Sprinklr Appoints Trac Pham New Interim Chief Operating Officer, Authorizes $100 Million Stock Buyback Program, and Reaffirms Financial Guidance for Q4 and Full Year FY 2024
04 Janvier 2024 - 2:00PM
Business Wire
- Mr. Pham will work cross-functionally on orchestrating
Sprinklr’s operating rhythm and lead planning efforts with a focus
on continuing to improve go-to-market strategy.
- As the company actively seeks a permanent President and COO,
Mr. Pham continues to play a critical role in shaping Sprinklr's
leadership.
- $100 million stock buyback program reflects the strength of the
company’s balance sheet and free cash flow generation as additional
ways to create stockholder value.
- Sprinklr reaffirms financial guidance for the fourth quarter
and full year fiscal 2024.
Sprinklr (NYSE: CXM), the unified customer experience management
(Unified-CXM) platform for modern enterprises, today announced the
appointment of Trac Pham as interim Chief Operating Officer (COO).
Mr. Pham will report directly to Sprinklr Founder and CEO Ragy
Thomas and join the Executive Leadership Team to help drive
cross-functional alignment on all business operations and planning
decisions.
Mr. Pham retired as Chief Financial Officer (CFO) at Synopsys in
2022. At Synopsys, he was responsible for Finance, Strategy and
Corporate Business Development, and Information Technology. During
his tenure as CFO, Trac helped scale Synopsys from $2.0B to $5.1B
in revenue and was the strategic and operating partner to the
co-CEO/Founder and co-CEO/President. Mr. Pham joined Sprinklr’s
Board of Directors and Audit Committee in June 2023. Mr. Pham will
continue as a member of Sprinklr’s Board but will not serve on any
independent committees of the Board, including the Audit Committee,
during his term as interim COO.
“As Sprinklr continues on our growth and scale journey, we must
have world-class operational processes to support and enable our
teams,” said Sprinklr Founder and CEO, Ragy Thomas. “Trac
has been an invaluable and active member of our board, providing
thoughtful counsel on our direction and alignment. He is a
strategic thinker and communicates with clarity about goals and
desired outcomes. We share strong convictions about our long-term
unified-CXM vision and believe Sprinklr can become the most-loved
enterprise software company. I am excited and humbled to work in
partnership with Trac and have him join our executive team.”
“Sprinklr has a compelling strategy and vision and has navigated
through significant transitions from its roots in social media, the
evolution across digital platforms, to being the only unified-CXM
platform,” said Mr. Pham. “I am excited by that vision and
what it has achieved, the customers it serves, and the size of this
market opportunity. I look forward to contributing to Sprinklr’s
growth and scale opportunity with an immediate focus on operational
strategy.” In addition to his focus on operations, Mr. Pham will
play a critical role in helping Sprinklr to recruit a permanent
President and Chief Operating Officer.
Sprinklr also announced that its Board of Directors has
authorized the company to repurchase up to an aggregate of $100
million of shares of its Class A common stock through open market
purchases in a manner deemed to be in the best interests of the
company and its stockholders, considering the economic cost and
prevailing market conditions, including the relative trading prices
and volumes of the Class A shares. This stock repurchase program
reflects the strength of Sprinklr’s balance sheet and cash flow
generation and provides flexibility to continue investing in key
strategic initiatives while also enhancing stockholder value
through capital returns. The repurchases are expected to be
effected pursuant to a written trading plan under Rule 10b5-1 and
Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The
stock repurchase program is expected to be completed within the
calendar year 2024.
Sprinklr also reaffirms its financial guidance for the fourth
quarter of fiscal 2024 and the full year fiscal 2024, as provided
in a press release issued on December 6, 2023.
About Sprinklr
Sprinklr is a leading enterprise software company for all
customer-facing functions. With advanced AI, Sprinklr's unified
customer experience management (Unified-CXM) platform helps
companies deliver human experiences to every customer, every time,
across any modern channel. Headquartered in New York City with
employees around the world, Sprinklr works with more than 1,400
valuable enterprises — global brands like Microsoft, P&G,
Samsung and more than 50% of the Fortune 100. Sprinklr’s value to
the enterprise is simple: We un-silo teams to make customers
happier.
Forward Looking Statements
This press release contains forward-looking information and
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding the potential
benefits of appointing Trac Pham as Sprinklr’s interim Chief
Operating Officer, purchases by Sprinklr of its Class A common
stock and potential benefits thereof, and statements regarding our
financial outlook for the fourth quarter and full-year fiscal 2024.
By their nature, forward-looking information and statements are
subject to risks, uncertainties, and contingencies, including the
risk that the potential benefits of Mr. Pham’s appointment and the
stock repurchase program are not realized; changes in price and
volume and the volatility of Sprinklr’s Class A common stock;
adverse developments affecting either or both of prices and trading
of exchange-traded securities, including securities listed on the
New York Stock Exchange; unexpected or otherwise unplanned or
alternative requirements with respect to Sprinklr’s capital
investments; and risks, uncertainties and contingencies that may
apply to Sprinklr’s business. Additional risks and uncertainties
that could cause actual outcomes and results to differ materially
from those contemplated by the forward-looking statements are
discussed in our Quarterly Report on Form 10-Q for the quarter
ended October 31, 2023, filed with the Securities and Exchange
Commission (the “SEC”) on December 12, 2023, under the caption
“Risk Factors,” and in other filings that we make from time to time
with the SEC. Sprinklr does not undertake to update any
forward-looking statements or information, including those
contained in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20240104523670/en/
Press Austin DeArman pr@sprinklr.com
Sprinklr (NYSE:CXM)
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