Phunware appoints Jeremy Krol as new COO

Phunware, Inc. (NASDAQ:PHUN), a company specializing in computer processing and data preparation with a market capitalization of $78.36 million, has announced the appointment of Mr. Jeremy Krol as its new Chief Operating Officer, effective January 31, 2025.

The announcement comes at a crucial time for the company, which InvestingPro analysis shows has maintained strong liquidity with a current ratio of 3.8, though facing profitability challenges. The announcement was made through a current report filed with the Securities and Exchange Commission today.

Mr. Krol, 47, brings a wealth of experience to Phunware, having previously provided consulting services to the company through Switch (NYSE:SWCH) Advisory Group since June 2024. His appointment comes as the company faces significant challenges, with InvestingPro data indicating a substantial revenue decline forecast for the current year.

His background includes a tenure as a startup advisor for Platform Calgary, a technology accelerator hub, from 2019 to 2024. Mr. Krol holds a Bachelor of Engineering (Aerospace) degree from Carleton University and an MBA from the University of Calgary.

The employment agreement with Mr. Krol, which has an indefinite term and is subject to termination by either party, includes a base salary of 429,270 Canadian Dollars, a sign-on bonus of 8,943.13 CAD, and a target annual cash discretionary bonus ranging from 20% to 150% of his base salary.

According to InvestingPro analysis, which offers comprehensive insights through its Pro Research Reports covering 1,400+ US stocks, the company currently maintains a healthy balance sheet with more cash than debt, though it faces profitability challenges. The actual bonus will be determined by the company’s performance and Mr. Krol’s contribution to it.

Additionally, Mr. Krol is set to receive a grant of restricted stock units within sixty days of his employment agreement date. These units will be subject to a separate award agreement, potentially under Phunware’s 2018 Equity Incentive Plan or as a non-plan inducement award, in line with Nasdaq Listing Rule 5635(c)(4).

The agreement also specifies that in the event of termination without cause or for good reason in connection with a change of control, Mr. Krol will receive accrued benefits and immediate vesting of 100% of the restricted stock unit award.

The company disclosed no further arrangements or understandings between Mr. Krol and other persons, nor any family relationships with company directors or executive officers. Moreover, Mr. Krol does not have any material interest in any transaction requiring disclosure.

The details provided in this article are based on Phunware’s SEC filing, which serves as the source for this information.

In other recent news, Phunware Inc., a Texas-based technology firm, has made several notable developments. The company launched a smart hospitality app for JW Marriott Phoenix Desert Ridge Resort & Spa, providing guests with a personalized, mobile-first experience. The app offers seamless navigation through the resort’s amenities and enables reservations and bookings directly from guests’ smartphones.

Furthermore, Phunware reported significant growth in its Third Quarter 2024 Earnings Conference Call. Despite a decrease in Q3 2024 net revenues to $665,000, the company saw a 96% improvement in net income and reported a robust cash position with approximately $100 million in reserves. The company also announced plans to launch a next-generation AI-driven SaaS platform by mid-2025.

However, Phunware has been notified by The Nasdaq Stock Market LLC of non-compliance with listing rules due to its failure to hold an annual stockholders’ meeting for the fiscal year ended December 31, 2023. The company is now required to submit a plan to regain compliance within 45 days. During the review of the compliance plan, Phunware’s securities will remain listed and trade on the Nasdaq exchange.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.