UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On September 18, 2020, Glenn Lurie notified Synchronoss Technologies, Inc. (the “Company”) of his resignation as President and Chief Executive Officer of the Company and as a member of the Company’s Board of Directors. Mr. Lurie’s resignation follows the Board of Directors’ review of allegations of personal misconduct by Mr. Lurie in violation of the Company’s policies. In accordance with Mr. Lurie’s Employment Agreement with the Company dated November 13, 2017, he will remain an employee of the Company through October 18, 2020. Mr. Lurie will receive no severance benefits in connection with his resignation from the Company.
On September 21, 2020, the Company appointed Jeff Miller as the Company’s interim President and Chief Executive Officer. Mr. Miller will continue to serve as the Company’s Chief Commercial Officer while acting as interim President and Chief Executive Officer. The Board of Directors plans to commence a search for a permanent President and Chief Executive Officer.
Mr. Miller, age 57, has served as the Company’s Chief Commercial Officer since October 2018. He previously served as President of IDEAL Industries Technology Group from December 2017 to October 2018. Prior to IDEAL, Mr. Miller held several senior sales and operations positions at Motorola during a 16-year tenure, most recently as Corporate Vice President and General Manager of Operations in North America for Motorola Mobility, LLC, a division of Lenovo. Mr. Miller also held a variety of sales management, marketing and product management roles during an 11-year career at AT&T. Mr. Miller received a degree in business from Miami University of Ohio and a master’s degree in Business Administration from The Ohio State University. There are no family relationships among Mr. Miller and any other executive officers or directors of the Company.
There were no new compensatory or other material arrangements entered into, or modifications to existing compensatory arrangements entered into, nor were there any grants or awards made to, Mr. Miller in connection with his appointment as the Company’s interim President and Chief Executive Officer. Mr. Miller will continue to be compensated pursuant to his existing compensatory arrangements until such time as the Compensation Committee of the Board of Directors determines to adjust his compensation. Mr. Miller’s current compensatory arrangements are described in the Company’s definitive proxy statement on Schedule 14A, filed with the Securities and Exchange Commission on April 16, 2020.
| Item 7.01. | Regulation FD. |
On September 21, 2020, the Company issued a press release with respect to the matters described under Item 5.02 “Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers,” a copy of which is furnished pursuant to this Item 7.01, and is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities under that Section, nor be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. |
Description | |
| 99.1 | Press Release dated September 21, 2020. | |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: September 21, 2020 | SYNCHRONOSS TECHNOLOGIES, INC. | |||
| By: |
/s/ David Clark | |||
| Name: | David Clark | |||
| Title: | Chief Financial Officer | |||
Exhibit 99.1
Synchronoss Technologies: Press Release
Synchronoss Technologies Appoints Jeff Miller Interim President and Chief Executive Officer
BRIDGEWATER, N.J., September 21, 2020 – Synchronoss Technologies, Inc. (NASDAQ: SNCR), a global leader and innovator of cloud, messaging, digital and IoT products, today announced that its Board of Directors has appointed Jeff Miller as interim President and Chief Executive Officer, effective immediately, in addition to his role as Chief Commercial Officer. He succeeds Glenn Lurie who has resigned as the Company’s President and Chief Executive Officer, and as a member of its Board of Directors, following the Board of Directors’ review of allegations of personal misconduct by Mr. Lurie in violation of the Company’s policies. His resignation is not related to the Company’s strategy, financial or business performance. Given the expectation that all employees will respect Synchronoss’ values and adhere to the Company’s code of conduct, the Board has accepted Mr. Lurie’s resignation. The Board of Directors will conduct an executive search to identify a permanent President and Chief Executive Officer.
“Synchronoss continues to develop innovative technology and solutions for some of the world’s leading technology and telecommunications companies,” said Stephen Waldis, Founder and Chairman of the Board of Synchronoss. “The Board and I look forward to working with Jeff, our Chief Financial Officer David Clark and the broader Synchronoss management team to drive forward the ongoing transformation of Synchronoss, building on the strength of our customer relationships, and delivering long-term value to our shareholders. We anticipate a smooth leadership transition as we commence a robust search process for the Company’s next CEO.”
Mr. Miller joined Synchronoss in 2018 as Chief Commercial Officer from IDEAL Industries, a firm focused on designing and delivering solutions for smart commercial buildings and spaces, where he was President of the Technology Group. Mr. Miller previously served 16 years with Motorola, most recently as Corporate Vice President and General Manager of Operations in North America for Motorola Mobility, LLC, a division of Lenovo, and held various leadership positions in Sales Management, Marketing and Product Management at AT&T during an 11-year tenure.
Jeff Miller, Interim President and CEO, commented, “We see many attractive opportunities for growth across our Cloud, Messaging, Digital and IoT platforms. I look forward to maintaining the depth and long-term nature of our global customer relationships, a hallmark of Synchronoss, as now, more than ever, our customers look to us to address their business challenges. I welcome the opportunity to work closely with the Board and our management team to drive enhanced performance throughout our organization, capitalize on strategic opportunities in the telecom and digital spaces and help position Synchronoss for our next stage of growth.”
In parallel, Synchronoss is maintaining its 2020 guidance on EBITDA of $20 million to $25 million, as previously communicated in its second quarter earnings release dated August 10, 2020. Additional details relating to the Company’s financial performance and business outlook will be provided during its customary quarterly earnings call in November 2020.
About Synchronoss Technologies, Inc.
Synchronoss transforms the way companies create new revenue, reduce costs and delight their subscribers with cloud, messaging, digital and IoT products, supporting hundreds of millions of subscribers across the globe. Synchronoss’ secure, scalable and groundbreaking new technologies, trusted partnerships, and talented people change the way TMT customers grow their businesses. For more information, visit us at www.synchronoss.com.
Synchronoss Technologies: Press Release
Forward-looking Statements
This press release includes statements concerning the Company and its future expectations, plans and prospects that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “believes,” “potential” or “continue” or other similar expressions are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, risks relating to the Company’s ability to sustain or increase revenue from its larger customers and generate revenue from new customers, the Company’s expectations regarding expenses and revenue, the sufficiency of the Company’s cash resources, the Company’s growth strategies, the anticipated trends and challenges in the business and the market in which the Company operates, the Company’s expectations regarding federal, state and foreign regulatory requirements, the pending lawsuits against the Company described in its most recent SEC filings, and other risks and factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which is on file with the SEC and available on the SEC’s website at www.sec.gov. The Company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
Media Contacts:
Diane Rose
CCgroup (North America)
T: +1 727.238.7567
E: diane@ccgrouppr.com
Richard Fogg
CCgroup (International)
T: +44 7887 845 238
E: synchronoss@ccgrouppr.com
Investor Contact:
David Clark
Chief Financial Officer
+1 800.575.7606
investor@synchronoss.com