Grid Dynamics Announces Board Changes and Executive Compensation Updates
Ticker: GDYN · Form: 8-K · Filed: 2024-10-24T00:00:00.000Z
Sentiment: neutral
Topics: board-changes, executive-compensation, director-appointment, director-departure
Related Tickers: GDYN
TL;DR
GDYN board shakeup: La Blanc out, Hearn & Dorman in. New exec comp details filed.
AI Summary
On October 24, 2024, Grid Dynamics Holdings, Inc. filed an 8-K to report changes in its board of directors and executive compensation. Specifically, the company announced the departure of director Robert M. La Blanc and the appointment of new directors, including John P. Hearn and David M. Dorman. The filing also details compensatory arrangements for certain officers.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Board and executive changes can introduce uncertainty regarding future strategy and leadership stability.
Key Players & Entities
- Grid Dynamics Holdings, Inc. (company) — Registrant
- Robert M. La Blanc (person) — Departing Director
- John P. Hearn (person) — Appointed Director
- David M. Dorman (person) — Appointed Director
- October 24, 2024 (date) — Date of Report
FAQ
Who has departed from Grid Dynamics' board of directors?
Robert M. La Blanc has departed from the board of directors.
Who are the newly appointed directors at Grid Dynamics?
John P. Hearn and David M. Dorman have been appointed as new directors.
What is the exact date of this 8-K filing?
The filing date is October 24, 2024.
What specific items are being reported in this 8-K filing?
The filing reports the departure of directors, election of directors, appointment of officers, and compensatory arrangements of certain officers.
What is the principal executive office address for Grid Dynamics?
The principal executive office is located at 5000 Executive Parkway, Suite 520, San Ramon, CA 94583.
From the Filing
0000899140-24-001109.txt : 20241024 0000899140-24-001109.hdr.sgml : 20241024 20241024161545 ACCESSION NUMBER: 0000899140-24-001109 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20241024 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20241024 DATE AS OF CHANGE: 20241024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRID DYNAMICS HOLDINGS, INC. CENTRAL INDEX KEY: 0001743725 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] ORGANIZATION NAME: 06 Technology IRS NUMBER: 830632724 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38685 FILM NUMBER: 241392843 BUSINESS ADDRESS: STREET 1: 7660 FAY AVENUE STREET 2: SUITE H, UNIT 339 CITY: LA JOLLA STATE: CA ZIP: 92037 BUSINESS PHONE: (619) 736-6855 MAIL ADDRESS: STREET 1: 7660 FAY AVENUE STREET 2: SUITE H, UNIT 339 CITY: LA JOLLA STATE: CA ZIP: 92037 FORMER COMPANY: FORMER CONFORMED NAME: ChaSerg Technology Acquisition Corp DATE OF NAME CHANGE: 20180615 8-K 1 g80372901.htm FORM 8K     UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   FORM 8-K   CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934   Date of Report (Date of earliest event reported): October 24, 2024   GRID DYNAMICS HOLDINGS, INC. (Exact name of registrant as specified in its charter)   Delaware   001-38685   83-0632724 (State or other jurisdiction of incorporation)   (Commission File Number)   (I.R.S. Employer Identification No.)   5000 Executive Parkway, Suite 520  San Ramon, CA 94583 (Address of principal executive offices)   Registrant’s telephone number, including area code: (650) 523-5000   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:     ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)     ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)     ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))     ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock, par value $0.0001 per share   GDYN   The NASDAQ Stock Market LLC   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.   Emerging growth company ☐   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐       Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers   On October 21, 2024, the Company's Compensation Committee (the “Committee”) approved an increase in the base salary of Mr. Anil Doradla, the Company's Chief Financial Officer, from $310,000 to $350,000 per annum, effective as of October 1, 2024.  The Committee also approved an increase in Mr. Doradla’s annual target performance bonus opportunity from $165,000 to $175,000.       SIGNATURE   Pursuant to the requirements of the Securities Exchange Act of