01—Abstract
Summary
Summary of the 8-K filed May 15, 2025. Cited figures are marked; the original filing is the authoritative source.
Symbotic Inc. (Nasdaq: SYM) filed a Current Report on Form 8-K dated May 15, 2025 to disclose a board change.
On May 12, 2025, the Board approved increasing its size from seven to eight members, effective May 14, 2025, and appointed Eric Branderiz as a director effective the same date. The filing states that Mr. Branderiz, 60, previously served as executive vice president and chief financial officer of Enphase Energy, Inc. from June 2018 to February 2022, and as chief accounting officer and corporate controller of Tesla, Inc. from October 2016 to March 2018. He also held senior finance and accounting roles at SunPower Corporation from 2010 to 2016 and currently serves on the boards of Cognizant Technology Solutions Corporation and Fortive Corporation.
Mr. Branderiz will receive compensation under the Company's non-employee director program, which provides a cash retainer for Board service and for service on each committee he joins. The filing incorporates by reference the director compensation description in the Company's proxy statement filed January 17, 2025, and his indemnification agreement, the form of which was filed with an 8-K on June 13, 2022. No financial results or operating metrics are reported in this filing.
A press release dated May 15, 2025, furnished as Exhibit 99.1, announces the appointment. In it, Chairman and CEO Rick Cohen states that Mr. Branderiz brings deep financial expertise and experience guiding companies through growth stages, and the release describes him as a Certified Public Accountant in California with a bachelor's degree in Business Commerce from the University of Alberta.
02—Key points
Key Highlights
- Board size increased from seven to eight members, effective May 14, 2025, with Eric Branderiz appointed as a director on the same date.
- Mr. Branderiz, age 60, previously served as EVP and CFO of Enphase Energy (June 2018 to February 2022) and as chief accounting officer and corporate controller of Tesla (October 2016 to March 2018).
- He held senior finance and accounting roles at SunPower Corporation from 2010 to 2016 and has served on the boards of Cognizant Technology Solutions and Fortive Corporation since 2023.
- He is a Certified Public Accountant in California and holds a bachelor's degree in Business Commerce with an emphasis on Accounting from the University of Alberta.
- He will receive cash retainers under the Company's non-employee director compensation program, including for committee service, and has entered into the Company's standard indemnification agreement.
- The appointment was announced in a press release dated May 15, 2025 (Exhibit 99.1), in which Chairman and CEO Rick Cohen welcomed him for his financial expertise.
03—Questions
Frequently Asked Questions
Who was appointed to Symbotic's Board of Directors?
Eric Branderiz was appointed to the Board effective May 14, 2025, when the Board also increased its size from seven to eight members.
What is Mr. Branderiz's professional background?
The filing states he was executive vice president and chief financial officer of Enphase Energy from June 2018 to February 2022, and chief accounting officer and corporate controller of Tesla from October 2016 to March 2018. He also held senior roles at SunPower Corporation from 2010 to 2016.
How will Mr. Branderiz be compensated?
He will be paid under the Company's non-employee director compensation program, which provides a cash retainer for Board service and for each committee on which he serves. The filing incorporates the program description from the Company's January 17, 2025 proxy statement by reference.
Does the filing disclose any committee assignments or equity grants?
The filing does not name any committee assignments or equity awards for Mr. Branderiz. It refers only to the general non-employee director compensation program.
Does Mr. Branderiz have any other public company board roles?
Yes. The filing states he currently serves on the boards of directors of Cognizant Technology Solutions Corporation and Fortive Corporation, and has held both roles since 2023.
04—Continue