Business Context and Reporting Period
This Form 8-K Current Report was filed by iRhythm Technologies, Inc. on July 25, 2022. The filing discloses significant changes to the company's executive leadership team, specifically the appointment of a new Chief Financial Officer and an Executive Vice President of Human Resources.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation arrangements and personnel changes.
Material Changes
- Appointment of CFO: Brice Bobzien was appointed as Chief Financial Officer, effective August 8, 2022.
- Departure of CFO: Douglas Devine resigned as Chief Financial Officer effective August 8, 2022, but will remain as Chief Operating Officer.
- Appointment of CHRO: Reyna Fernandez was appointed as Executive Vice President, Chief Human Resources Officer, effective July 25, 2022.
Management Commentary and Compensation Details
The Board of Directors approved the following compensation package for the new CFO, Brice Bobzien:
- Base Salary: $400,000 annually.
- Cash Bonus: Target amount equal to 60% of base salary based on agreed goals.
- Restricted Stock Units (RSUs): Grant date fair value of $900,000, vesting annually over four years.
- Performance Stock Units (PSUs): Grant date fair value of $900,000, vesting based on company performance metrics.
- Severance: Eligible for benefits under the Executive Change in Control and Severance Policy (Tier 2 standard).
Investor Verification Checklist
- Verify the start dates for Brice Bobzien (August 8, 2022) and Reyna Fernandez (July 25, 2022).
- Confirm Douglas Devine's continued role as Chief Operating Officer following his CFO resignation.
- Review the attached Offer Letter (Exhibit 10.1) for specific performance metrics tied to the PSU grant.
- Check the press release (Exhibit 99.1) for additional context on the leadership transition strategy.