SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 25, 2016
iROBOT CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware | ||
(State or other jurisdiction of incorporation or organization) | ||
001-36414 | 77-0259 335 | |
(Commission File Number) | (I.R.S. Employer Identification No.) | |
8 Crosby Drive, Bedford, MA | 01730 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant's telephone number, including area code: (781) 430-3000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 25, 2016, the Board of Directors of iRobot Corporation (the “Company”) appointed Christian Cerda as Chief Operating Officer of the Company, effective June 1, 2016.
Mr. Cerda, 46, previously served as the Company’s Executive Vice President and General Manager, Home Robots Business Unit, a position he held since February 2015, and as the Senior Vice President and General Manager of the Company’s Home Robots Business Unit from May 2013 through February 2015. Prior to joining the Company, he was general manager and vice president of sales and marketing from April 2010 to March 2013 at Whirlpool Corporation, a multinational manufacturer of home appliances, where he held multiple roles with responsibility for sales, marketing, brand communications, product development and supply chain operations. Previously, he served in senior positions at The Boston Consulting Group and Procter & Gamble Co.
Following his appointment as Chief Operating Officer, Mr. Cerda will receive an annual base salary of $425,000 and his target bonus amount will be 75% of base salary. The Company also expects that Mr. Cerda will be granted additional equity compensation with a value of $500,000, subject to time- and performance-based vesting, at the June meeting of the Compensation Committee.
Item 7.01 Regulation FD Disclosure.
On May 31, 2016, the Company issued a press release announcing Mr. Cerda’s appointment as Chief Operating Officer of the Company. A copy of this press release is furnished as Exhibit 99.1 to this Report on Form 8-K.
The information in this Item 7.01 and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
99.1 Press Release issued by the registrant on May 31, 2016, furnished herewith.
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.
iRobot Corporation | ||
May 31, 2016 | By: /s/ Glen D. Weinstein | |
Name: Glen D. Weinstein | ||
Title: Chief Legal Officer and Secretary | ||
EXHIBIT INDEX
Exhibit Number | Description | |||
99.1 | Press Release issued by the registrant on May 31, 2016, furnished herewith. | |||
EX-99.1
Contacts: | ||||
Elise Caffrey | Matthew Lloyd | |||
Investor Relations | Media Relations | |||
iRobot Corp. | iRobot Corp. | |||
(781) 430-3003 | (781) 430-3720 | |||
ecaffrey@irobot.com | mlloyd@irobot.com | |||
iRobot Names Christian Cerda Chief Operating Officer
BEDFORD, Mass., May 31, 2016 - iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, today announced that as part of the company’s strategic realignment to focus on the consumer market, it has appointed Christian Cerda as chief operating officer (COO). Cerda previously served as executive vice president and general manager of iRobot’s Home Robots business unit. As COO, Christian will lead Global Commercial and Supply Chain Operations, overseeing manufacturing and supply chain in addition to marketing, sales and product management.
With more than 15 million home robots sold worldwide, iRobot is the leader in consumer robotics. Under Cerda’s leadership, iRobot’s consumer business revenue has grown 57%, from $357 million in 2012 to $560 million in 2015. The company has also achieved several strategic milestones with the introduction of new products and technologies. Within the past year, iRobot launched Roomba 980, its first cloud connected consumer product with mapping capabilities, and expanded its product category lineup with the introduction of the Braava jet™ Mopping Robot. The company has also expanded its consumer business globally in key markets including China.
“As iRobot focuses its attention on the consumer technology market, the time is right for Christian to expand upon his leadership role as COO,” said Colin Angle, iRobot’s chairman and chief executive officer. “Since joining iRobot three years ago, he has successfully led the home robots business and built an experienced consumer technology-minded management team. I am confident that with Christian’s own deep consumer background and proven track record of growing our business and brand globally, iRobot is well positioned to capitalize on the huge market opportunities in front of us.”
Prior to iRobot, Cerda was general manager and vice president of Sales and Marketing at Whirlpool Corporation, where he was responsible for sales, marketing, brand communications, product development and operations. Previously, he served in senior positions at The Boston Consulting Group and Procter & Gamble Co.
About iRobot Corp.
iRobot designs and builds robots that empower people to do more. The company’s home robots help people find smarter ways to clean and accomplish more in their daily lives. Its remote presence robots enable virtual presence from anywhere in the world. iRobot’s portfolio of solutions features proprietary technologies for the connected home and advanced concepts in navigation, mobility, manipulation and artificial intelligence. For more information about iRobot, please visit www.irobot.com.
For iRobot Investors
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, iRobot Corporation’s expectations concerning management's plans, objectives and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. iRobot Corporation undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by iRobot Corporation, see the disclosure contained in our public filings with the Securities and Exchange Commission including, without limitation, our most recent Annual Report on Form 10-K.