8-K

UNITED STATES

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): February 25, 2021

StarTek, Inc.

(Exact name of registrant as specified in charter)

Delaware	1-12793	84-1370538
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Carrara Place

4th Floor Suite 485

6200 South Syracuse Way

Greenwood Village, Colorado 80111

 (Address of Principal Executive Offices) (Zip Code)

(303) 262-4500

 (Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	SRT	New York Stock Exchange, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

The Board of Directors of StarTek, Inc. (the “Company”) appointed Vikash Sureka as Global Chief Financial Officer of the Company, effective as of February 25, 2021 (the “Transition Date”). Mr. Sureka succeeds Ramesh Kamath who is transitioning to a new role as Senior Advisor, M&A and Strategy effective as of the Transition Date.

Mr. Sureka, age 46 previously served as the Chief Financial Officer at IBS Software (IBS), a SaaS-enabled software solutions company for the travel industry. Before IBS, Vikash also held finance leadership positions at Wipro Limited and App Labs Technologies (a CSC company).

In connection with his appointment as Global Chief Financial Officer, Mr. Sureka entered into a letter agreement that provides an annual base salary of INR 11.75 million (approximately $162,331), annual total fixed compensation of INR 23.5 million (approximately $324,662) and a target annual bonus opportunity of 28% of his total fixed compensation. The letter agreement provides that the Company reserves the right to change Mr. Sureka's compensation structure from time to time.

The foregoing summary of the letter agreement does not purport to be complete and is subject to, and qualified in its entirety by the full text of the letter agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

A press release announcing the appointment of Mr. Sureka is filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

There are no arrangements or understandings between Mr. Sureka and any other person pursuant to which he was appointed as an officer and there are no family relationships between Mr. Sureka and any director or executive officer of the Company. Mr. Sureka has not entered into or proposed to enter into any transactions required to be reported under Item 404(a) of Regulation S-K.

The Company has elected to delay the filing of this Current Report on Form 8-K until its public announcement of Mr. Sureka’s hiring in a press release in reliance on the instruction provided under Item 5.02(c) of Form 8-K.

Item 9.01 Financial Statements and Exhibits

Exhibit Number	Description
10.1	Letter Agreement with Vikash Sureka dated January 21, 2021
99.1	Press Release dated February 25, 2021
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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.

	STARTEK, INC.
Date: February 25, 2021	By:	/s/ Aparup Sengupta
		Aparup Sengupta
		Global Chief Executive Officer

EX-10.1

Exhibit 10.1

EX-99.1

Exhibit 99.1

Startek Appoints Vikash Sureka as Global Chief Financial Officer

● Sureka's Appointment is the Latest in a Focused Talent Strategy to Maximize Growth and Long-Term Shareholder Value

● Finance Veteran Brings More Than 20 Years of Experience in Risk Management, M&A, Board and Investor Relations, Taxation, and Accounting

● He Succeeds Ramesh Kamath, Who Will Begin a New Role as Senior Advisor, M&A and Strategy

Greenwood Village, Colorado and Mumbai, India – February 25, 2021 – Startek (NYSE: SRT), a global provider of customer experience management solutions, today announced the appointment of Vikash Sureka as Global Chief Financial Officer (CFO), effective February 25, 2021. Vikash Sureka will succeed Ramesh Kamath, who is transitioning to a new role as Senior Advisor, M&A and Strategy.

Vikash comes with 25 years of rich and extensive finance experience. He previously served as the Chief Financial Officer at IBS Software (IBS), a SaaS-enabled software solutions company for the travel industry. At IBS, Vikash was responsible for driving key improvements across multiple finance functions, including accounting, risk management, value creation, strategic planning, financing & fund raising, board reporting and governance, and direct taxation. Before IBS, Vikash also held finance leadership positions at Wipro Limited and App Labs Technologies (a CSC company).

Aparup Sengupta, Executive Chairman and Global CEO, commented, "I want to thank Ramesh for his tremendous contributions to Startek. He played a significant role in creating and implementing our global financial practices and working closely with investors and board members to achieve our financial goals."

He added, "I am excited for Vikash to join Startek's executive leadership team. His experience operating in complex global environments and his proven track record of profitable business growth, M&A, prudent financial controls, and building winning teams will be an invaluable asset to Startek."

Vikash added: "I am honored to join the team at Startek during such an important time in the company's evolution. Startek is a global leader driving CX transformation across global markets, and the possibilities of what Startek can achieve are truly inspiring. I am deeply committed to creating value for our customers, partners, employees and shareholders alike."

About Startek

Startek is a global provider of tech-enabled business process management solutions. The company provides omni-channel customer experience, digital transformation, and technology services to some of the finest brands globally. Startek is committed to impacting clients’ business outcomes by focusing on enhancing customer experience and digital & AI enablement across all touch points and channels. Startek has more than 40,000 CX experts spread across 46 delivery campuses in 13 countries. The company services over 250 clients across a range of industries such as Banking and Financial Services, Insurance, Technology, Telecom, Healthcare, Travel & Hospitality, Ecommerce, Consumer Goods, Retail, and Energy & Utilities. To learn more about Startek’s global solutions, please visit www.startek.com.

Media Relations

Danveer Bhasin

Startek

+91-993-013-5788

danveer.bhasin@startek.com

Investor Relations

Sean Mansouri, CFA

Gateway IR

+1-949-574-3860

SRT@gatewayir.com 

XML

Document And Entity Information	Feb. 25, 2021
Document Information [Line Items]
Entity, Registrant Name	StarTek, Inc.
Document, Type	8-K
Document, Period End Date	Feb. 25, 2021
Entity, Incorporation, State or Country Code	DE
Entity, File Number	1-12793
Entity, Tax Identification Number	84-1370538
Entity, Address, Address Line One	6200 South Syracuse Way
Entity, Address, City or Town	Greenwood Village
Entity, Address, State or Province	CO
Entity, Address, Postal Zip Code	80111
City Area Code	303
Local Phone Number	262-4500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	SRT
Security Exchange Name	NYSE
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0001031029