Posted 31 January, 2024
Quantum Computing Inc. appointed Dr. William J. McGann as new CEO
Nasdaq:QUBT appointed new Chief Executive Officer Dr. William J. McGann in a 8-K filed on 31 January, 2024.
In connection with the succession planning for the role of CEO, on the Effective Date, the Board promoted Dr. William J. McGann, the Company's Chief Operating Officer and Chief Technology Officer, to the positions of CEO and President (the "CEO Appointment"), effective February 1, 2024.
Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of Quantum Computing Inc.
Technology • Computers/Consumer Electronics
Quantum Computing, Inc. engages in developing novel algorithms and solutions utilizing quantum and quantum-inspired computing to solve difficult problems in various industries. It leverages its expertise in finance, computing, security, mathematics, and physics to develop commercial applications for the financial, security, and government sectors. The company was founded on July 25, 2001 and is headquartered in Leesburg, VA.Market Cap
$65.4M
View Company Details
$65.4M
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 25, 2024 (the "Effective Date"), in the course of discussing succession planning for the role of Chief Executive Officer (the "CEO") of Quantum Computing Inc. (the "Company"), the Board of Directors (the "Board") of the Company informed Mr. Liscouski that his Amended and Restated Employment Agreement with the Company, dated as of April 26, 2021 (the "Liscouski Employment Agreement") would not be renewed for his current position as CEO, effectively terminating Mr. Liscouski's employment as Chief Executive Officer at the end of his current term. Following such notification of effective termination, on January 30, 2024, Mr. Liscouski, choosing to not remain solely as President of the Company, stepped down as CEO and President, effective January 31, 2024. The Company and Mr. Liscouski agreed that the Company had voluntarily terminated Mr. Liscouski without "Cause" as such term is defined in the Liscouski Employment Agreement. Subject to the signing of a separation agreement which will contain a release in favor of the Company, Mr. Liscouski will receive (i) the payments and benefits detailed in Sections 6.2 and 6.4 of the Liscouski Employment Agreement and (ii) 168,000 shares of restricted common stock that are owed to Mr. Liscouski pursuant to his 2022 performance review. Mr. Liscouski will continue to serve the Company in his capacity as Chairman of the Board and Chairman of the Risk Committee. Starting on February 1, 2024, Mr. Liscouski will be paid a cash fee of $12,500 per month for his service as Chairman. Chief Executive Officer Appointment In connection with the succession planning for the role of CEO, on the Effective Date, the Board promoted Dr. William J. McGann, the Company's Chief Operating Officer and Chief Technology Officer, to the positions of CEO and President (the "CEO Appointment"), effective February 1, 2024. Dr. McGann's full biographical information and business experience are described in the Company's proxy statement on Schedule 14A filed with the Securities and Exchange Commission on September 27, 2023 (the "2023 Proxy Statement"). The terms of the employment agreement entered into between the Company and Mr. McGann, dated January 3, 2022 (the "McGann Employment Agreement"), shall remain the same. The Company plans to amend the McGann Employment Agreement in the coming weeks to indicate the change of title. Dr. McGann's compensation is described in the 2023 Proxy Statement. As of the date of this report, there are no changes to Mr. McGann's compensation. No family relationship exists between Dr. McGann and any of the Company's directors or executive officers. There are no related-party transactions in which Dr. McGann or any of his family members has an interest that would require disclosure under Item 404(a) of Regulation S-K. On January 31, 2024, the Company issued a press release in connection with the CEO Appointment. A copy of the press release is filed hereto as Exhibit 99.1.
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