Chicago Rivet & Machine Co. filed SEC Form 8-K: Leadership Update, Other Events
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 13, 2023, Chicago Rivet & Machine Co. (the “Company”) announced Joel M. Brown as the new Chief Financial Officer of the Company effective immediately. Mr. Brown, age 56, joins the Company from MultiTech Industries LLC where he has held the position of Director, Accounting and Finance since 2017. Prior to that, Mr. Brown held several positions in corporate finance, consulting and manufacturing. Mr. Brown holds a Bachelor of Science degree in Finance from Northern Illinois University and an MBA from DePaul University’s Kellstadt Graduate School of Business.
In connection with his appointment, Mr. Brown will receive an annual base salary of $215,000 and a sign-on bonus of $29,000. Mr. Brown will also be eligible for an annual bonus of up to 30% of base salary subject to achieving certain financial and non-financial metrics.
As the Chief Financial Officer of the Company, as of November 13, 2023, Mr. Brown became the Company’s Principal Financial Officer and Principal Accounting Officer. Michael J. Bourg, President and Chief Operating Officer of the Company ceased being the Company’s Principal Financial Officer and Principal Accounting Officer as of November 13, 2023. Mr. Bourg’s retirement was the subject of a prior announcement.
Item 8.01. Other Events.
On November 13, 2023, the Company also announced William G. Stlaske as the new Vice President of Sales effective immediately. Mr. Stlaske joins the Company from Elgin Fastener Group where he most recently held the positions of Director of Sales and Engineering and Director of Strategic Pricing. Prior to that, he held various positions in the fastener industry at ATF Inc. and Illinois Tool Works Inc. Mr. Stlaske holds a Bachelor’s degree in Mechanical Engineering from the University of Illinois.
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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CHICAGO RIVET & MACHINE CO. |
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By: /s/ Gregory D. Rizzo |
Date: November 17, 2023 |
Gregory D. Rizzo |
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Chief Executive Officer |