01—Abstract
Summary
Summary of the 8-K filed January 18, 2024. Cited figures are marked; the original filing is the authoritative source.
SS&C Technologies Holdings, Inc. (SSNC), trading on The Nasdaq Global Select Market, filed this Current Report on Form 8-K under Item 5.02 to disclose a board change.
Michael E. Daniels, a Class III director, Chairman of the Compensation Committee, and a member of the Nominating and Governance Committee, notified the company on January 11, 2024 of his intention to retire and resign from the Board for personal reasons. His resignation takes effect at the conclusion of the company's next annual shareholders meeting, expected on or near May 29, 2024, and the Board accepted it effective on that date.
Mr. Daniels stated that he is not resigning because of any disagreement with the company, its Board, or management regarding its operations, policies, or practices, but rather to retire and spend more time with his family. The filing does not name a successor.
Upon his resignation, the number of directors will be reduced from eight to seven without further Board action, unless another director has been elected to the Board at that time. For investors, the filing reports a planned, voluntary retirement with no stated dispute, along with a resulting change in Board size and the need to fill the Compensation Committee chair role.
02—Key points
Key Highlights
- Michael E. Daniels, Class III director, notified SS&C of his intention to retire on January 11, 2024.
- His resignation is effective at the conclusion of the next annual shareholders meeting, expected on or near May 29, 2024.
- Mr. Daniels chairs the Compensation Committee and is a member of the Nominating and Governance Committee.
- The resignation is for personal reasons and is not due to any disagreement with the Company, its Board, or management.
- Board size will decrease from eight to seven directors upon his resignation unless another director is elected before then.
- The filing does not identify a successor or a replacement for the Compensation Committee chair role.
03—Questions
Frequently Asked Questions
Why is Michael E. Daniels leaving the Board?
He stated that he is retiring to spend more time with his family. He explicitly said he is not resigning because of a disagreement with the Company or its Board or management on any matter relating to operations, policies, or practices.
When will Mr. Daniels's resignation take effect?
It takes effect at the conclusion of the Company's next annual shareholders meeting, which will occur on or near May 29, 2024. The Board accepted the resignation effective as of that date.
What committee roles does Mr. Daniels hold?
He is Chairman of the Compensation Committee and a member of the Nominating and Governance Committee.
How will the size of the Board change?
The number of directors will be adjusted from eight to seven upon his resignation, without further Board action, unless another director has been elected to the Board at that time.
Does the filing name a replacement for Mr. Daniels?
No. The filing does not identify a successor director or a new Compensation Committee chair.
04—Continue