8-K: My Size Inc. Appoints New CFO and Director Following Resignation

My Size, Inc. announces the appointment of Oren Elmaliah as CFO and Roy Golan as a Class I director, effective April 1, 2025, and immediately, respectively, following the resignation of the previous CFO, Or Kles, and Mr. Elmaliah stepping down as a board member.

Summary

• My Size, Inc. has appointed Oren Elmaliah as its new Chief Financial Officer, effective April 1, 2025, replacing Or Kles, who resigned.
• Mr. Elmaliah previously served on the company's board of directors and has stepped down from that role.
• The company will pay Accounting Team Ltd., owned by Mr. Elmaliah, a monthly fee of NIS 40,000 (approximately $11,000) for bookkeeping, controller, and CFO services, starting March 1, 2025.
• Roy Golan has been appointed as a Class I director, effective immediately, replacing Mr. Elmaliah.
• Mr. Golan will also serve on the Audit Committee as chair, the Compensation Committee, and the Nominating and Corporate Governance Committee.
• Mr. Golan has a background as a financial advisor and has served as a director for Neurosense Therapeutics Ltd. and as CFO for Ayala Pharmaceuticals, Inc. and BioSight Ltd.

Sentiment

Score: 7

Explanation: The announcement is neutral to slightly positive, as the company has promptly addressed the CFO resignation and appointed a new director with relevant experience. The reliance on an external entity for CFO services introduces a minor element of uncertainty.

Positives

• The company has quickly filled the CFO position following the resignation of the previous CFO.
• Roy Golan brings extensive financial experience to the board of directors.

Risks

• The company is relying on an external entity, Accounting Team Ltd., for CFO services, which could present risks related to control and oversight.
• The transition period with a new CFO could create temporary instability.

Future Outlook

The company is moving forward with a new CFO and director, aiming to maintain stability and continue operations.

Industry Context

Changes in key personnel are common in publicly traded companies, and this announcement reflects My Size, Inc.'s efforts to ensure continuity in its financial leadership and board composition.

Comparison to Industry Standards

• The compensation structure for the CFO services, provided through Accounting Team Ltd., should be compared to industry benchmarks for similar roles and responsibilities.
• Roy Golan's experience as CFO of Ayala Pharmaceuticals, Inc. and BioSight Ltd. is comparable to other executives in similar-sized companies.
• The appointment of Roy Golan to the Audit Committee as chair, the Compensation Committee, and Nominating and Corporate Governance Committee is standard practice for non-employee directors.

Management Changes

Related Party Transactions

• The agreement with Accounting Team Ltd., an entity 100% owned by Oren Elmaliah, for CFO services is a related party transaction.

Stakeholder Impact

• Shareholders may view the changes positively, as the company has quickly addressed the CFO resignation and appointed a new director.
• Employees may experience a period of adjustment with the new CFO.

Key Dates