8x8, Inc. Strengthens Leadership Team to Accelerate CX Transformation

Rhea-AI Summary

8x8 (NASDAQ: EGHT) announced key management appointments to accelerate its CX transformation, including Joel Neeb as Chief Transformation and Business Operations Officer, Darren Remblence as VP, Chief Information Security Officer, and Joe McStravick as VP of EMEA Sales.

The company issued equity awards including restricted stock units (RSUs) for up to 260,892 shares to Neeb and 474,634 shares to 6 additional employees. Neeb also received performance stock units (PSUs) for up to 42,786 shares. The RSUs will vest over three years, with 33.3% vesting on February 15, 2026, and the remaining 66.7% vesting quarterly over the following two years. PSUs will vest in two tranches based on specified increases in cumulative cash flow from operations.

Positive

• Strategic strengthening of management team with experienced executives
• Implementation of performance-based equity incentives aligned with cash flow objectives
• Expansion of EMEA sales leadership to drive growth

Negative

• Significant equity dilution through new RSU and PSU grants totaling 778,312 shares
• Substantial compensation expenses from new executive hires

Company Issues New Employee Inducement Grants for Key New Hires

CAMPBELL, Calif.--(BUSINESS WIRE)-- 8x8, Inc. (NASDAQ: EGHT), the industry's most integrated Platform for CX that combines Contact Center, Unified Communication, and CPaaS APIs, today announced several new key management appointments to help accelerate the next phase of the company's CX transformation. In addition to the executive officer appointment of Joel Neeb as Chief Transformation and Business Operations Officer, the company recently appointed Darren Remblence as Vice President, Chief Information Security Officer, and Joe McStravick as Vice President of EMEA Sales.

Remblence has more than 25 years of international experience in Cyber and Information Security, with a history of leading high performing teams in complex and dynamic security environments across ecommerce, finance and former service with the Royal Air Force. Prior to 8x8, he was the Chief Information Security Officer at Rimini Street and has held management positions at PayPal, eBay, London Clearing House, Centrica, and DHL.

McStravick has more than 20 years of Telecoms and IT industry experience and a proven track record of driving growth, building strategic partnerships, and leading high-performing teams. Prior to 8x8, he held senior management roles, including EMEA Head of Channel and Strategic Alliances at Zoom, EMEA Managing Director at BlueJeans, and Head of Professional Services at BT Global.

“As we accelerate 8x8's transformation plan, we are committed to attracting top-tier, innovative management talent that aligns our strategic initiatives to address a very exciting market opportunity,” said Samuel Wilson, Chief Executive Officer at 8x8, Inc. “Investing in our people ensures we continue to drive growth, innovation, and long-term value for our employees, customers, partners and shareholders, and we are also pleased to announce the issuance of equity awards to several key new hires."

8x8 announced the Compensation Committee of the Board of Directors approved grants of restricted stock units (RSUs) for up to 260,892 shares of 8x8’s common stock to one executive officer, Joel Neeb, additional RSUs of up to 474,634 shares of 8x8’s common stock to 6 additional employees, and performance stock units (PSUs) to Joel Neeb for up to 42,786 shares of 8x8’s common stock. For each recipient, the RSUs will vest over a period of three years from the date of grant on February 15, 2025, with 33.3% of the shares vesting on February 15, 2026, and the remaining 66.7% vesting in equal quarterly installments over the following two years.

Additionally, to the extent earned, the PSUs will vest in two tranches over a three-year vesting period, with performance-based vesting for each tranche based on a specified increase in cumulative cash flow from operations, as measured over a three-year performance period. For both the RSUs and PSUs, vesting is subject to the recipient’s continuing employment or other association with 8x8 or any of its subsidiaries on the vesting date. The awards were granted under and in accordance with 8x8’s Amended and Restated 2017 New Employee Inducement Incentive Plan and approved by the independent directors of 8x8’s Compensation Committee as material inducements to the hiring of the new employees in accordance with Nasdaq Listing Rule 5635(c)(4).

About 8x8 Inc.

8x8, Inc. (NASDAQ: EGHT) connects people and organizations through seamless communication on the industry's most integrated platform for Customer Experience—combining Contact Center, Unified Communication, and CPaaS APIs. The 8x8^® Platform for CX integrates AI at every level to enable personalized customer journeys, drive operational excellence and insights, and facilitate team collaboration. We help customer experience and IT leaders become the heartbeat of their organizations, empowering them to unlock the potential of every interaction. For additional information, visit www.8x8.com, or follow 8x8 on LinkedIn, X, and Facebook.

8x8® is a trademark of 8x8, Inc.

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8x8, Inc. Contacts:

Media:

PR@8x8.com

Investor Relations:

Investor.Relations@8x8.com

Source: 8x8, Inc.

FAQ

How many shares of RSUs did 8x8 (EGHT) grant in its February 2024 inducement awards?

8x8 granted RSUs for up to 735,526 shares total, with 260,892 shares to Joel Neeb and 474,634 shares to 6 additional employees.

What is the vesting schedule for 8x8's (EGHT) February 2024 RSU grants?

The RSUs vest over three years, with 33.3% vesting on February 15, 2026, and the remaining 66.7% vesting in equal quarterly installments over the following two years.

Who are the key executive appointments made by 8x8 (EGHT) in 2024?

8x8 appointed Joel Neeb as Chief Transformation and Business Operations Officer, Darren Remblence as VP, Chief Information Security Officer, and Joe McStravick as VP of EMEA Sales.

What are the performance conditions for 8x8's (EGHT) PSU grants to Joel Neeb?

The PSUs will vest in two tranches over three years, based on specified increases in cumulative cash flow from operations over the performance period.