8-K: PTC Inc. Appoints Robert Bernshteyn to Board of Directors
Director Appointment
PTC Inc. has appointed Robert Bernshteyn, a seasoned technology executive, to its Board of Directors, effective September 9, 2024.
Summary
- PTC Inc. announced the appointment of Robert Bernshteyn to its Board of Directors on August 27, 2024.
- Mr. Bernshteyn's appointment is effective as of September 9, 2024.
- He will also serve as a member of the Compensation & People Committee.
- Mr. Bernshteyn has a strong background in technology, having served as CEO and Chair of Coupa Software Incorporated and held positions at Success Factors Inc. and Siebel Systems, Inc.
- He will receive an annual cash retainer of $60,000, prorated for the current year, and an annual equity retainer of RSUs valued at approximately $250,000, also prorated.
- Mr. Bernshteyn will also receive a one-time initial new director grant of RSUs valued at $375,000, vesting in two equal installments.
- For his service on the Compensation & People Committee, he will receive a cash retainer of $12,500, prorated for the year.
Sentiment
Score: 7
Explanation: The document reflects a positive development with the appointment of an experienced director, but it is a routine corporate governance matter and not a major event.
Positives
- The appointment of Robert Bernshteyn brings significant technology and leadership experience to the PTC Inc. board.
- His background as CEO of Coupa Software and experience at other tech companies is likely to be valuable.
- The compensation package for Mr. Bernshteyn is in line with that of other outside directors, ensuring fairness and consistency.
Industry Context
The appointment of a seasoned technology executive like Robert Bernshteyn aligns with the trend of companies seeking experienced leaders to guide their strategic direction and growth in the competitive tech landscape.
Comparison to Industry Standards
- The compensation package for Mr. Bernshteyn, including cash and equity retainers, is consistent with industry standards for outside directors of publicly traded technology companies.
- The use of RSUs as part of the compensation package is a common practice to align the interests of directors with those of shareholders.
- The vesting schedule for the RSUs is also typical, with vesting occurring over multiple years to encourage long-term commitment.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Director | Robert Bernshteyn | 2024-09-09 | Appointment of new director |
Stakeholder Impact
- Shareholders may view the appointment of Robert Bernshteyn positively, given his experience and background.
- The appointment is unlikely to have a significant impact on employees, customers, or suppliers.
Key Dates
| Date | Description |
|---|---|
| 2024-08-27 | Date of the appointment of Robert Bernshteyn to the Board of Directors. |
| 2024-09-09 | Effective date of Robert Bernshteyn's appointment to the Board of Directors. |
| 2025-03-15 | Earliest vesting date for the annual equity retainer of RSUs. |
| 2025-09-15 | First vesting date for the one-time initial new director grant of RSUs. |
| 2026-09-15 | Second vesting date for the one-time initial new director grant of RSUs. |
Keywords
Board of Directors, Corporate Governance, Executive Appointment, Compensation, Technology, PTC Inc., Robert Bernshteyn
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