x

Posted 24 February, 2023

Rubicon Technology, Inc. appointed new CEO

CEO Change detected for ticker OTC:RBCN in a 8-K filed on 24 February, 2023.


  On February 20, 2023, Timothy E. Brog, the former Chief Executive Officer, President and Acting Chief Financial Officer of the Company, tendered his resignation as a member of the Board.  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of Rubicon Technology, Inc.
Technology • Semiconductors
Rubicon Technology, Inc. engages in the provision of monocrystalline sapphire for applications in optical and industrial systems. It operates through the following business segments: Sapphire and Pharmacy Business. The company was founded on February 7, 2001 and is headquartered in Bensenville, IL.
Market Cap
$4.73M
View Company Details
Rubicon Technology, Inc. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.


Appointment of Joseph Ferrara as Executive Officer and Chief Financial Officer


On February 24, 2023, the Board of Directors (the "Board") of Rubicon Technology, Inc. (the "Company") appointed Joseph Ferrara as the Company's Executive Officer and Chief Financial Officer, effective immediately. The Board also approved an annual salary of $200,000 for Mr. Ferrara and a bonus with terms to be agreed upon at a later date, subject to the Company's customary compensation policies. Mr. Ferrara was previously the Company's Senior Financial Consultant.


Resignation of Timothy E. Brog as Director


On February 20, 2023, Timothy E. Brog, the former Chief Executive Officer, President and Acting Chief Financial Officer of the Company, tendered his resignation as a member of the Board. The resignation was effective upon the receipt by Mr. Brog of a settlement payment pursuant to the Separation Agreement (as defined below), which occurred on February 22, 2023. Mr. Brog's resignation from the Company as Chief Executive Officer, President and Acting Chief Financial Officer was previously announced on December 12, 2022 and was effective on January 6, 2023. Mr. Brog's resignation as a member of the Board was not the result of any disagreements with the Company on any matters relating to its operations, policies or practices.


Confidential Separation Agreement and General Release for Timothy E. Brog


On February 20, 2023, the Company entered into a Confidential Separation Agreement and General Release (the "Separation Agreement") with Mr. Brog, in connection with Mr. Brog's resignation from the Company as Chief Executive Officer, President and Acting Chief Financial Officer. Pursuant to the Separation Agreement, Mr. Brog is entitled to receive, among other things, a payment of $112,000 for the assignment to the Company by Mr. Brog of 57,593 shares of common stock of the Company, par value $0.001 per share (the "Common Stock"), held by Mr. Brog. The Separation Agreement also contains a general release of claims against the Company, as well as certain other customary covenants, including covenants pertaining to non-disparagement and confidentiality.


The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated herein by reference.


1