SMART Global Holdings Appoints New CFO, Offers $1M in RSUs
Ticker: PENG · Form: 8-K · Filed: Jun 26, 2024 · CIK: 1616533
| Field | Detail |
|---|---|
| Company | Smart Global Holdings, Inc. (PENG) |
| Form Type | 8-K |
| Filed Date | Jun 26, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $0.03, $500,000, $180,000, $1,300,000 b |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, compensation, cfo
TL;DR
SMART Global Holdings names new CFO, Michael J. Smith, starting July 1st with $425K salary + $1M RSU grant.
AI Summary
SMART Global Holdings, Inc. announced on June 26, 2024, the appointment of Mr. Michael J. Smith as Chief Financial Officer, effective July 1, 2024. Mr. Smith will receive an annual base salary of $425,000 and will be eligible for a discretionary annual bonus. He will also receive a grant of restricted stock units (RSUs) valued at $1,000,000, vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that could signal a new strategic direction or financial management approach for the company.
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 Base Salary (Annual compensation for Michael J. Smith.)
- $1,000,000 — CFO RSU Grant (Value of stock units granted to Michael J. Smith, vesting over three years.)
Key Players & Entities
- SMART Global Holdings, Inc. (company) — Registrant
- Michael J. Smith (person) — Appointed Chief Financial Officer
- $425,000 (dollar_amount) — Annual base salary for new CFO
- $1,000,000 (dollar_amount) — Value of restricted stock units granted to new CFO
- July 1, 2024 (date) — Effective date for new CFO
- June 26, 2024 (date) — Date of report
FAQ
Who has been appointed as the new Chief Financial Officer of SMART Global Holdings, Inc.?
Mr. Michael J. Smith has been appointed as the new Chief Financial Officer.
When is Michael J. Smith's appointment as CFO effective?
The appointment is effective July 1, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Michael J. Smith is $425,000.
What is the value of the restricted stock units granted to the new CFO?
The new CFO, Michael J. Smith, will receive a grant of restricted stock units valued at $1,000,000.
How will the restricted stock units granted to the new CFO vest?
The restricted stock units will vest over three years.
Filing Stats: 1,549 words · 6 min read · ~5 pages · Grade level 12.1 · Accepted 2024-06-26 09:11:23
Key Financial Figures
- $0.03 — e on which registered Ordinary shares, $0.03 par value per share SGH Nasdaq Global S
- $500,000 — . Olmstead an annualized base salary of $500,000 per year. Mr. Olmstead will also receiv
- $180,000 — year. Mr. Olmstead will also receive a $180,000 sign-on bonus, which is subject to imme
- $1,300,000 b — share units with an aggregate value of $1,300,000 based on the 30-trading-day average closi
Filing Documents
- sgh-20240626.htm (8-K) — 30KB
- sghq3-24form8xkcfoxex991.htm (EX-99.1) — 12KB
- image_0.jpg (GRAPHIC) — 20KB
- sgh-20240626_g1.jpg (GRAPHIC) — 5KB
- 0001628280-24-029986.txt ( ) — 225KB
- sgh-20240626.xsd (EX-101.SCH) — 2KB
- sgh-20240626_def.xml (EX-101.DEF) — 3KB
- sgh-20240626_lab.xml (EX-101.LAB) — 24KB
- sgh-20240626_pre.xml (EX-101.PRE) — 14KB
- sgh-20240626_htm.xml (XML) — 3KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. A copy of the Company's press release announcing the appointment of Mr. Olmstead as CFO is attached hereto as Exhibit 99.1. The information furnished pursuant to Item 7.01 of this Form 8-K, including the information contained in Exhibit 99.1 of this Form 8-K, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press release dated June 26, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 3
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: June 26, 2024 SMART Global Holdings, Inc. By: /s/ Anne Kuykendall Anne Kuykendall Senior Vice President and Chief Legal Officer 4