Business Context and Reporting Period
This Form 8-K Current Report was filed by SilverSun Technologies, Inc. on February 13, 2019, covering events that occurred on February 11, 2019. The filing addresses significant changes in the company's executive leadership, specifically the resignation of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Resignation of CFO: Mr. Crandall Melvin resigned as Chief Financial Officer effective immediately on February 11, 2019. The resignation is due to retirement and is not the result of any disagreement with the company regarding operations, policies, or practices.
- Appointment of CFO: Ms. Christine Dye was appointed as Chief Financial Officer of SilverSun Technologies, Inc. and its wholly owned subsidiary, SWK Technologies, Inc., effective immediately on February 11, 2019.
- Continued Role: Mr. Melvin will continue to serve as an advisor to the Chief Executive Officer following his resignation.
Management Commentary and Compensation
Ms. Dye brings over 20 years of financial management experience in technology solution organizations, including prior roles as CFO at Send Word Now, Inc., On-Net Surveillance Systems, and Finance Director at Citrix Systems, Inc. She holds a B.S. in Accounting and is a Certified Public Accountant in New Jersey.
Compensation Arrangement:
- Annual Salary: $220,000
- Discretionary Bonus: Eligible for up to 10% of annual salary
- Employment Status: At-will
The company confirmed there are no family relationships between Ms. Dye and any directors or executive officers, and no material transactions involving Ms. Dye have occurred since the beginning of the last fiscal year.
Investor Verification Checklist
- Verify the transition plan for financial reporting responsibilities between Mr. Melvin and Ms. Dye.
- Review the press release filed as Exhibit 99.1 for additional details on the leadership change.
- Monitor upcoming quarterly filings for any impact of the leadership transition on financial operations.
- Confirm that no undisclosed disagreements or contingencies exist regarding the former CFO's departure.