Veeva Systems Inc. (NYSE:VEEV), a cloud-computing company focused on pharmaceutical and life sciences industry applications, announced today that Brent Bowman will step down from his role as Chief Financial Officer (CFO) and Principal Financial (NASDAQ:PFG) Officer (PFO) at the close of business.
Tim Cabral, who previously held the CFO position from 2010 to 2020 and is currently on Veeva's board of directors, will take over as Interim CFO and PFO.
The transition comes as part of a mutual agreement, with Bowman remaining with the company for an additional three months to assist with the changeover. The company has not yet named a permanent replacement for Bowman.
As part of the transition terms, Bowman's equity grant from the fiscal year ending January 31, 2023, which includes 10,000 Restricted Stock Units (RSUs) and 20,000 stock options set to vest on April 1, 2026, will now vest 9/16th of the RSUs and options on July 1, 2024.
Further information about Tim Cabral, including his biography, can be found in Veeva's definitive proxy statement filed with the Securities and Exchange Commission on May 10, 2023.
The announcement is based on a recent SEC filing by Veeva Systems. This move is part of the company's executive management changes and is not indicative of broader industry trends. The company has not provided additional details on the reasons for Bowman's departure or the search for his successor.
Investors and stakeholders are likely to watch closely as Veeva Systems navigates this transition period. The company's stock performance and financial operations will be under interim leadership while a search for a new CFO is conducted.
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