FTC Solar Appoints New CFO, Elizabeth Riley
Ticker: FTCI · Form: 8-K · Filed: Jul 23, 2024 · CIK: 1828161
Sentiment: neutral
Topics: executive-appointment, cfo, leadership-change
Related Tickers: FTCI
TL;DR
FTCI names Elizabeth Riley as new CFO, replacing Steven Kelly.
AI Summary
FTC Solar, Inc. announced on July 23, 2024, the appointment of Elizabeth R. L. Riley as its new Chief Financial Officer, effective immediately. Riley previously served as the company's Interim CFO and brings extensive financial leadership experience to the role. The company also reported on the departure of its previous CFO, Steven R. Kelly.
Why It Matters
The appointment of a permanent CFO is a significant leadership change that can impact investor confidence and the company's financial strategy and execution.
Risk Assessment
Risk Level: medium — Changes in key executive positions, especially the CFO, can introduce uncertainty regarding future financial strategy and performance.
Key Players & Entities
- FTC Solar, Inc. (company) — Registrant
- Elizabeth R. L. Riley (person) — Appointed Chief Financial Officer
- Steven R. Kelly (person) — Departing Chief Financial Officer
- July 23, 2024 (date) — Effective date of appointment and report
FAQ
Who has been appointed as the new Chief Financial Officer of FTC Solar, Inc.?
Elizabeth R. L. Riley has been appointed as the new Chief Financial Officer of FTC Solar, Inc.
When was the appointment of the new CFO effective?
The appointment of Elizabeth R. L. Riley as CFO was effective on July 23, 2024.
Who previously held the position of CFO at FTC Solar, Inc.?
Steven R. Kelly previously held the position of CFO at FTC Solar, Inc.
What was Elizabeth R. L. Riley's role prior to becoming CFO?
Prior to becoming CFO, Elizabeth R. L. Riley served as the company's Interim CFO.
What is the principal executive office address for FTC Solar, Inc.?
The principal executive office address for FTC Solar, Inc. is 9020 N Capital of Texas Hwy, Suite I-260, Austin, Texas 78759.
Filing Stats: 1,725 words · 7 min read · ~6 pages · Grade level 11.6 · Accepted 2024-07-23 16:12:39
Key Financial Figures
- $0.0001 — nge on which registered Common Stock, $0.0001 par value FTCI The NASDAQ Stock Mar
- $650,000 — t will receive an annual base salary of $650,000, and his annual target incentive award
- $825,000 — will receive a sign-on cash payment of $825,000 payable following the Effective Date (t
- $275,000 — will receive a one-time cash payment of $275,000 on each of October 1, 2024, October 1,
- $5 — s are allocated to the achievement of a $5 Price Hurdle (as defined in the Employm
- $8 — are allocated to the achievement of an $8 Price Hurdle; and (iii) 40% of the Shar
- $10 — s are allocated to the achievement of a $10 Price Hurdle. The Share Target RSUs wil
- $3,000,000 — pensation opportunity shall be at least $3,000,000, which shall be awarded in a mix of per
Filing Documents
- ftci-20240723.htm (8-K) — 58KB
- ftci-ex10_1.htm (EX-10.1) — 312KB
- ftci-ex99_1.htm (EX-99.1) — 14KB
- img83930929_0.jpg (GRAPHIC) — 14KB
- img165622512_0.jpg (GRAPHIC) — 6KB
- img165622512_1.jpg (GRAPHIC) — 40KB
- 0000950170-24-085635.txt ( ) — 638KB
- ftci-20240723.xsd (EX-101.SCH) — 32KB
- ftci-20240723_htm.xml (XML) — 5KB
01 Other Events
Item 8.01 Other Events. On July 23, 2024, the Company issued a press release announcing the appointment of Mr. Brandt as President, Chief Executive Officer and as a director, all effective as of the Effective Date, as well as the execution of the Employment Agreement. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated into this Item 8.01 by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Employment Agreement, dated July 17, 2024, between the Company and Yann Brandt 99.1 Press Release issued by FTC Solar, Inc., July 23, 2024 SIGNATURE 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 thereunto duly authorized. FTC SOLAR, INC. Date: July 23, 2024 By: /s/ Cathy Behnen Cathy Behnen, Chief Financial Officer