Business Context and Reporting Period
This Form 8-K was filed by ANGI Homeservices Inc. (ANGI) on March 12, 2019. The report addresses a material corporate governance event: the appointment of a new Chief Financial Officer (CFO) and the execution of a new employment agreement.
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 and personnel changes.
Material Changes
- CFO Succession: Jamie Cohen was appointed Chief Financial Officer, effective immediately, succeeding Glenn H. Schiffman.
- Executive Transition: Mr. Schiffman will continue to serve as CFO of IAC and as a member of the ANGI board of directors.
- Employment Agreement: A new agreement was executed with Ms. Cohen with an initial term ending March 12, 2020, subject to automatic one-year renewals.
Guidance, Outlook, and Compensation Details
The filing contains no financial guidance, outlook, or management commentary on business performance. It details the following compensation and contractual terms for Ms. Cohen:
- Base Salary: $350,000 annually.
- Bonuses: Eligible for discretionary annual cash bonuses.
- Severance Provisions: In the event of termination without cause or resignation for good reason, Ms. Cohen is entitled to 12 months of base salary, accelerated vesting of equity awards that would have vested within one year, and extended exercisability of vested options for 18 months.
- Restrictive Covenants: Includes a 12-month non-compete and non-solicitation period following employment termination.
Investor Verification Checklist
- Verify the effective date of the CFO transition and the departure of the prior CFO.
- Review the specific terms of the new employment agreement regarding severance triggers and equity vesting acceleration.
- Confirm the continued role of Glenn H. Schiffman at the parent company, IAC.
- Note that this filing contains no financial results; refer to the most recent 10-Q or 10-K for financial metrics.