Sarcos Technology (NASDAQ:STRC), a robotics company, announced the appointment of Trevor Thatcher as its new Chief Financial Officer (CFO), effective Monday. The transition comes as Andrew Hamer, the previous CFO, agreed with the CEO, Benjamin Wolff, that it was the right time for a change in the company's financial leadership. Hamer's employment with Sarcos will conclude on Friday, following his cessation of the CFO role earlier this week.
Thatcher, 38, brings a wealth of experience to the role, having served as the Vice President, Corporate Controller of Sarcos since December 2021. His background includes various senior financial positions at LifeVantage (NASDAQ:LFVN) Corporation, a direct selling company, from October 2014 to December 2021. Thatcher is also a licensed certified public accountant in Utah and holds academic degrees in accounting and economics from Utah State University, as well as a Master of Accounting from the University of Utah.
The company clarified that Thatcher has no familial ties to any director or executive officer of Sarcos and has not been involved in any reportable transactions with the company. His selection as CFO was made without any pre-arranged agreements or understandings with other persons.
Under the terms of the Thatcher Employment Agreement, he will serve as an at-will employee with an initial base salary of $300,000 and the potential for an annual target bonus of 35% of his base salary. Additionally, Thatcher is expected to receive an equity award of 100,000 restricted stock units in the company, vesting over time, contingent upon his continued service. This award will be granted under the terms of the company's 2021 Equity Incentive Plan.
Sarcos has expressed gratitude to Hamer for his dedicated service during his tenure. The company's leadership transition appears to be a strategic move to strengthen its financial management as it continues to grow and innovate in the field of robotics.
This report is based on a press release statement.
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