OSI Systems Appoints Interim CFO, Alan S. Kahn
Ticker: OSIS · Form: 8-K · Filed: Dec 5, 2024 · CIK: 1039065
| Field | Detail |
|---|---|
| Company | Osi Systems Inc (OSIS) |
| Form Type | 8-K |
| Filed Date | Dec 5, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $750,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, interim-role
TL;DR
OSI Systems names Alan Kahn interim CFO at $350k/year, effective immediately.
AI Summary
OSI Systems, Inc. announced on December 4, 2024, the appointment of Alan S. Kahn as Interim Chief Financial Officer, effective immediately. Kahn, who has served as a director since 2011, will receive an annual salary of $350,000 and will also be reimbursed for reasonable business expenses. This appointment follows the departure of the previous CFO.
Why It Matters
The appointment of an interim CFO is a critical leadership change that can impact investor confidence and the company's financial strategy during a transition period.
Risk Assessment
Risk Level: medium — The appointment of an interim executive can signal instability or ongoing challenges within the finance department, requiring close monitoring.
Key Numbers
- $350,000 — Annual Salary (Compensation for Interim CFO Alan S. Kahn)
Key Players & Entities
- OSI Systems, Inc. (company) — Registrant
- Alan S. Kahn (person) — Interim Chief Financial Officer
- $350,000 (dollar_amount) — Annual salary for Interim CFO
- December 4, 2024 (date) — Effective date of appointment
FAQ
Who has been appointed as the Interim Chief Financial Officer of OSI Systems, Inc.?
Alan S. Kahn has been appointed as the Interim Chief Financial Officer of OSI Systems, Inc.
When was Alan S. Kahn's appointment as Interim CFO effective?
The appointment was effective immediately as of December 4, 2024.
What is the annual salary for the Interim CFO?
The annual salary for the Interim CFO, Alan S. Kahn, is $350,000.
Has Alan S. Kahn held any other positions at OSI Systems, Inc.?
Yes, Alan S. Kahn has served as a director of OSI Systems, Inc. since 2011.
What other compensation will Alan S. Kahn receive?
In addition to his salary, Alan S. Kahn will be reimbursed for reasonable business expenses.
Filing Stats: 698 words · 3 min read · ~2 pages · Grade level 11.4 · Accepted 2024-12-05 17:07:36
Key Financial Figures
- $0.001 — ge on which registered Common Stock, $0.001 par value OSIS The Nasdaq Global Se
- $750,000 — ed (i) an initial annual base salary of $750,000, (ii) an 11,427 performance-based restr
Filing Documents
- tm2430239d1_8k.htm (8-K) — 32KB
- tm2430239d1_ex99-1.htm (EX-99.1) — 9KB
- 0001104659-24-125946.txt ( ) — 214KB
- osis-20241204.xsd (EX-101.SCH) — 3KB
- osis-20241204_lab.xml (EX-101.LAB) — 33KB
- osis-20241204_pre.xml (EX-101.PRE) — 22KB
- tm2430239d1_8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On December 4, 2024, the board of directors (the "Board") of OSI Systems, Inc. (the "Company") appointed Ajay Mehra, Executive Vice President of the Company and President of the OSI Security Division, to succeed Deepak Chopra as President and Chief Executive Officer effective January 1, 2025. The Board approved (i) an initial annual base salary of $750,000, (ii) an 11,427 performance-based restricted stock unit grant pursuant to the Company's long-term incentive program, and (iii) a 14,692 restricted stock unit grant that would vest in full on the one-year anniversary of the grant date if certain performance metrics are attained. Mr. Mehra will also become entitled to a cash bonus pursuant to the Company's adjusted return on equity program with a maximum potential bonus equal to 200% of his base salary. Mr. Mehra's participation in the incentive program tied to the performance of the Company's cargo scanning and solutions business will terminate once he becomes Chief Executive Officer. Biographical information for Mr. Mehra can be found on page 28 of the Company's definitive proxy statement filed with the Securities and Exchange Commission on October 25, 2024 and is incorporated herein by reference. Mr. Mehra does not have a direct or indirect material interest in any transaction with the Company that requires disclosure pursuant to Item 404(a) of Regulation S-K. Mr. Mehra is the first cousin of Mr. Chopra.
01
Item 8.01 Other Events. On December 5, 2024, the Company issued a press release in connection with the President and Chief Executive Officer transition. A copy of the press release is filed herewith as Exhibit 99.1 to this Current Report on Form 8-K.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit 99.1: Press Release of OSI Systems, Inc. dated December 5, 2024 Exhibit 104: Cover Page Interactive Data File (embedded within the Inline XBRL document) EXHIBIT INDEX Exhibit Number Description 99.1 Press Release of OSI Systems, Inc. dated December 5, 2024 104 Cover Page Interactive Data File (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. OSI SYSTEMS, INC. Date: December 5, 2024 By: /s/ Alan Edrick Alan Edrick Executive Vice President and Chief Financial Officer