Posted 01 September, 2023

BM Technologies, Inc. appointed new CEO

CEO Change detected for ticker NYSE:BMTX in a 8-K filed on 01 September, 2023.

  Resignation of Co-CEO  

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Overview of BM Technologies, Inc.
Business/Consumer Services • Computer Services
BM Technologies, Inc. is a technology company that provides banking services through its partner banks. It offers a mobile banking platform in the U.S. that provides access to checking and savings accounts, personal loans and credit cards. The company's operating model enables partner banks to provide banking services to low and middle-income Americans who have been left behind by the fee model of traditional banks. The company was founded by Luvleen Sidhu in May 2016 and is headquartered in Wayne, PA.
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Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Resignation of Co-CEO

On August 29, 2023, Mr. Rajinder Singh resigned from his position as Co-CEO of BM Technologies, Inc. (the "Company") effective immediately. Mr. Singh's resignation is for personal reasons and is not the result of any dispute or disagreement regarding the Company's operations, policies, or procedures. The Company has initiated a search to fill the vacancy created by Mr. Singh's resignation and Ms. Luvleen Sidhu, the Company's Chief Executive Officer, will serve as the Company's sole CEO effective with Mr. Singh's resignation.

In connection with his resignation from the Company, Mr. Singh and the Company entered into an Executive Transition Agreement (the "Transition Agreement"), pursuant to which Mr. Singh will remain a non-executive employee of the Company for the period August 30, 2023 through December 31, 2023 (the "Transition Period"). During the Transition Period, Mr. Singh will provide transition and advisory services to the Company, and in exchange, will continue to receive his current base salary and employee benefits exclusive of incentive bonus eligibility. All of Mr. Singh's outstanding, unvested performance-based and time-based equity grants were terminated effective with his resignation as Co-CEO. Mr. Singh's receipt of these payments and benefits is conditioned on his ongoing performance under the Transition Agreement.