Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Director Resignations
On February 22, 2022, Harold Hughes submitted his resignation as Executive Chair, Principal Executive Officer and director of View, Inc. (the “Company”), effective immediately. On the same date, Tom Leppert submitted his resignation as a director of the Company, effective immediately. Mr. Hughes and Mr. Leppert had each served as members of the board of directors of the Company (the “Board”) since March 8, 2021, and at the time of his resignation, Mr. Leppert was a member of the Audit Committee. Mr. Hughes had served as a member of the board of View Operating Corporation (formerly known as View, Inc., and a wholly owned subsidiary of the Company since March 2021) since June 2013, and Mr. Leppert had served as a member of the board of View Operating Corporation since September 2015. As part of the remedial actions recommended by the Audit Committee in connection with its previously disclosed independent investigation, the Board appointed Mr. Hughes to be Executive Chair of the Board on November 8, 2021. It is the Company’s understanding that Mr. Hughes and Mr. Leppert believe that the Audit Committee’s remedial recommendations were not fully implemented by the Board; they believe that the Board’s determination of the responsibilities of Mr. Hughes as Executive Chair was inconsistent with what the Board had previously decided. All other directors do not agree with that belief.
Board Committee and Chair Appointments
On February 23, 2022, the Board appointed Toby Cosgrove as Chair of the Board and designated Rao Mulpuri as Principal Executive Officer of the Company. As previously disclosed, the Board established the position of Executive Chair in order to assist the Chief Executive Officer and focus on strengthening the Company’s financial and accounting functions, including financial statement reporting. As the independent Chair of the Board, Mr. Cosgrove has assumed those duties. The Board also confirmed committee compositions as follows, resulting from the Board’s actions described in this Current Report on Form 8-K:
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Audit Committee – Nigel Gormly (Chair), Julie Larson-Green, Lisa Picard |
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Compensation Committee – Lisa Picard (Chair), Toby Cosgrove |
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Nominating and Corporate Governance Committee – Julie Larson-Green (Chair), Nigel Gormly, Toby Cosgrove |
Ms. Picard, a member of the Board since March 2021, was appointed to the Audit Committee on February 23, 2022. The Board has also determined that Ms. Picard is an “audit committee financial expert” within the meaning of U.S. Securities and Exchange Commission regulations.
Officer Appointments
On February 17, 2022, Amy S. Reeves, age 45, was appointed as Chief Financial Officer of the Company, effective as of November 8, 2021. Ms. Reeves previously served as the Company’s interim Chief Financial Officer and interim Principal Financial Officer beginning in November 2021. Prior to that, Ms. Reeves served as the Company’s Controller and Chief Accounting Officer beginning in June, 2021. Prior to joining the Company, Ms. Reeves spent over 19 years at Wright Medical Group N.V. in various financial and accounting roles of increasing responsibility, most recently as Global Controller from 2019 until June 2021. Ms. Reeves holds a bachelor’s degree in accounting and a master’s degree in accounting from the University of Mississippi and is a Certified Public Accountant. Prior to her appointment as the Company’s Chief Financial Officer, Ms. Reeves received an annual base salary of $300,000 and was eligible to earn a target bonus equal to 30% of her annual base salary pursuant to the Company’s Employee Cash Incentive Plan. In connection with her appointment as the Company’s Chief Financial Officer, the Board approved a $50,000 increase to her annual base salary and an increased target bonus of 60% of her annual base salary pursuant to the Company’s Employee Cash Incentive Plan, effective as of the date of her appointment as the Company’s interim Chief Financial Officer on November 8, 2021.
On February 17, 2022, Bill Krause, age 41, was appointed as Chief Legal Officer of the Company. Mr. Krause has served as the Company’s Senior Vice President, General Counsel & Secretary since March 2021. Prior to that, Mr. Krause served as the Senior Vice President, General Counsel & Secretary of View Operating Corporation from January 2018 until March 2021. Prior to that, Mr. Krause was Deputy General Counsel & Assistant Secretary at Rambus, Inc., a publicly traded memory and security company. Mr. Krause has also had significant experience in private practice