SGH board: co-founders Shah, Patel and Silver Lake director White to step down; Q2 guidance reaffirmed

Penguin Solutions, Inc.

Co-founders Ajay Shah and Mukesh Patel will not stand for re-election at Feb 2022 annual meeting.
Jason White, Silver Lake-nominated director, also steps down after Silver Lake sold its stake.
Shah will serve as consultant until 2023 annual meeting; unvested equity continues to vest.
Remaining board fully independent except CEO Mark Adams; one-third women.
Company reaffirms Q2 fiscal 2022 financial outlook; no changes to prior guidance.

item 1.01 item 5.02 item 8.01 item 9.01

Executive movements

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Departed

Ajay Shah

Chair of the Board

PENG · Penguin Solutions, Inc.

Effective: 2022-02-11
Filed: December 14, 2021, 6:59 PM ET

Ajay Shah, the Company’s co-founder and chair of the board of directors of the Company (the “Board”), will not stand for re-election to the Board at the Company’s annual general meeting of shareholders to be held on February 11, 2022

Departed

Mukesh Patel

Director

PENG · Penguin Solutions, Inc.

Effective: 2022-02-11
Filed: December 14, 2021, 6:59 PM ET

Mukesh Patel notified the Company of his intention to resign from the Board, effective as of the 2022 Annual Meeting.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Ajay Shah departed as Chair of the Board at Penguin Solutions, Inc..

Action: will not stand for re-election
Role: Chair of the Board

Exact text from the filing

Ajay Shah, the Company’s co-founder and chair of the board of directors of the Company (the “Board”), will not stand for re-election to the Board at the Company’s annual general meeting of shareholders to be held on February 11, 2022

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Mukesh Patel resigned as Director at Penguin Solutions, Inc..

Action: resigned
Role: Director

Exact text from the filing

Mukesh Patel notified the Company of his intention to resign from the Board, effective as of the 2022 Annual Meeting.

View on SEC.gov

Penguin Solutions, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-21-356865

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