C3.ai, Inc. (NYSE:AI), a leader in enterprise AI software, announced the appointment of Merel Witteveen as Senior Vice President of Operations, effective July 31, 2024. The company, known for its services in prepackaged software, disclosed this information in a recent 8-K filing with the Securities and Exchange Commission (SEC).
Witteveen, 39, has been with C3.ai since August 2016 and has held various roles within the company, including Director and Senior Director of Products, Vice President of Marketing, and Vice President of Alliances. Before her tenure at C3.ai, she worked at McKinsey & Company. Witteveen is a well-educated professional with a Bachelor of Science from the University of Amsterdam, a Master of Science from Utrecht University, and an MBA from Stanford University.
The promotion from her position as Interim Chief Operating Officer, which she held since June 2024, comes with a substantial compensation package. Witteveen's amended offer letter includes an annual base salary of $450,000 and a target bonus opportunity of 50% of her base salary. Additionally, she will be granted 40,000 restricted stock units under the company's Amended and Restated 2020 Equity Incentive Plan, vesting over five years.
C3.ai also announced an executive transition, with Ed Abbo, formerly President and Chief Technology Officer, assuming the role of Executive Vice President and Chief Technology Officer as of August 1, 2024. Abbo will continue to report directly to Thomas M. Siebel, the Chairman and CEO of C3.ai.
There are no reported familial relationships between Witteveen and any directors or executive officers of the company, nor are there any transactions involving Witteveen that would require disclosure under SEC Regulation S-K Item 404(a).
The full details of Witteveen's amended offer letter will be filed with the company's Quarterly Report on Form 10-Q for the fiscal quarter ending September 30, 2024. This executive movement reflects C3.ai's commitment to strengthening its leadership team and operational capabilities as it continues to innovate in the enterprise AI space.
In other recent news, C3 AI, an enterprise artificial intelligence (AI) software company, reported a 20% increase in Q4 revenue year-over-year, reaching $86.6 million. Subscription revenue, a key indicator of the company's health, grew by 40.5% year-over-year to $79.9 million. C3 AI also secured the Amazon (NASDAQ:AMZN) Web Services (AWS) Generative AI Competency, acknowledging its proficiency in deploying generative AI technologies.
In a bid to enhance operational efficiency and sustainability, Holcim (SIX:HOLN), a leading company in sustainable building solutions, implemented C3 AI's advanced predictive maintenance application across its global operations. Analysts from Northland Capital Markets, D.A. Davidson & Co., JMP Securities, and Deutsche Bank Securities Inc. noted potential risks but also highlighted the company's strong subscription growth and large estimated Total Addressable Market of around $792 billion by 2026.
C3 AI also announced the addition of former House Speaker Kevin McCarthy to its advisory board, which is expected to guide the company's expansion of AI solutions in various government sectors. These recent developments reflect C3 AI's continued growth and its commitment to driving innovation within the AI industry.
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