Niclas Ytterdahl
TEAMAbout Niclas Ytterdahl
K. Niclas “Niclas” Ytterdahl (age 60) was appointed to Team, Inc.’s Board on October 24, 2025, as an independent Class I director; he serves on the Audit Committee and the Corporate Governance & Nominating Committee. He previously served as Executive Chairman and COO of Industrial Service Solutions (2020–2023) and CEO/President of Dover Vehicle Service Group within Dover Corporation (2014–2019), with earlier senior roles at AES Corporation and Fisher Scientific; he holds an M.S. in Engineering Physics from Chalmers University of Technology and an M.S. in Management from MIT Sloan .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Industrial Service Solutions | Executive Chairman & COO | 2020–2023 | Led operations for industrial services provider |
| Dover Vehicle Service Group (Dover Corp.) | CEO & President | 2014–2019 | Segment leadership within NYSE-listed industrial; growth and operations |
| Dover Corporation | Senior Vice President | 2012–2014 | Corporate leadership |
| AES Corporation | Chief Procurement Officer | 2006–2011 | Global procurement leadership at NYSE-listed power company |
| Fisher Scientific (now Thermo Fisher Scientific) | Senior roles | 2000–2006 | Commercial/operations roles |
| A.T. Kearney; Accenture | Management consultant | Early career | Strategy/operations consulting |
External Roles
| Organization | Role | Public/Private | Tenure |
|---|---|---|---|
| Euro Motorparts Group | Director | Private | Current |
| Mid-State Industrial Corporation | Director | Private | Current |
| DERIVE Systems | Director | Private | Current |
| Mueller Water Products (MWA) | Director | Public (NYSE) | Prior service |
| Industrial Service Solutions; Advanced Converting Works (Flex Pack) | Director | Private | Prior service |
Board Governance
- Appointment and term: Appointed October 24, 2025; Class I director with term expiring at the 2026 annual meeting (or until successor elected/qualified). Board expanded from 7 to 9 upon his and Michael Stewart’s appointment; to decrease to 8 after a planned year-end 2025 departure of another director .
- Independence: Board determined he satisfies NYSE independence standards; appointed directly to Audit and Corporate Governance & Nominating committees (both require independence) .
- Investor nomination rights: He is one of two Investor Directors designated under the September 11, 2025 Shareholders Agreement with Stellex; Investor nominees must meet qualification requirements and remain independent; CG&N may decline nominees who don’t meet NYSE/legal or qualification standards .
- Ownership/hedging policies: Non-management directors are expected to own stock valued at the lesser of 1× annual Board retainer or 20,000 shares, with new directors expected to meet guidelines within three years of entering the role; directors are prohibited from hedging, shorting, margining, or pledging Company stock .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Board retainer (cash) | $172,500 | Paid quarterly; applies to non-employee directors including Ytterdahl |
| Lead Independent Director retainer | $25,000 | Additional to Board retainer (if applicable) |
| Committee chair retainers | $15,000 (Audit Chair); $12,500 (Comp Chair); $7,500 (CG&N Chair) | Only chairs receive these retainers |
| Equity or meeting fees | $0 | Program is all-cash; no meeting fees disclosed |
Performance Compensation
| Item | Detail |
|---|---|
| Annual equity grants | None disclosed for non-employee directors; current program is all cash |
| Performance-based elements | None disclosed for directors |
Other Directorships & Interlocks
- Current boards: Euro Motorparts Group; Mid-State Industrial Corporation; DERIVE Systems (private) .
- Prior public board: Mueller Water Products (NYSE: MWA) .
- Related-party/transactions: The Company disclosed no Item 404(a) related-party transactions involving Ytterdahl upon appointment; independence affirmed .
Expertise & Qualifications
- Education: M.S. Engineering Physics (Chalmers University of Technology); M.S. Management (MIT Sloan) .
- Domain expertise: Industrial services/operations leadership, procurement, and segment P&L management across diversified industrial and energy corporates (Dover, AES); prior strategy/operations consulting (A.T. Kearney; Accenture) .
- Board competencies: Audit and governance committee service at TISI supports oversight of financial reporting, risk, and governance processes .
Equity Ownership
| As-of Date | Form | Title | Transaction/Status | Shares Owned After | Notes/Link |
|---|---|---|---|---|---|
| 2025-11-03 | Form 3 | Director | Initial statement of beneficial ownership | 0 | Indicates no common stock beneficially owned at appointment; filed via POA |
- Ownership policy: As a newly appointed non-management director, expected to meet director stock ownership guidelines within three years of entering the role; hedging/margin/pledging prohibited by Company policy .
Governance Assessment
- Positives
- Independent director appointed directly to Audit and Corporate Governance & Nominating committees; relevant operating/procurement experience from large industrials should enhance oversight of cost, operations, and supplier risk .
- Board’s policies prohibit hedging/pledging and set explicit director ownership guidelines, supporting alignment over time .
- Watch items / potential red flags
- Investor-designee status: Appointed under a shareholder nomination right (Stellex), with resignation provisions and nomination rights governed by a Shareholders Agreement—can heighten perceived investor influence; CG&N safeguards and NYSE independence still apply .
- Initial ownership at zero (Form 3) means alignment will rely on subsequent open-market purchases (no director equity grants) to meet ownership guidelines within the three-year window .
Appendices
Insider Filings Snapshot
| Date | Filing | Key Details |
|---|---|---|
| 2025-11-03 | Form 3 | Reports status as director with 0 common shares owned at appointment; POA on file |
Board Appointment Summary
| Item | Detail |
|---|---|
| Appointment date | October 24, 2025 |
| Director class/term | Class I; term to 2026 annual meeting |
| Committees | Audit; Corporate Governance & Nominating |
| Independence | Meets NYSE independence standards |
| Standard compensation | $172,500 annual cash retainer (paid quarterly) |
| Board changes | Board expanded to nine with two new directors; one planned departure at year-end 2025 |
Citations:
- Appointment/biography/committees/compensation: Item 5.02 Form 8-K (Oct 27, 2025) ; Press release (Oct 27, 2025) ; Independence and investor nomination context .
- Ownership/hedging/pledging and director ownership guidelines: 2025 DEF 14A (Apr 29, 2025) .
- Director compensation program (all-cash; retainer amounts; chair fees): 2025 DEF 14A (Apr 29, 2025) .
- Shareholders Agreement nomination/qualification provisions: 8-K (Sep 15, 2025) .
- Form 3 initial ownership: SEC filing (Nov 3, 2025) .