Business Context and Reporting Period
This Form 8-K Current Report was filed by Upwork, Inc. on March 18, 2026, covering events occurring on March 12, 2026. The filing addresses the resignation of a senior executive and the subsequent appointment of interim leadership for the Marketplace division.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Executive Departure: David T. Bottoms, General Manager of Marketplace, resigned effective April 3, 2026.
- Leadership Transition: Effective April 4, 2026, Anthony Kappus (GM & Chief Operating Officer) will lead all Marketplace-related teams except engineering. Engineering will be led by Andrew Rabinovich (Chief Technology Officer & Head of AI/ML).
Guidance, Outlook, and Contingencies
Separation Terms: Under the Bottoms Separation Agreement, Mr. Bottoms is entitled to:
- A lump sum payment equal to twelve months' base salary.
- Reimbursement for COBRA insurance premiums for up to twelve months following his last date of employment.
- Continued vesting of outstanding equity awards through his last day of employment.
Contingencies: The separation payments are subject to Mr. Bottoms signing a release of claims. The full text of the Separation Agreement will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2026.
Investor Verification Checklist
- Verify the exact base salary used to calculate the twelve-month lump sum payment in the upcoming 10-Q filing.
- Confirm the specific scope of responsibilities transferred to Anthony Kappus and Andrew Rabinovich.
- Review the full Separation Agreement exhibit in the Q1 2026 10-Q for any additional restrictive covenants or clawback provisions.