SCHEDULE: Kelly Services Trust K Amends 13D, Trustee Change
Schedule 13D Amendment
An amendment to Schedule 13D for Kelly Services Inc. Class B Common Stock reports a change in trustees for the Terence E. Adderley Revocable Trust K.
Summary
- The filing is an Amendment No. 2 to Schedule 13D concerning Class B Common Stock of Kelly Services Inc.
- The amendment reflects the retirement of Mr. Hempstead as a trustee of the Terence E. Adderley Revocable Trust K and the appointment of Mr. David P. Larsen as his successor trustee.
- The Terence E. Adderley Revocable Trust K, along with co-trustees David P. Larsen and William U. Parfet, beneficially owns 3,039,940 shares, representing 92.2% of the Class B Common Stock.
- Andrew H. Curoe, as a co-trustee of Trust K and trustee/co-trustee of other trusts, beneficially owns an aggregate of 3,082,765 shares, representing 93.5% of the Class B Common Stock.
- The shares held by Trust K were originally gifted by Terence E. Adderley during his lifetime, and the trust became irrevocable upon his death on October 9, 2018.
- The Reporting Persons (Trust K and its trustees) currently have no plans or proposals that would result in significant corporate actions such as mergers, liquidations, or changes in the company's business or corporate structure.
Sentiment
Score: 5
Explanation: The filing is a routine administrative update regarding a change in trustees for a significant shareholder's trust and does not contain information that would significantly alter the company's operational or financial outlook.
Positives
- The filing indicates stability in the significant ownership block of Class B Common Stock, with no present plans for major corporate changes by the reporting persons.
Future Outlook
The filing explicitly states that the Reporting Persons do not have any present plans or proposals that would result in significant corporate actions, such as mergers, liquidations, sales of assets, changes in management, or changes to the company's business or corporate structure.
Management Comments
- The Reporting Persons do not have any present plans or proposals that relate to or would result in any of the actions set forth in clauses (a) through (j) of Item 4 of Schedule 13D.
Industry Context
This filing is an administrative update regarding beneficial ownership and trustee changes within a significant shareholder's trust, and does not provide information related to broader industry trends or competitive landscape for Kelly Services Inc.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Co-Trustee of Terence E. Adderley Revocable Trust K | Mr. Hempstead | David P. Larsen | 2025-12-12 | Retirement of Mr. Hempstead |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Trustee Voting Requirement | The Trust K Trustees must act by majority vote to exercise investment or voting power over the Class B Shares owned by Trust K. | N/A | Ensures collective decision-making among the trustees regarding the significant block of Class B shares. |
Stakeholder Impact
- Shareholders: Minimal direct impact as the beneficial ownership structure of the Class B shares remains largely consistent, with only an internal trustee change within a major trust.
Key Dates
| Date | Description |
|---|---|
| 2018-10-09 | Date of Terence E. Adderley's death, at which time the Terence E. Adderley Revocable Trust K became irrevocable. |
| 2025-10-27 | Date as of which the aggregate number of Class B Stock outstanding (3,295,941 shares) was determined for beneficial ownership calculations. |
| 2025-12-12 | Date of event which requires filing of this statement (retirement of Mr. Hempstead and appointment of Mr. Larsen). |
| 2025-12-16 | Date the Schedule 13D Amendment No. 2 was signed and filed. |
Keywords
Kelly Services Inc., Class B Common Stock, Schedule 13D, Beneficial Ownership, Trustee Change, Corporate Governance, SEC Filing
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