation for initiatives across the company’s two divisions of Universal Technical Institute (UTI), which offers transportation, skilled trades, and energy education programs; and Concorde Career Colleges, which specializes in the dental, nursing, and allied health professions.

“As we move toward the end of our fiscal year and beyond, we are keenly focused on implementing our North Star Strategy, which we expect to significantly increase our company’s value through revenue growth of 10 percent and expanded Adjusted EBITDA margin of nearly 20 percent through fiscal 2029—all while continuing to maintain extraordinary student and employer outcomes,” said Mr. Grant.


For more information about Universal Technical Institute, Inc., visit investor.uti.edu.

About Universal Technical Institute, Inc.

Universal Technical Institute, Inc. (NYSE: UTI) provides students with the practical skills and knowledge required by employers. Founded in 1965, the company has grown into a national network of campuses offering programs through its two divisions of UTI and Concorde Career Colleges. The UTI division focuses on transportation, skilled trades and energy education programs. The Concorde division specializes in nursing, dental and allied health professions. Under the leadership of CEO Jerome Grant, UTI is recognized for its excellence in career education and its impact on workforce development. For more information, visit www.uti.edu or www.concorde.edu, visit us on LinkedIn at @UniversalTechnicalInstitute and @Concorde Career Colleges, or on X (formerly Twitter) @news_UTI or @ConcordeCareer.

###

v3.24.2.u1
Document and Entity Information
Sep. 05, 2024
Cover [Abstract]  
Entity Registrant Name UNIVERSAL TECHNICAL INSTITUTE INC
Amendment Flag false
Entity Central Index Key 0001261654
Document Type 8-K
Document Period End Date Sep. 05, 2024
Entity Incorporation State Country Code DE
Entity File Number 1-31923
Entity Tax Identification Number 86-0226984
Entity Address, Address Line One 4225 E. Windrose Drive
Entity Address, Address Line Two Suite 200
Entity Address, City or Town Phoenix
Entity Address, State or Province AZ
Entity Address, Postal Zip Code 85032
City Area Code (623)
Local Phone Number 445-9500
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.0001 per share
Trading Symbol UTI
Security Exchange Name NYSE
Entity Emerging Growth Company false

Universal Technical Inst... (NYSE:UTI)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Universal Technical Inst... Charts.
Universal Technical Inst... (NYSE:UTI)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Universal Technical Inst... Charts.