Business Context and Reporting Period
This Form 8-K filing by Consensus Cloud Solutions, Inc. (CCSI) reports a corporate governance event dated January 3, 2022. The Company, an emerging growth company traded on the Nasdaq Stock Market, announced the appointment of a new Chief Financial Officer following its separation from J2 Global, Inc. (now Ziff Davis, Inc.).
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change reported is the appointment of James Malone as Chief Financial Officer, effective January 10, 2022. This appointment ends the interim tenure of CEO Scott Turicchi, who had served as interim CFO since the company's separation from Ziff Davis, Inc.
Management Commentary and Compensation
In connection with his appointment, Mr. Malone's compensatory arrangements include:
- Base Salary: $350,000 annually.
- Annual Bonus: Eligible for up to $210,000 in 2022.
- Equity Grant: Valued at approximately $600,000, consisting of:
- 5,091 performance-based restricted stock units (vesting in 4 tranches based on stock price targets).
- 5,091 time-based restricted stock units (vesting in 7 tranches over 4 years).
Mr. Malone brings over 20 years of healthcare market experience, having previously served as CFO for American Well, Misys plc, and The TriZetto Group, and as Executive Vice President and Chief Legal Officer at XIFIN, Inc.
Investor Verification Checklist
- Verify the effective start date of James Malone's tenure (January 10, 2022).
- Review the specific stock price targets and timeframes required for the vesting of the performance-based restricted stock units.
- Confirm the total equity grant value ($600,000) against the market price of CCSI common stock at the time of the grant.
- Monitor future filings for the transition of financial reporting responsibilities from the interim CFO to the newly appointed CFO.