Veritone CEO salary restored to market levels by board

In a recent development at Veritone, Inc., a company specializing in computer processing and data preparation with a market capitalization of $150 million, the Compensation Committee of the Board of Directors has decided to adjust the annual base salary of Ryan Steelberg, the President and CEO. This decision, effective as of January 1, 2025, increases his salary to $665,000 from the symbolic $1 he had been receiving since May 2023. According to InvestingPro data, the company maintains impressive gross profit margins of nearly 79%, despite facing profitability challenges.

The adjustment was approved on Monday and is seen as an effort to realign Steelberg’s compensation with market standards. Originally, his employment agreement in 2023 set his annual base salary at $525,000. The voluntary reduction to $1 had been a notable gesture, highlighting a period where the CEO’s compensation was significantly below the typical executive pay level for his position. InvestingPro analysis reveals the company operates with significant debt obligations and is currently experiencing rapid cash burn, factors that may have influenced this compensation decision.

The company, based in Denver, Colorado, and listed on the Nasdaq Stock Market under the ticker (NASDAQ:VERI), has not disclosed any additional changes to the compensation arrangements for other executives or employees.

This update, filed with the U.S. Securities and Exchange Commission on Wednesday, February 12, 2025, demonstrates the board’s recognition of the need to offer competitive compensation to retain key leadership in an industry where executive pay is often closely tied to talent retention and company performance.

The information provided in this article is based on a press release statement from Veritone, Inc.

In other recent news, Veritone, Inc. has experienced a flurry of significant developments. The company has announced a stock sale agreement with Esousa Group Holdings, LLC, which is expected to yield gross proceeds of approximately $20.3 million. The funds will be allocated towards working capital, general corporate purposes, and the enhancement of Veritone’s AI platform and applications.

Simultaneously, Veritone has expanded its AI solutions to the AWS Marketplace, offering a range of services that aim to foster innovation, efficiency, scalability, and performance for businesses adopting AI technologies. This move aligns with the company’s mission to provide transformative AI solutions tailored to specific business challenges.

Furthermore, Veritone has launched a programmatic job advertising service in Australia, utilizing artificial intelligence to optimize the recruitment process. This new service is part of the company’s global talent acquisition offerings, aiming to enhance the reach and quality of job applications.

On the financial front, Veritone reported Q3 results and the successful sale of its legacy media agency, Veritone One, for up to $104 million. Despite a year-over-year revenue decline to $22 million in Q3, the divestiture significantly improves the company’s balance sheet. The company anticipates cash flow profitability by fiscal 2026.

These recent developments represent Veritone’s strategic focus on AI solutions, with an emphasis on efficiency and cost reduction. Analysts from Needham Virtual Conference and other firms will continue to monitor Veritone’s progress.

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