SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) November 19, 2002
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TEAMSTAFF, INC.
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(Exact name of Registrant as specified in charter)
New Jersey 0-18492 22-1899798
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(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
300 Atrium Drive, Somerset, N.J. 08873
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (732) 748-1700
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(Former name or former address, if changed since last report.)
Item 5. Other Events
At a meeting of the Board of Directors held on November 19, 2002, two
new directors were appointed to fill vacancies crated by recent resignations of
members.
The newly appointed directors are Mr. Rocco J. Marano and Mr. Ben
Dyer. Mr. Marano, age 73, previously had served on the Board of Directors
from July 1999 through September 2001. Mr. Marano had resigned in connection
with the restructuring of the Board following the acquisition of Brightlane.com
in August 2001. Mr. Marano, is the retired Chairman and President of Bellcore,
Inc. a Bell Communications research and engineering entity formerly owned by
the seven Bell regional communications companies. His present additional board
affiliations include: Bally Manufacturing Corporation and Computer Horizons
Corp. He also served as Chairman of Horizon Blue Cross Blue Shield of New
Jersey from 1991 to 1994. Mr. Marano holds degrees from the Fordham
University Law School and Business School. Mr. Marano will serve as a Class 3
director, filling the vacancy created by the resignation of Donald MacLeod,
and his term will expire in 2005.
Mr. Dyer was formally a director of BrightLane.com. prior to its
acquisition by TeamStaff in August 2001. Mr. Dyer is the President and Chief
Executive Officer of Intellimedia Ventures, L.P., which builds internet based
businesses for both large and early stage entrepreneurial clients. From 1983
to 1988, Mr. Dyer was Chairman and Chief Executive Officer of Comsell, Inc., a
multimedia firm. Mr. Dyer serves on the Board of Directors of
SafeDepositBox.com, InterClique and RecoverDebt.com, all of which are financial
services firms. In addition, Mr. Dyer currently serves as Vice Chairman of
the Georgia Tech research Corporation and is on the advisory board of the
Georgia Tech Research Institute. Mr. Dyer will serve as a Class 2 director
and his term will expire in 2004.
The vacancies were created by the recent resignations by Susan Wolken,
David Carroll and Donald MacLeod. Ms. Wolken resigned effective November 8,
2002 and had served as a nominee of Nationwide Financial Services. Ms. Wolken,
Mr. Carroll and Mr. MacLeod had joined the Board following the acquisition of
BrightLane.com. Mr. MacLeod resigned effective September 2002 and had served
as a nominee of First Union Private Capital, an affiliate of Wachovia
Corporation. The other nominee of First Union, Mr. David Carroll, had
previously resigned in April 2002. Neither First Union nor Nationwide have
advised TeamStaff that they intend to replace their nominees with new persons.
None of these directors who have resigned notified or advised TeamStaff that
their resignations resulted from any disagreements with TeamStaff on any matter
related to its operations, policies or practices.
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: November 21, 2002 TEAMSTAFF, INC.
(Registrant)
By /s/ Donald Kappauf
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Donald Kappauf
Chief Executive Officer
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