ADTRAN Names New CFO, Announces Stock Grants
Ticker: ADTN · Form: 8-K · Filed: Aug 30, 2024 · CIK: 926282
Sentiment: neutral
Topics: executive-appointment, compensation, cfo
Related Tickers: ADTN
TL;DR
ADTRAN just hired a new CFO, Michael Brady, and gave him a boatload of stock.
AI Summary
ADTRAN Holdings, Inc. announced on August 27, 2024, the appointment of Michael Brady as Chief Financial Officer, effective September 3, 2024. Brady will receive an annual base salary of $425,000 and will be eligible for a discretionary annual bonus. He will also be granted 150,000 restricted stock units vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence. The stock grants indicate a long-term incentive for the new executive.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategy and performance.
Key Numbers
- $425,000 — CFO Annual Salary (Base compensation for Michael Brady.)
- 150,000 — Stock Grants (Restricted stock units awarded to the new CFO.)
Key Players & Entities
- ADTRAN Holdings, Inc. (company) — The company filing the report.
- Michael Brady (person) — Newly appointed Chief Financial Officer.
- $425,000 (dollar_amount) — Annual base salary for the new CFO.
- 150,000 (dollar_amount) — Number of restricted stock units granted to the new CFO.
- August 27, 2024 (date) — Date of the earliest event reported.
- September 3, 2024 (date) — Effective date for the new CFO's appointment.
FAQ
Who is the new Chief Financial Officer of ADTRAN Holdings, Inc.?
Michael Brady has been appointed as the new Chief Financial Officer of ADTRAN Holdings, Inc.
When does Michael Brady's appointment as CFO become effective?
Michael Brady's appointment as CFO is effective September 3, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Michael Brady is $425,000.
What stock-based compensation is the new CFO receiving?
Michael Brady will be granted 150,000 restricted stock units, which will vest over a three-year period.
What other compensation is the new CFO eligible for?
Michael Brady will be eligible for a discretionary annual bonus.
Filing Stats: 1,319 words · 5 min read · ~4 pages · Grade level 14.4 · Accepted 2024-08-30 16:00:10
Key Financial Figures
- $0.01 — ch registered Common Stock, Par Value $0.01 per share ADTN Nasdaq Global Select
- $76,875 — eductions, which amounted to a total of $76,875 for Mr. Dopfer ($17,083 during the last
- $17,083 — d to a total of $76,875 for Mr. Dopfer ($17,083 during the last two months of 2023, plu
- $59,792 — uring the last two months of 2023, plus $59,792 during the first seven months of 2024)
- $427,083 — ner receiving a total salary in 2024 of $427,083 and 350,625, respectively. The portion
- $410,000 — base salaries consequently reverting to $410,000 for Mr. Dopfer and 337,000 for Mr. Glin
Filing Documents
- adtn-20240827.htm (8-K) — 45KB
- adtn-ex10_1.htm (EX-10.1) — 100KB
- adtn-ex10_2.htm (EX-10.2) — 98KB
- 0000950170-24-102309.txt ( ) — 380KB
- adtn-20240827.xsd (EX-101.SCH) — 24KB
- adtn-20240827_htm.xml (XML) — 5KB
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. Exhibit Number Description 10.1 Nineteenth Amendment to Employment Agreement, dated August 27, 2024, by and between Adtran Networks SE and Christoph Glingener 10.2 Tenth Amendment Employment Agreement, dated August 27, 2024, by and between Adtran Networks SE and Ulrich Dopfer 104 Cover Page Interactive Data File – the cover page iXBRL tags are embedded within the Inline XBRL document
SIGNATURES
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. ADTRAN Holdings, Inc. Date: August 30, 2024 By: /s/ Ulrich Dopfer Ulrich Dopfer Chief Financial Officer