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Posted 05 July, 2023

Vimeo, Inc. appointed Adam Gross as new CEO

Nasdaq:VMEO appointed new Chief Executive Officer Adam Gross in a 8-K filed on 05 July, 2023.


  The Company's Board of Directors has appointed Adam Gross, one of its independent directors, to serve as Interim Chief Executive Officer beginning September 1, 2023, and has begun the process of searching for a permanent Chief Executive Officer.  

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Overview of Vimeo, Inc.
Technology • Internet/Online
Vimeo, Inc. provides online video software and services. It also provides professional software, tools and technology for creators and businesses to host, distribute and monetize their videos anywhere. The company was founded in 2004 and is headquartered in New York, NY.
Market Cap
$840M
View Company Details
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 June 30, 2023, Anjali Sud, Chief Executive Officer and director of Vimeo, Inc. (the "Company") notified the Company of her intention to step down from her roles, effective as of August 31, 2023, to pursue another opportunity. The Company's Board of Directors has appointed Adam Gross, one of its independent directors, to serve as Interim Chief Executive Officer beginning September 1, 2023, and has begun the process of searching for a permanent Chief Executive Officer.


On July 5, 2023, Ms. Sud and the Company entered into a memorandum of understanding concerning her transition from the Company. Under the agreement, Ms. Sud will (i) continue to receive her base annual salary ($600,000) while serving as Chief Executive Officer; (ii) be eligible to receive a discretionary bonus with a target of $400,000 (representing the full year target bonus set forth in Ms. Sud's letter agreement with the Company dated May 4, 2022 prorated for eight months of service) to be determined by the Board of Directors and paid following her departure; and (iii) be entitled to receive two thirds of any non-discretionary bonus (for a maximum payment of $533,333) earned under Ms. Sud's letter agreement with the Company dated March 22, 2023 based upon the achievement of certain full-year financial performance metrics in 2023 with any payment to be made in the first quarter of 2024.


On July 4, 2023, Mr. Gross and the Company entered into a letter agreement concerning his appointment. Under the letter agreement, upon the start of his service as Interim CEO on September 1, 2023, Mr. Gross will (i) receive a base annual salary of $600,000; (ii) receive an award of the number of restricted stock units ("RSUs") equal to $600,000 divided by a Company stock price calculation provided by the letter agreement; and (iii) be entitled to earn a bonus equal to one third of any non-discretionary bonus earned under Ms. Sud's letter agreement with the Company dated March 22, 2023 based upon the achievement of certain full-year financial performance metrics in 2023 with any payment to be made in the first quarter of 2024. The RSU award will vest monthly over 12 months, subject to his continued service with the Company. Mr. Gross's tenure as Interim Chief Executive Officer will end on the earlier of (i) the start date for a permanent Chief Executive Officer; (ii) 12 months from Mr. Gross's start date; or (iii) 30 days from the date that either Mr. Gross or the Company provides written notice of termination. During the transition period prior to his start date as Interim Chief Executive Officer, Mr. Gross will receive a special director fee of $100,000 for his increased time commitment in connection with onboarding that will take place between July 5, 2023 and August 31, 2023.


The foregoing summaries of the agreements with Ms. Sud and Mr. Gross do not purport to be complete and are qualified in their entirety by the full text of the agreements, copies of which will be filed with the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023.