Cerence Inc. Announces Director Changes and CEO Compensation
Ticker: CRNC · Form: 8-K · Filed: 2024-12-03T00:00:00.000Z
Sentiment: neutral
Topics: management-change, executive-compensation, board-of-directors
TL;DR
Cerence board shakeup: Geringer out, Dery in. CEO Seel gets $500k base + bonus.
AI Summary
On November 29, 2024, Cerence Inc. filed an 8-K report detailing the departure of Director Steven J. Geringer and the appointment of new director David M. Dery. The company also announced a new compensatory arrangement for its Chief Executive Officer, Thomas Seel, which includes a base salary of $500,000 and potential performance-based bonuses.
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 — Director departures and changes in executive compensation can introduce uncertainty regarding leadership stability and strategic direction.
Key Numbers
- $500,000 — CEO Base Salary (New annual base salary for CEO Thomas Seel.)
- 2024-11-29 — Report Date (Date of the earliest event reported in the 8-K filing.)
Key Players & Entities
- Cerence Inc. (company) — Registrant
- Steven J. Geringer (person) — Departing Director
- David M. Dery (person) — Appointed Director
- Thomas Seel (person) — Chief Executive Officer
- $500,000 (dollar_amount) — CEO Base Salary
FAQ
Why did Steven J. Geringer depart from the Board of Directors?
The filing does not specify the reason for Steven J. Geringer's departure, only that it occurred.
What is the effective date of David M. Dery's appointment as a director?
The filing indicates the appointment of David M. Dery as a director, but the specific effective date is not explicitly stated in the provided text.
What are the details of the compensatory arrangement for Thomas Seel?
Thomas Seel's compensatory arrangement includes a base salary of $500,000 and potential performance-based bonuses.
What is Cerence Inc.'s primary business as indicated by its SIC code?
Cerence Inc.'s Standard Industrial Classification (SIC) code is 7372, which corresponds to SERVICES-PREPACKAGED SOFTWARE.
When was Cerence Inc. incorporated?
Cerence Inc. was incorporated in Delaware.
Filing Stats: 1,959 words · 8 min read · ~7 pages · Grade level 12.8 · Accepted 2024-12-03 16:55:00
Key Financial Figures
- $0.01 — nge on which registered Common stock, $0.01 par value CRNC The NASDAQ Stock Mar
- $475,000 — z will receive an annual base salary of $475,000. In addition, Mr. Rodriquez will be eli
Filing Documents
- d916053d8k.htm (8-K) — 38KB
- d916053dex101.htm (EX-10.1) — 18KB
- d916053dex102.htm (EX-10.2) — 55KB
- d916053dex103.htm (EX-10.3) — 4KB
- d916053dex991.htm (EX-99.1) — 12KB
- g916053dsp16.jpg (GRAPHIC) — 9KB
- g916053g1203094256311.jpg (GRAPHIC) — 1KB
- g916053g1203094256507.jpg (GRAPHIC) — 2KB
- 0001193125-24-269993.txt ( ) — 298KB
- crnc-20241129.xsd (EX-101.SCH) — 3KB
- crnc-20241129_lab.xml (EX-101.LAB) — 18KB
- crnc-20241129_pre.xml (EX-101.PRE) — 11KB
- d916053d8k_htm.xml (XML) — 4KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Offer Letter by and between the Company and Antonio Rodriquez, dated November 29, 2024 10.2 Change of Control and Severance Agreement by and between the Company and Antonio Rodriquez, dated December 2, 2024 10.3 Amendment No. 2 to Cerence Inc. 2024 Inducement Plan 99.1 Press Release issued by Cerence Inc. on December 3, 2024 (furnished herewith) 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 thereunto duly authorized. Cerence Inc. Date: December 3, 2024 By: /s/ Brian Krzanich Name: Brian Krzanich Title: Chief Executive Officer