Penguin Solutions CEO Mark Adams retires; Kash Shaikh appointed as new CEO effective Feb 2, 2026

Penguin Solutions, Inc.

Mark Adams resigned as President & CEO and Board member effective Feb 1, 2026; will serve as advisor for 9 months at $24,722/month.
Kash Shaikh appointed President & CEO and Class III director effective Feb 2, 2026; previously CEO of Securonix.
Shaikh's compensation: $890k base salary, 125% target bonus, $2M sign-on bonus, and RSU/PSU equity grants.
Equity awards include 238,188 time-based RSUs, 137,898 supplemental RSUs, 137,898 TSR PSUs, and 238,188 stock price PSUs.
Transition agreement includes continued vesting of Adams' time-based equity awards during consulting period.

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