Cyanotech Appoints Founder Dr. Cysewski as CEO
Ticker: CYAND · Form: 8-K · Filed: Aug 23, 2024 · CIK: 768408
| Field | Detail |
|---|---|
| Company | Cyanotech Corp (CYAND) |
| Form Type | 8-K |
| Filed Date | Aug 23, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $195,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, board-changes, governance
TL;DR
Cyanotech founder Dr. Cysewski is now CEO, effective immediately. Board changes also announced.
AI Summary
On August 22, 2024, Cyanotech Corporation announced the appointment of Dr. Gerald R. Cysewski as Chief Executive Officer, effective immediately. Dr. Cysewski, who has been with the company since 1984 and previously served as its Chief Scientific Officer, will also continue in his role as Chairman of the Board. The company also reported on the election of new directors and other corporate governance matters.
Why It Matters
The appointment of a long-standing founder and executive to the CEO role can signal stability and a continued focus on the company's core mission and scientific expertise.
Risk Assessment
Risk Level: low — This filing primarily concerns executive appointments and board changes, which are routine corporate governance events.
Key Players & Entities
- Cyanotech Corporation (company) — Registrant
- Dr. Gerald R. Cysewski (person) — Appointed CEO and continues as Chairman
- August 22, 2024 (date) — Effective date of appointment
- 1984 (date) — Year Dr. Cysewski joined the company
FAQ
Who has been appointed as the new Chief Executive Officer of Cyanotech Corporation?
Dr. Gerald R. Cysewski has been appointed as the new Chief Executive Officer of Cyanotech Corporation.
When is the appointment of Dr. Gerald R. Cysewski as CEO effective?
The appointment of Dr. Gerald R. Cysewski as CEO is effective immediately, as of August 22, 2024.
What other role does Dr. Gerald R. Cysewski hold at Cyanotech Corporation?
Dr. Gerald R. Cysewski will continue in his role as Chairman of the Board.
How long has Dr. Gerald R. Cysewski been associated with Cyanotech Corporation?
Dr. Gerald R. Cysewski has been with Cyanotech Corporation since 1984.
What other items are reported in this 8-K filing besides the CEO appointment?
This 8-K filing also reports on the election of directors, appointment of certain officers, and submission of matters to a vote of security holders.
Filing Stats: 1,008 words · 4 min read · ~3 pages · Grade level 11.1 · Accepted 2024-08-23 14:18:44
Key Financial Figures
- $195,000 — n will receive an annual base salary of $195,000 and will be eligible to receive a fisca
Filing Documents
- cyan20240823_8k.htm (8-K) — 37KB
- 0001437749-24-027650.txt ( ) — 157KB
- cyan-20240822.xsd (EX-101.SCH) — 3KB
- cyan-20240822_def.xml (EX-101.DEF) — 10KB
- cyan-20240822_lab.xml (EX-101.LAB) — 14KB
- cyan-20240822_pre.xml (EX-101.PRE) — 10KB
- cyan20240823_8k_htm.xml (XML) — 3KB
07 Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders. On August 22, 2024, the Company held its 2024 Annual Meeting of the Stockholders (the "Annual Meeting"). The Stockholders elected the four nominees to the Board of Directors (the "Board") named in the proxy statement, approved the 2024 Independent Director Stock Option and Restricted Stock Grant Plan and ratified the selection of Grant Thornton LLP as the Company's independent registered public accounting firm for the fiscal year ending March 31, 2025. The final results for the votes regarding each item or proposal are set forth below. The proposals are described in detail in the Company's proxy statement filed with the Securities and Exchange Commission on July 11, 2024. 1. To elect four directors among the nominees named in the proxy statement. Name Votes For Votes Withheld Broker Non-Votes Matthew K. Custer 3,414,063 123,988 1,432,707 Michael A. Davis 3,405,892 132,159 1,432,707 David M. Mulder 3,432,738 105,313 1,432,707 David L. Vied 3,407,713 130,338 1,432,707 2. To approve the 2024 Independent Director Stock Option and Restricted Stock Grant Plan. Votes For Votes Against Abstentions Broker Non-Votes 3,327,289 201,181 9,581 1,432,707 3. To ratify the selection of Grant Thornton LLP as the Company's independent registered public accounting firm for the fiscal year ending March 31, 2025. Votes For Votes Against Abstentions Broker Non-Votes 4,736,517 152,983 81,258 -
01 Other Events
Item 8.01 Other Events. On August 22, 2024, the Company held the Annual Organization Meeting (the "Organizational Meeting") of the Board. During the Organizational Meeting, it was resolved that Michael A. Davis, appointed Chairman of the Board, David M. Mulder and David L. Vied were all determined to be independent directors under Section 1.1(9) of the OTCQB Listing Rules. Also resolved was the appointment of committee members to the Board concurrent with their terms as directors, or until their earlier resignation or removal from such committee. Audit Committee Nominating and Corporate Governance Committee Compensation Committee David M. Mulder (Chair) Michael A. Davis (Chair) David L. Vied (Chair) David L. Vied David L. Vied Michael A. Davis
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. CYANOTECH CORPORATION Dated: August 23, 2024 /s/ Felicia Ladin By: Felicia Ladin Chief Financial Officer, Vice President – Finance & Administration, and Treasurer (Principal Financial Officer)