ATI Inc. (ATI) Earnings Call Transcript
May 16, 2024
Earnings Call Speaker Segments
Hello, and welcome to ATI's 2024 Annual Meeting of Stockholders. Please note that today's meeting is being recorded. It is now my pleasure to turn today's meeting over to Bob Wetherbee, Chair of ATI's Board of Directors.
Good morning, and thank you for joining us, ladies and gentlemen. I'm Bob Wetherbee, Chair of the Board of Directors of ATI, Inc. I'm also ATI's Chief Executive Officer. It's 11:30 a.m. and in accordance with the notice of meeting, I call to order the 2024 Annual Meeting of Stockholders of ATI. Today's virtual meeting is a live audio webcast, as previously announced. ATI chose to conduct today's meeting in a virtual-only format. We believe utilizing this technology provides the greatest opportunity for your participation in today's meeting regardless of your physical location. We'll conduct the meeting in accordance with the agenda and the rules and procedures of conduct that are available electronically in the meeting center. Before the business of the meeting begins, I'd like to make certain introductions. Participating in today's webcast is Amanda Skov, ATI's Vice President and Corporate Secretary.
Good morning, everyone.
Amanda will act as Secretary of this meeting and has been duly sworn to perform the duties of the Inspector of Elections. Also participating and representing the company's independent auditors is Mike Denove, a partner of Ernst & Young LLP.
Good morning.
If the questions arise during the discussion period that Ernst & Young should appropriately address, he will be glad to respond. I'd also like to welcome the other members of our Board of Directors who are participating in today's meeting in a listen-only mode. I'd now like to ask Amanda to report on the mailing of the notice of this meeting and the presence of a quorum.
Thank you, Bob. This meeting is held pursuant to the printed notice dated March 28, 2024, that was mailed commencing on that date to each stockholder of record as of March 18, 2024. A list of stockholders entitled to vote at this meeting has been available for at least 10 days prior to this meeting in accordance with Delaware Law. All documents concerning the call and notice of the meeting will be filed with the records of the meeting. The count of shares present immediately before the meeting began indicated that 115,685,754 shares of the company's common stock were present in-person or by proxy. This is approximately 93% of all shares entitled to vote at this meeting. A quorum is therefore present at the meeting.
Since the meeting has been duly called and a quorum is present, the meeting is ready to transact business. The polls for each matter to be voted on at this meeting are now open at 11:34 a.m. today, May 16, 2024. If you have not voted or wish to change your vote, you may do so now by clicking on the link provided online. Any stockholder who has already voted and does not want to change that vote, need not take any further action at this time. Will the Secretary please introduce the matters for stockholder consideration.
Thank you, Bob. The matters for consideration by stockholders today are: first, the election of 4 directors; second, an advisory vote regarding the 2023 compensation of the company's named executive officers; and finally, ratification of the selection of Ernst & Young LLP as independent auditors for 2024. These matters are described in detail in the proxy statement. The results of the advisory vote are not binding on the company.
Thank you, Amanda. We'll now allow a few moments for any remaining online voting. [Voting]
I now declare the polls closed for the matters voted on at this meeting as of 11:35 a.m. today, May 16, 2024. Will the Secretary please report the preliminary results of the voting.
A total of 115,685,754 shares of the company's common stock are present at the meeting, in-person or by proxy. The preliminary voting results are as follows. First, with respect to the election of directors, the 4 nominees named in the proxy statement for this meeting received the highest number of votes cast. Second, in an advisory vote, the stockholders have voted to approve the 2023 compensation of the company's named executive officers. And finally, the stockholders voted to ratify the selection of Ernst & Young LLP as independent auditors for 2024. These voting results are preliminary. Final results will be reported on a Form 8-K to be filed with the SEC next week. The final report of the Inspector of Elections will be filed with the records of the meeting. That concludes my report of the preliminary results of the voting.
Thank you, Amanda. Ladies and gentlemen, this concludes the official portion of our meeting, and I declare the meeting to be formally adjourned at 11:36 a.m. today, May 16, 2024. We'll pause now for a moment while we gather any online questions.
We do not appear to have received any questions online. So Bob, I'll turn it over to you for final remarks.
All right. Thanks, Amanda. I'd like to take this minute of the meeting to recognize the retirement of Jim Diggs after 23 years of service to the ATI board. I appreciate the insights and perspectives he's provided in many Board discussions. He has served ATI extremely well. We wish him much enjoyment in his retirement, continued good health, and at least one more hole in one in his continuing golf career. Thank you, Jim. With that, our program for the day has concluded. Thank you for attending today's meeting, and thank you for your continuing interest and support of ATI.
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