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) July 24, 1996
FINISHMASTER, INC.
(Exact name of registrant as specified in its charter)
Michigan 000-23222 38-2252096
(State or other jurisdiction) Commission File Number) (IRS Employer
Identification No.)
4259 40th Street, SE, Kentwood, Michigan 49512
--------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (616) 949-7604
---------------------------------------------------
<PAGE>
Item 5. Other Events.
By a letter dated July 22, 1996, Mr. Ronald P. White resigned as a
director and as President and Chief Operating Officer of the Registrant. By a
letter dated July 29, 1996, Mr. James F. White resigned as a director of the
Registrant. The Board of Directors has elected Thomas U. Young, the existing
Vice Chairman of the Board of the Company, to replace Mr. Ronald P. White as
President and Chief Operating Officer, and has nominated Mr. Peter L. Frechette,
the Chairman, President and Chief Exective Officer of Patterson Dental Company,
for election as a director at the next annual meeting of shareholders of the
Registrant. These events are more fully described in the press releases attached
hereto as Exhibit 99.1 and Exhibit 99.2.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit 99.1 -- Press Release dated July 25, 1996
Exhibit 99.2 -- Press Release dated August 9, 1996
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.
FINISHMASTER, INC.
By: /s/ Andre B. Lacy
----------------------------------
Andre B. Lacy, Chairman of
the Board and Chief Executive
Officer
[FinishMaster Letterhead]
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact: Andre B. Lacy (317) 237-2251
Michael Snyder (317) 632-6501 (E-Mail: [email protected])
THOMAS YOUNG NAMED PRESIDENT AND COO OF FINISHMASTER
STRATEGIC GROWTH TO CONTINUE
GRAND RAPIDS, Mich. (July 25) -- The FinishMaster Board of Directors
appointed Thomas Young to the positions of president and chief operating officer
effective immediately, according to Andre B. Lacy, chairman and chief executive
officer of FinishMaster (NASDAQ: FMST). The appointment took place following the
resignation of former president Ronald White, who left the company to pursue
other interests.
"We are pleased to have such an experienced industry executive as president
and COO, and we look to Tom to provide the leadership to continue building
FinishMaster's track record," Lacy said.
"My primary focus as president and COO will be to continue FinishMaster
strategic growth thrust both through intelligent acquisitions and through
increasing efficiencies and productivity in costing operations," Young
explained.
The FinishMaster core leadership remains in place, including FinishMaster
founder James White, who will continue to serve on the FinishMaster board of
directors.
Exhibit 99.2
[FinishMaster, Inc. Letterhead]
FINISHMASTER BOARD NOMINATES PETER L. FRECHETTE AS DIRECTOR;
EMPHASIS PLACED ON OUTSIDE EXPERTISE
GRAND RAPIDS, Mich. (August 9) - Peter L.Frechette, Chairman, President and
Chief Executive Officer of Patterson Dental Company, has agreed to have his name
placed in nomination for election to serve as an independent non-employee
director of FinishMaster, the Grand Rapids-based automotive paints and
accessories distributor, according to Andre B. Lacy, FinishMaster Chairman and
Chief Executive Officer.
Lacy also announced the resignation of James White from the FinishMaster
board.
"All of FinishMaster is pleased that Peter Frechette has accepted its offer
of nomination," said Thomas Young, FinishMaster President and Chief Operating
Officer. "Peter Frechette has a long-standing track record of business success
and would bring an outside perspective to our board that is invaluable in
today's highly-competitive automotive paints and accessories market."
"As a part of FinishMaster's strategic growth plan, we will continue to
seek additional independent directors with a variety of business backgrounds,"
Lacy said. "Individuals such as Peter Frechette can play a key role as
FinishMaster continues its strategy of growth through acquisitions, as well as
increased efficiencies and productivity in existing operations."
Frechette has been President of Patterson Dental, based in St. Paul, MN,
since 1982 and has been Chief Executive Officer and Chairman since 1985. Prior
to joining Patterson, he was employed by American Hospital Supply Corporation
for 18 years, the last seven of which he served as President of its Scientific
Products Division. He holds a B.S. in Economics from the University of Wisconsin
and an MBA from Northwestern University.
Frechette's nomination to the FinishMaster (NASDAQ: FMST) board will be
voted upon at the annual shareholder's meeting, scheduled for September 18,
1996, 10 a.m., at the Crowne Plaza Hotel in Grand Rapids.
