RINGCENTRAL, INC. (NYSE:RNG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
| (b) | Departure of Executive Officer; |
| (c) | Appointment of Executive Officer |
On April21, 2017, Clyde Hosein delivered notice to RingCentral,
Inc. (the Company) that he will resign as the Companys Executive
Vice President and Chief Financial Officer,effective as of the
day following the date on which the Company files its quarterly
report on Form 10-Q for the three months
ended March31, 2017. Mr.Hosein will remain employed in a
non-executive role until the end of May 2017 in order to, among
other things, assist in the transition of his
responsibilities.Mr.Hoseins resignation did not involve any
disagreement on any matter related to the Companys operations,
policies or practices.
On April21, 2017,
the Companys Board of Directors (the Board) appointed Mitesh
Dhruv, the Companys current Senior Vice President, Finance and
Strategy, to serve as Chief Financial Officer, effective as of
the same date as Mr.Hoseins resignation.
Mr.Dhruv, 39, has
served with the Company since April 2012 in a variety of
positions, including most recently as Senior Vice President,
Finance and Strategy since October 2015.From September 2014 to
October 2015, he served as the Companys Vice President, Finance
and Corporate Controller, and from April 2012 to September 2014,
as Vice President, Finance.Prior to joining RingCentral, he
worked at Bank of America-Merrill Lynch from December 2005 to
March 2012 as an equity analyst, covering software and cloud
companies. Prior to that he worked in various accounting firms
from February 2000 to December 2005, including
PricewaterhouseCoopers.
Mr.Dhruv currently
receives an annual base salary of $285,000 and is eligible to
participate in the Companys benefits and MBO bonus program, with
his target bonus being 75% of base salary. The Board has not yet
determinedthe compensation and other terms of Mr.Dhruvs
employment following his appointment as Chief Financial Officer
of the Company.
The Company has
entered into its standard form of indemnification agreement with
Mr.Dhruv, a copy of which is filed as Exhibit10.11 of the
Companys Registration Statement on Form S-1 filed with the
Securities and Exchange Commission on August26, 2013. Other than
the indemnification agreement described in the preceding
sentence, Mr.Dhruv has no direct or indirect material interest in
any transaction required to be disclosed to Item 404(a) of
Regulation S-K promulgated under the Securities Exchange Act of
1934, as amended, nor are any such transactions currently
proposed. There are no arrangements or understandings between
Mr.Dhruv and any other persons to which Mr.Dhruv was appointed an
officer of the Company, and there are no family relationships
between Mr.Dhruv and any directors or executive officer of the
Company.
About RINGCENTRAL, INC. (NYSE:RNG)
RingCentral, Inc. is a provider of software-as-a-service (SaaS) solutions for business communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including voice, text, team messaging collaboration, high definition (HD) video for Web conferencing and fax. The Company’s products include RingCentral Office, RingCentral Professional, RingCentral Fax, RingCentral Contact Center and Glip by RingCentral. RingCentral Office is a multi-user, enterprise-grade communications solution. RingCentral Professional is an inbound call routing subscription with additional text and fax capabilities targeting smaller deployments, and RingCentral Fax is an Internet fax subscription that permits sending and receiving faxes over the Internet. RINGCENTRAL, INC. (NYSE:RNG) Recent Trading Information
RINGCENTRAL, INC. (NYSE:RNG) closed its last trading session down -0.10 at 30.45 with 1,368,719 shares trading hands.