Summary by Futu AI
Bakkt Holdings, Inc. has announced a significant leadership transition with the appointment of Andrew Main as the new President and Chief Executive Officer, effective March 26, 2024. Main, who has been a member of Bakkt's Board of Directors since 2021, will take over from Gavin Michael, who will transition to an advisory role for one year. Main's previous roles include CEO of Ogilvy and Global Head of Deloitte Digital, bringing over 30 years of experience to his new position at Bakkt. His employment agreement includes an annual base salary of $500,000, eligibility for an annual cash bonus, and $10.0 million in restricted stock units. Concurrently, Gavin Michael has entered into a release agreement with Bakkt, which includes a lump sum payment and accelerated vesting of his outstanding restricted stock units. The company also rescheduled its fourth quarter and full year 2023 financial results conference call to March 25, 2024. These leadership changes come at a time when Bakkt is focusing on expanding its institutional crypto capabilities and driving towards adjusted EBITDA breakeven.