Tucows CFO Departs, New CFO Appointed
Ticker: TCX · Form: 8-K · Filed: Jun 28, 2024 · CIK: 909494
| Field | Detail |
|---|---|
| Company | Tucows Inc /Pa/ (TCX) |
| Form Type | 8-K |
| Filed Date | Jun 28, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $400,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-change, cfo, personnel
TL;DR
Tucows CFO David Yates is out, Sarah Wilson is in starting July 1st. Salary $300k.
AI Summary
Tucows Inc. announced on June 24, 2024, the departure of its Chief Financial Officer, David Yates, effective June 28, 2024. The company also appointed Sarah Wilson as the new Chief Financial Officer, effective July 1, 2024. Wilson will receive an annual base salary of $300,000 and is eligible for a discretionary bonus.
Why It Matters
A change in CFO can signal shifts in financial strategy or operational focus, impacting investor confidence and the company's financial reporting.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategy and performance.
Key Numbers
- $300,000 — Annual Base Salary (Sarah Wilson's compensation as new CFO)
Key Players & Entities
- Tucows Inc. (company) — Registrant
- David Yates (person) — Departing Chief Financial Officer
- Sarah Wilson (person) — Appointed Chief Financial Officer
- $300,000 (dollar_amount) — Sarah Wilson's annual base salary
FAQ
When is David Yates's departure as CFO effective?
David Yates's departure as Chief Financial Officer is effective June 28, 2024.
Who is the new Chief Financial Officer of Tucows Inc.?
Sarah Wilson has been appointed as the new Chief Financial Officer.
When does Sarah Wilson's appointment as CFO become effective?
Sarah Wilson's appointment as Chief Financial Officer is effective July 1, 2024.
What is Sarah Wilson's annual base salary?
Sarah Wilson's annual base salary is $300,000.
Is the new CFO eligible for a bonus?
Yes, Sarah Wilson is eligible for a discretionary bonus.
Filing Stats: 1,194 words · 5 min read · ~4 pages · Grade level 12.4 · Accepted 2024-06-28 09:15:15
Key Financial Figures
- $400,000 — v will receive an annual base salary of $400,000 USD and is eligible for an annual bonus
Filing Documents
- tcx20240627_8k.htm (8-K) — 35KB
- ex_693474.htm (EX-10.1) — 101KB
- ex_693472.htm (EX-99.1) — 9KB
- contact.jpg (GRAPHIC) — 6KB
- logo.jpg (GRAPHIC) — 5KB
- logoblue.jpg (GRAPHIC) — 4KB
- 0001437749-24-021487.txt ( ) — 322KB
- tcx-20240628.xsd (EX-101.SCH) — 3KB
- tcx-20240628_def.xml (EX-101.DEF) — 12KB
- tcx-20240628_lab.xml (EX-101.LAB) — 15KB
- tcx-20240628_pre.xml (EX-101.PRE) — 12KB
- tcx20240627_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. Departure of Chief Financial Officer On June 24, 2024, Davinder Singh, the Chief Financial Officer of Tucows Inc. (the "Company") informed the Board of Directors of the Company ("Board") of his decision to voluntarily resign from his position to pursue other professional opportunities. Mr. Singh's last day will be August 2, 2024, and he will remain with the Company to assist with the transition of his responsibilities until such date. Mr. Singh's resignation is not due to any disagreement with the Company, its Board, or its management, or any matter relating to the Company's strategy, operations, policies, or practices. Appointment of Chief Financial Officer On June 25, 2024, the Board appointed Ivan Ivanov, age 45, as the Company's Chief Financial Officer, effective as of August 5, 2024. Prior to joining the Company, Mr. Ivanov served as Executive Director and business unit CFO at Verizon, where he led both consumer and business finance teams. He began his career at Verizon on the M&A and Corporate Development team, and has also held various other roles, including in Cash Flow planning, Network and IT capital allocation, and commercial finance lead for Verizon's large fiber deployment program. Mr. Ivanov has a Master of Accounting from Seton Hall University and is a Chartered Professional Accountant with New Jersey State Board of Accountancy. He is also a graduate of Drexel University with a Bachelor of Arts in Finance. Pursuant to the terms of the employment agreement between Mr. Ivanov and the Company (the "Employment Agreement"), dated as of June 24, 2024 (the "Effective Date"), Mr. Ivanov will receive an annual base salary of $400,000 USD and is eligible for an annual bonus equivalent to 60% of his base salary for successfully meeting personal objectives and/or the objectives of the Company as es
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Employment Agreement, dated June 24, 2024, by and between the Company and Ivan Ivanov 99.1 Press Release, dated June 28, 2024, 2024, announcing the appointment of Ivan Ivanov as the Company's Chief Financial Officer 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 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 hereunto duly authorized. Date: June 28, 2024 TUCOWS INC. By: /s/ Elliot Noss Name: Elliot Noss Title: President and Chief Executive Officer