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Longtime Shimmick (NASDAQ: SHIM) director Steven Richards to retire in 2026

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Shimmick Corporation reported that longtime director Steven Richards will retire from its board at the end of his term at the company’s 2026 annual meeting of stockholders. Richards has served the company for 45 years, including as Chief Executive Officer from March 2020 through December 2024 and guiding Shimmick through its November 2023 initial public offering.

Following his retirement, Shimmick expects to reduce the size of its board of directors to five members.

Positive

  • None.

Negative

  • None.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Years of service 45 years Steven Richards’ tenure with Shimmick
Board size after retirement 5 members Expected board size following Richards’ retirement
CEO tenure March 2020–December 2024 Period Steven Richards served as Chief Executive Officer
IPO timing November 2023 Month and year of Shimmick’s initial public offering
board of directors financial
"Steven Richards notified the board of directors (the “Board”) of Shimmick Corporation"
The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.
annual meeting of stockholders financial
"effective as of the end of his term at the Company’s 2026 annual meeting of stockholders"
initial public offering financial
"guiding the Company through its November 2023 initial public offering"
An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.
Emerging growth company financial
"Emerging growth company Item 5.02 Departure of Directors or Certain Officers"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
Securities Exchange Act of 1934 regulatory
"Pursuant to the requirements of the Securities Exchange Act of 1934"
Understanding 8-K Material Events →
0001887944false00018879442026-03-202026-03-20

 

 

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): March 20, 2026

Shimmick Corporation

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-41867

84-3749368

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

530 Technology Drive

Suite 300

Irvine, CA

92618

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (833) 723-2021

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing 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:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

SHIM

 

NASDAQ

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.

On March 20, 2026, Steven Richards notified the board of directors (the “Board”) of Shimmick Corporation (the “Company”) that he will retire from the Board, effective as of the end of his term at the Company’s 2026 annual meeting of stockholders (the “Annual Meeting”). The Board appreciates and thanks Mr. Richards for his service and invaluable contributions to the Company over the last 45 years, which included serving as Chief Executive Officer from March 2020 through December 2024 and guiding the Company through its November 2023 initial public offering. In connection with Mr. Richard’s retirement, the Company expects to reduce the size of the Board to five members.

 

1

 

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.

 

Shimmick Corporation

Date: March 30, 2026

By:

/s/ Todd W. Yoder

Todd W. Yoder

Executive Vice President, Chief Financial Officer and Treasurer

 

2

Source: View Original Filing on SEC EDGAR

FAQ

What board change did Shimmick Corporation (SHIM) disclose in this 8-K?

Shimmick Corporation disclosed that director Steven Richards will retire from its board at the end of his term at the 2026 annual meeting, and the company expects to reduce the board size to five members after his retirement.

When will Steven Richards retire from Shimmick Corporation (SHIM)’s board?

Steven Richards will retire from Shimmick Corporation’s board at the end of his term at the company’s 2026 annual meeting of stockholders, marking the conclusion of his formal board service with the company at that time.

What roles has Steven Richards held at Shimmick Corporation (SHIM)?

Steven Richards has been associated with Shimmick for 45 years, serving as Chief Executive Officer from March 2020 through December 2024 and guiding the company through its November 2023 initial public offering before announcing his planned retirement from the board.

How will Steven Richards’ retirement affect Shimmick Corporation (SHIM)’s board size?

In connection with Steven Richards’ retirement, Shimmick Corporation expects to reduce the size of its board of directors to five members, indicating a planned adjustment to its overall board composition once his term ends.

What key milestone did Steven Richards oversee for Shimmick Corporation (SHIM)?

Steven Richards helped guide Shimmick Corporation through its initial public offering in November 2023, a major milestone for the company that occurred during his tenure as Chief Executive Officer before his subsequent decision to retire from the board.

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