8-K: Southland Holdings Announces CFO Departure and Successor Appointment

Southland Holdings, Inc. announces the resignation of CFO Cody Gallarda and the appointment of Keith Bassano as his successor, effective March 28, 2025.

Summary

• Southland Holdings, Inc. announced the resignation of Executive Vice President, Chief Financial Officer, and Treasurer Cody Gallarda, effective March 28, 2025.
• Gallarda's resignation is to pursue another opportunity and was not due to disagreements with the company.
• Keith Bassano, the current Vice President of Finance, will assume the role of Chief Financial Officer and Treasurer on March 28, 2025.
• Bassano has over 15 years of experience in the engineering and construction industry.
• Bassano joined the company in September 2020 and American Bridge, a Southland subsidiary, in 2008.
• Bassano's annual base salary will be $357,000.
• Bassano will continue to be eligible to participate in the company's 2022 Equity Incentive Plan.

Sentiment

Score: 7

Explanation: The announcement is neutral to slightly positive, indicating a planned executive transition with a qualified successor in place. The company expresses confidence in the new CFO.

Positives

• The company has a ready successor in Keith Bassano, who has extensive experience within the company and the broader industry.
• Keith Bassano is a licensed Certified Public Accountant.

Risks

• The departure of a key executive like the CFO could create a period of uncertainty.
• The transition to a new CFO could present challenges in maintaining financial stability and strategic direction.

Future Outlook

The company is confident that Keith Bassano will lead the company's financial strategy and drive operational excellence.

Management Comments

• The Company thanks Mr. Gallarda for his valuable contributions and wishes him success in his future endeavors.
• The Company is confident that Mr. Bassano, supported by a strong and experienced finance team, is well-positioned to lead the Company's financial strategy and work alongside the rest of management to drive operational excellence.

Industry Context

Executive transitions are common in the construction and engineering industry, and companies often have succession plans in place to ensure a smooth handover.

Management Changes

Stakeholder Impact

• Shareholders may react to the news of the CFO's departure and appointment.
• Employees in the finance department will be directly impacted by the change in leadership.

Key Dates

Keywords

CFO, Southland Holdings, Keith Bassano, Cody Gallarda, Resignation, Appointment, Executive, Finance, Treasurer