x

Posted 21 June, 2021

AgEagle Aerial Systems Inc. appointed Mr. Brandon Torres Declet as new CEO

NYSE:UAVS appointed new Chief Executive Officer Mr. Brandon Torres Declet in a 8-K filed on 21 June, 2021.


  As previously disclosed in a Current Report on Form 8-K filed on May 26, 2021, Mr. Brandon Torres Declet, the former Chief Operating Officer of AgEagle Aerial Systems Inc. (the "Company"), was appointed to serve as its Chief Executive Officer in May 2021.  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of AgEagle Aerial Systems Inc.
Industrial Goods • Aerospace Products/Parts
AgEagle Aerial Systems, Inc. engages in the design and manufacture of drones for commercial use. The firm also enables the capturing, imaging, editing, and analyzing of images and data captured by drones and intends on using commercial drones to be used for delivery services of goods. It offers contract manufacturing, drone solutions, and agriculture solutions. The company was founded on March 31, 1999 and is headquartered in Wichita, KS.
Market Cap
$10.1M
View Company Details
AgEagle Aerial Systems Inc. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


As previously disclosed in a Current Report on Form 8-K filed on May 26, 2021, Mr. Brandon Torres Declet, the former Chief Operating Officer of AgEagle Aerial Systems Inc. (the "Company"), was appointed to serve as its Chief Executive Officer in May 2021. On June 11, 2021, the Board of Directors of the Company, upon recommendation of the Compensation Committee, approved an increase in Mr. Torres Declet's annual base salary from $225,000 to $235,000, effective as of May 24, 2021, to be commensurate with his new position as Chief Executive Officer.


On June 14, 2021, the Company's Board, upon recommendation of the Compensation Committee, also approved the adoption of its 2021 Executive Bonus Plan pursuant to which, if all performance milestones related to the Company's operational, financial and strategic targets are met, the following bonuses shall be paid:


(i) Mr. Torres Declet, as the Company's Chief Executive Officer, can receive up to a maximum of an additional $47,000 (i.e., 20% of the annual base salary) in cash bonus and 300,000 Restricted Stock Units (RSUs);


(ii) Ms. Nicole Fernandez-McGovern, the Company's Chief Financial Officer, can receive up to a maximum of an additional $44,000 (i.e., 20% of the annual base salary) in cash bonus and 275,000 RSUs; and


(iii) the Company's Chief Operating Officer, at such time as the position has been filled, can receive up to a maximum of an additional $45,000 (i.e., 20% of the annual base salary) in cash bonus and 285,000 RSUs.


On June 14, 2021, the Company's Board also approved the promotion of Mr. Jesse Stepler, SVP of Product and Strategy of Measure Global, Inc., the Company's wholly-owned subsidiary ("Measure") to become President of Measure, effective June 17, 2021.