Progressive shares fall as Q3 earnings, revenue miss expectations
Cid Holdco, Inc. (NASDAQ:CIDH) announced changes to its board of directors, according to a press release statement based on a filing with the U.S. Securities and Exchange Commission. For deeper insights into corporate governance changes and their impact on company performance, InvestingPro subscribers can access comprehensive research reports covering 1,400+ US stocks.
On Tuesday, Holly Grey and Joanna Burkey resigned from the company’s board of directors and from the committees on which they served. The company stated that the resignations did not result from any disagreements related to operations, policies, or practices.
Following these departures, effective Friday, Walter Skowronski and Janice Bryant Howroyd have been appointed to the board. Skowronski, age 76, will also serve as chair of the audit committee. Both appointees are considered independent and financially sophisticated under the listing standards of The Nasdaq Stock Market LLC. Skowronski has also been designated as an audit committee financial expert under U.S. Securities and Exchange Commission rules.
Skowronski brings more than 40 years of experience as a senior financial executive at public companies. He previously served as a director of Coliseum Acquisition Corp., which completed a business combination with Rain Enhancement Technologies (NASDAQ:RAIN, RAINW) in December 2024. According to InvestingPro data, RAIN has faced significant challenges, with its stock down over 70% year-to-date and currently trading at $3.38. The company’s financial health score is rated as WEAK, with a market capitalization of approximately $25 million. His prior roles include Senior Vice President of The Boeing Company and President of Boeing Capital Company. He also held senior finance positions at Lockheed Martin and served on several company boards.
Howroyd, age 72, is the founder and chief executive officer of ActOne Group, an international talent and technology company. She has served in various board and advisory roles, including with ShoulderUp Technology Acquisition Corp., the Los Angeles Economic Development Corporation, and the Women’s Business Enterprise National Council Global Business Committee. Howroyd has also participated in advisory capacities for the White House Initiative on Historically Black Colleges and Universities and the Federal Communications Commission.
The information in this article is based on a press release statement and the company’s filing with the SEC.
In other recent news, Rain Enhancement Technologies Holdco, Inc. has made significant changes to its executive compensation structure. The company announced an amendment to the employment agreement with its CEO, Randall Seidl, awarding him a retention bonus of $5.82 million. This decision was disclosed in a filing with the Securities and Exchange Commission. The retention bonus replaces a previously planned unsecured note that was not issued. According to the terms, the bonus will be paid out as a lump sum, subject to withholdings and deductions, by December 31, 2028, or earlier if certain conditions are met, such as termination without cause or a change of control. This development is part of the company’s recent efforts to retain key leadership amidst ongoing corporate activities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.