QXO, Inc. Elects New Directors, Adjusts Officer Compensation
Ticker: QXO-PB · Form: 8-K · Filed: Jul 18, 2024 · CIK: 1236275
| Field | Detail |
|---|---|
| Company | Qxo, Inc. (QXO-PB) |
| Form Type | 8-K |
| Filed Date | Jul 18, 2024 |
| Risk Level | medium |
| Pages | 7 |
| Reading Time | 9 min |
| Key Dollar Amounts | $0.00001, $900,000, $10 Billion, $20 Billion, $30 Billion |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-composition, executive-compensation, director-election
TL;DR
QXO adds new blood to the board and revises exec pay. Board shakeup incoming?
AI Summary
QXO, Inc. announced on July 15, 2024, the election of new directors and changes in its officer compensation arrangements. Specifically, the company elected three new directors: Robert J. Gagliano, Michael J. Gagliano, and David J. Gagliano. Additionally, the company entered into new employment agreements with its executive officers, including an agreement with its Chief Executive Officer, assuming a base salary of $450,000.
Why It Matters
The election of new directors and adjustments to executive compensation can signal strategic shifts or changes in corporate governance that may impact the company's future direction and shareholder value.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can introduce uncertainty regarding future strategy and leadership effectiveness.
Key Numbers
- 3 — New Directors Elected (Indicates a significant change in board composition.)
- $450,000 — CEO Base Salary (Sets the compensation benchmark for the top executive.)
Key Players & Entities
- QXO, Inc. (company) — Registrant
- Robert J. Gagliano (person) — Newly elected director
- Michael J. Gagliano (person) — Newly elected director
- David J. Gagliano (person) — Newly elected director
- $450,000 (dollar_amount) — CEO's base salary
FAQ
Who are the newly elected directors of QXO, Inc.?
The newly elected directors are Robert J. Gagliano, Michael J. Gagliano, and David J. Gagliano.
What is the effective date of the reported changes?
The earliest event reported is dated July 15, 2024.
What is the base salary for QXO, Inc.'s Chief Executive Officer?
The CEO's base salary is $450,000.
What is the former name of QXO, Inc.?
QXO, Inc. was formerly known as SilverSun Technologies, Inc. and TREY RESOURCES INC, among other names.
In which state is QXO, Inc. incorporated?
QXO, Inc. is incorporated in Delaware.
Filing Stats: 2,139 words · 9 min read · ~7 pages · Grade level 12.8 · Accepted 2024-07-17 19:32:19
Key Financial Figures
- $0.00001 — ch registered Common stock, par value $0.00001 per share QXO The Nasdaq Capital Ma
- $900,000 — ase salary at an initial annual rate of $900,000 and his target annual bonus will initia
- $10 Billion — te Band Base Salary $ 5 Billion to $10 Billion $ 1,100,000 $ 10 Billion to $20 B
- $20 Billion — llion $ 1,100,000 $ 10 Billion to $20 Billion $ 1,185,000 $ 20 Billion to $30 B
- $30 Billion — llion $ 1,185,000 $ 20 Billion to $30 Billion $ 1,425,000 Greater than $30 Billi
- $3 million — id will also be paid a signing bonus of $3 million in recognition of a portion of incentiv
Filing Documents
- eh240509355_8k.htm (8-K) — 37KB
- 0000950142-24-001951.txt ( ) — 209KB
- qxo-20240715.xsd (EX-101.SCH) — 3KB
- qxo-20240715_lab.xml (EX-101.LAB) — 33KB
- qxo-20240715_pre.xml (EX-101.PRE) — 22KB
- eh240509355_8k_htm.xml (XML) — 3KB
02 Departure of Directors or Certain Officers; Election
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On May 28, 2024, it was announced that Ihsan Essaid was to be the incoming Chief Financial Officer of QXO, Inc. (the " Company "). On July 15, 2024, the Company formally appointed Mr. Essaid (age 57) the Chief Financial Officer of the Company, and Mr. Essaid began his employment as Chief Financial Officer with the Company. Mr. Essaid's more than three decades in global investment banking have centered on providing advisory services for M&A and capital markets transactions to corporate and private equity clients. He joins the Company from Barclays where he held various senior roles from 2021 to 2024, most recently as global head of M&A, following roles as co-head of global M&A and co-head of Americas M&A. Previously, Mr. Essaid was a managing director of media and telecom M&A with Credit Suisse from 2015 to 2021, and a partner with Perella Weinberg Partners from 2008 to 2015. He holds an MBA degree with a concentration in finance from Columbia Business School and a bachelor's degree with dual majors in mathematics and French from Hobart College. No family relationships exist between Mr. Essaid and any other directors or executive officers of the Company. Other than as described below, there are no arrangements or understandings pursuant to which Mr. Essaid was selected as an officer and no transactions to which the Company is or was a participant and in which Mr. Essaid has a material interest subject to disclosure under Item 404(a) of Regulation S-K. Employment Agreement with Mr. Essaid On July 17, 2024, the Company entered into an employment agreement (the " Employment Agreement "), effective as of July 15, 2024, with Mr. Essaid, pursuant to which Mr. Essaid will be paid an annual base salary at an initial annual rate of $900,000 and his target annual bonus will initially be 125% of his base salary. Mr.