TEAM Inc. Announces Board Appointments and Leadership Changes

TEAM Inc. filed an 8-K on October 24, 2025, disclosing significant changes to its Board of Directors. K. Niclas Ytterdahl and Michael Stewart were appointed as Class I and Class III directors, respectively, increasing the Board size from seven to nine members. Ytterdahl brings extensive industrial services experience from roles at Dover Corporation and AES Corporation, while Stewart is a founder of Stellex Capital Management. Both appointments were made pursuant to a Shareholders Agreement with Stellex Capital. Concurrently, Jeffery G. Davis announced his resignation effective December 31, 2025, reducing the Board to eight members. Michael J. Caliel transitioned from Executive Chairman to Non-Executive Chairman, maintaining his role on the Executive Committee. The filing also details committee assignments, indemnification agreements, and compensation arrangements, with Ytterdahl receiving a $172,500 annual retainer while Stewart receives no compensation per the Shareholders Agreement. These changes reflect ongoing governance adjustments following Stellex Capital's recent investment in the company.