Who is Clyde Hosein and why was he appointed?

Clyde Hosein is a 64-year-old finance executive with more than 25 years as a public-company CFO. The filing does not state a specific reason beyond the company's emphasis on financial stewardship and strategic growth, as quoted by CEO Bill Brennan.

Is Hosein independent, and which committees does he serve on?

The Board determined that Hosein is independent under Nasdaq listing standards. He was appointed to the audit committee and has not been named to any other committee at this time.

How is Hosein compensated?

He receives a $50,000 annual cash retainer as a non-employee director and an additional $10,000 annual retainer for audit committee service, paid quarterly. He also gets a $350,000 initial equity award vesting over three years and an annual $175,000 RSU grant, which is prorated to 50% if his service began three to six months before the grant date.

Does this appointment affect Credo's financial results or outlook?

The filing does not include financial results or guidance, and it does not describe any operational or strategic change. The impact on the company's financial outlook is not addressed in the filing.

Are there any conflicts of interest or related-party concerns?

The filing reports no transactions between Hosein or his immediate family and Credo or its subsidiaries requiring disclosure under Item 404(a) of Regulation S-K. It also reports no family relationships with other directors or executives and no arrangement under which he was selected. Hosein's other board seats at Dentsply Sirona and Wolfspeed are disclosed but not described as conflicts.

CRDO 8-K: Leadership Changes & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed April 2, 2024. Cited figures are marked; the original filing is the authoritative source.

Credo Technology Group Holding Ltd (Nasdaq: CRDO) filed an 8-K on April 2, 2024 to disclose the appointment of Clyde Hosein to its Board of Directors.

The Board increased its size from eight to nine directors on April 1, 2024, and named Mr. Hosein a Class III director effective April 3, 2024, with his term expiring at the 2024 annual meeting. The Board determined he is independent under Nasdaq rules, and he joined the audit committee. The filing is a governance event rather than a financial disclosure, and it contains no earnings, guidance, or financial results.

Mr. Hosein brings more than 25 years of CFO experience. His background includes serving as CFO of AliveCor, Automation Anywhere, and RingCentral, as well as CFO and COO roles at Marvell Technology. He currently sits on the boards of Dentsply Sirona and Wolfspeed.

For investors, the appointment signals a stronger finance and audit oversight function, which the company's CEO framed as a commitment to financial stewardship. The filing does not indicate any change in strategy or operations. Compensation is modest and standard for a non-employee director.

Hosein receives a $50,000^a annual cash retainer, a $10,000 audit committee retainer, an initial equity award of $350,000 vesting over three years, and an annual RSU grant of $175,000. He is also expected to sign an indemnification agreement. The filing reports no related-party transactions or family relationships involving him.

02—Key points

Key Highlights

Clyde Hosein appointed to Credo's Board effective April 3, 2024, expanding the Board from eight to nine directors.
Hosein is a Class III independent director, with his initial term running to the 2024 annual meeting, and he joins the audit committee.
Hosein brings 25+ years of CFO experience, including prior CFO roles at AliveCor, Automation Anywhere, RingCentral, and Marvell (also COO).
Initial equity award of $350,000 vesting in equal annual installments over three years, plus a $175,000 annual RSU grant and $60,000 in annual cash retainers including the audit committee fee.
No related-party transactions, family relationships, or undisclosed arrangements tied to the appointment were reported.
The 8-K is a governance update only; the filing contains no financial results, guidance, or operational disclosures.
The press release (Exhibit 99.1) was furnished under Item 7.01 and is not deemed filed under Section 18 of the Exchange Act.

03—Questions

Frequently Asked Questions

Who is Clyde Hosein and why was he appointed?
Clyde Hosein is a 64-year-old finance executive with more than 25 years as a public-company CFO. The filing does not state a specific reason beyond the company's emphasis on financial stewardship and strategic growth, as quoted by CEO Bill Brennan.
Is Hosein independent, and which committees does he serve on?
The Board determined that Hosein is independent under Nasdaq listing standards. He was appointed to the audit committee and has not been named to any other committee at this time.
How is Hosein compensated?
He receives a $50,000 annual cash retainer as a non-employee director and an additional $10,000 annual retainer for audit committee service, paid quarterly. He also gets a $350,000 initial equity award vesting over three years and an annual $175,000 RSU grant, which is prorated to 50% if his service began three to six months before the grant date.
Does this appointment affect Credo's financial results or outlook?
The filing does not include financial results or guidance, and it does not describe any operational or strategic change. The impact on the company's financial outlook is not addressed in the filing.
Are there any conflicts of interest or related-party concerns?
The filing reports no transactions between Hosein or his immediate family and Credo or its subsidiaries requiring disclosure under Item 404(a) of Regulation S-K. It also reports no family relationships with other directors or executives and no arrangement under which he was selected. Hosein's other board seats at Dentsply Sirona and Wolfspeed are disclosed but not described as conflicts.

04—Continue

← View all 8-K filings