8-K: Hurco Executive Chairman Michael Doar to Retire, Remain Non-Executive Chair

Michael Doar will retire as Executive Chairman of Hurco Companies, Inc. but is nominated to continue as non-executive Chairman of the Board.

Summary

• Michael Doar will retire from his position as Executive Chairman of the Board of Directors of Hurco Companies, Inc., effective on the date of the Company's 2026 Annual Meeting of Shareholders.
• His decision to retire is for personal reasons and is consistent with the Company's long-term succession planning, not due to any disagreement with the Company or the Board.
• Mr. Doar's employment with the Company will end at the 2026 Annual Meeting.
• The Board has determined to nominate Mr. Doar to stand for re-election as a director at the 2026 Annual Meeting.
• If re-elected, Mr. Doar will remain a director of the Company and become the non-executive Chairman of the Board.
• Mr. Doar has provided over 20 years of strong leadership and expertise to the Company, serving as President, Chief Executive Officer, and Executive Chairman.
• A press release announcing these matters was issued on November 18, 2025.

Sentiment

Score: 7

Explanation: The planned retirement of the Executive Chairman and his transition to a non-executive Chairman role is presented as a smooth succession, ensuring continued guidance from an experienced leader. This minimizes potential negative sentiment often associated with executive departures and suggests stability.

Positives

• Ensures continuity of experienced leadership with Michael Doar remaining as non-executive Chairman, providing ongoing guidance.
• The transition is part of the Company's long-term succession planning, indicating a well-managed leadership change.
• Management expresses confidence in the current leadership team, including CEO Greg Volovic and CFO Sonja McClelland, to build on the Company's strong foundation.
• Mr. Doar's extensive experience, spanning nearly 40 years in the machine tool industry, will continue to benefit the Board.

Risks

• The cyclical nature of the machine tool industry.
• Uncertain economic conditions, which may adversely affect overall demand, in the Americas, Europe, and Asia Pacific markets.
• Risks associated with international operations.
• Governmental actions, initiatives, and regulations, including import and export restrictions, duties and tariffs, and changes to tax laws.
• The effects of changes in currency exchange rates.
• Competition with larger companies that have greater financial resources.
• Dependence on new product development.
• The need and/or ability to protect intellectual property assets.
• The limited number of manufacturing and supply chain sources.
• Increases in the prices of raw materials, especially steel and iron products.
• The effect of the loss of members of senior management and key personnel.
• The ability to integrate acquisitions.
• Acquisitions that could disrupt operations and affect operating results.
• Failure to comply with data privacy and security regulations.
• Breaches of network and system security measures.
• Possible obsolescence of technology and the need to make technological advances.
• Impairment of assets.
• Negative or unforeseen tax consequences.
• Uncertainty concerning the ability to use tax loss carryforwards.
• Changes in the SOFR rate.
• The impact of the COVID-19 pandemic and other public health epidemics and pandemics on the global economy, business, operations, employees, customers, and suppliers.

Future Outlook

The Board looks forward to continuing to work with Mr. Doar and benefiting from his guidance in his new role as non-executive Chairman. Management is confident in the long-term strength of the business and its ability to capitalize on opportunities ahead and create long-term value for shareholders.

Management Comments

• "I am very proud of the success we have achieved at Hurco during my tenure and the role we have played in supporting advanced manufacturing around the world." Michael Doar
• "Our leadership team, led by our CEO, Greg Volovic, and CFO, Sonja McClelland, will continue to build on our strong foundation to support our customers with cutting-edge technologies." Michael Doar
• "I am confident in the long-term strength of the business, and Hurco is well positioned to capitalize on opportunities ahead and create long-term value for our shareholders." Michael Doar
• "I look forward to my new role as non-executive Chairman of the Board and am excited to play a part in Hurco’s next chapter." Michael Doar
• "I have had the pleasure of working closely with Michael for over twenty years, during which time he served as a mentor, business partner, and friend." Greg Volovic, President and Chief Executive Officer
• "With his career in machine tools spanning nearly 40 years, few have played such an instrumental role in the inception, development, and growth of the global machine tool industry." Greg Volovic
• "Michael’s invaluable knowledge, passion for technology, integrity, and customer-centric philosophy are all deeply engrained in Hurco and permeate its culture at all levels." Greg Volovic
• "Our team is committed to honoring Michael’s legacy by reinforcing and perpetuating those values moving forward." Greg Volovic
• "On behalf of the entire Board, I want to formally, and publicly, thank Michael for his commitment and service to the Company, our customers, and the industry, at large." Richard Porter, Lead Independent Director
• "As a visionary leader in the industry, Michael’s dedication to the highest business ethics and deep understanding of customer needs will leave a lasting mark on Hurco." Richard Porter
• "We deeply appreciate Michael’s contributions to the business and look forward to his continued guidance and service in his new role as non-executive Chairman of the Board." Richard Porter
• "The Board of Directors has full faith and confidence in Greg and the management team’s ability to build upon Hurco’s strong foundation of technological innovation and operational excellence." Richard Porter

Industry Context

Hurco Companies, Inc. is an international industrial technology company that sells three brands of computer numeric control (CNC) machine tools (Hurco, Milltronics, and Takumi) to the worldwide metal cutting and metal forming industry. The company designs proprietary controls and software for its Hurco and Milltronics brands, and offers third-party industrial controls for Takumi. It also produces high-value machine tool components, accessories, and automation solutions. Its products serve independent job shops, short-run manufacturing operations, and production-oriented manufacturers in industries such as aerospace, defense, medical equipment, energy, transportation, and computer equipment. This announcement details a planned leadership transition aimed at ensuring continuity within this specialized industrial sector.

Management Changes

Corporate Governance

Stakeholder Impact

• Shareholders: Potential positive impact due to a planned, smooth leadership transition and the continuity of experienced guidance, which can foster stability and confidence in the company's direction.
• Employees: The transition is framed as part of long-term succession planning, suggesting stability in leadership and a clear path forward.
• Customers/Distributor Partners: Management emphasizes a continued focus on cutting-edge technologies and strong relationships, indicating no expected disruption to customer service or product development.

Next Steps

• The Company's 2026 Annual Meeting of Shareholders, where Mr. Doar will stand for re-election as a director.
• If re-elected, Mr. Doar will assume the role of non-executive Chairman of the Board.

Key Dates

Recommendation

The filing details a planned and amicable leadership transition where a long-serving Executive Chairman moves to a non-executive role, ensuring continuity of his expertise. This is a governance-related announcement with no immediate financial implications or significant operational changes. It suggests stability rather than a catalyst for significant price movement, warranting a 'hold' recommendation for existing investors.

Keywords

Hurco, Michael Doar, Executive Chairman, Board of Directors, succession planning, corporate governance, machine tools, manufacturing, industrial technology, retirement, non-executive chairman