---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-24-029986"
form_type: "8-K"
ticker: "PENG"
cik: "0001616533"
company_name: "Penguin Solutions, Inc."
filed_at: "2024-06-26T23:59:59+00:00"
generated_at: "2026-06-01T01:33:38.364236+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# SGH appoints Nate Olmstead as CFO, effective June 26, replacing Ken Rizvi

## Summary
- Nate Olmstead appointed SVP and CFO, succeeding Ken Rizvi who resigned effective June 26.
- Olmstead previously CFO of Logitech (2019-2023) and held finance roles at HP/HPE.
- Base salary $500k; $180k sign-on bonus (clawback within 1 yr); 80% target annual bonus.
- Equity grants: $1.3M RSUs vesting over 4 years; $1.3M PSUs vesting after 3 years on performance.
- Severance: 12 months pay/COBRA on non-cause termination; 150% salary plus bonus on change in control.

## SEC filing metadata
- accession: 0001628280-24-029986
- form_type: 8-K
- ticker: PENG
- cik: 0001616533
- company_name: Penguin Solutions, Inc.
- filed_at: 2024-06-26T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1616533/000162828024029986/0001628280-24-029986-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1616533/000162828024029986/sgh-20240626.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-24-029986
- JSON: https://secwatch.observer/filing/0001628280-24-029986.json
- Plain text: https://secwatch.observer/filing/0001628280-24-029986.txt

## Key facts
- Executive change
  Ken Rizvi resigned as Chief Financial Officer at Penguin Solutions, Inc..
  - Action: resigned
  - Role: Chief Financial Officer
  source text: the Company and Ken Rizvi (who previously served as the Company’s CFO and who had resigned effective as of June 30, 2024, as reported by the Company in its Current Report on Form 8-K filed on May 14, 2024) mutually agreed that Mr. Rizvi’s resignation would instead take effect immediately prior to the effectiveness of Mr. Olmstead’s appointment.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1616533/000162828024029986/0001628280-24-029986-index.htm
- Executive change
  Nathan Olmstead was appointed as Senior Vice President and Chief Financial Officer at Penguin Solutions, Inc..
  - Action: appointed
  - Role: Senior Vice President and Chief Financial Officer
  source text: On June 25, 2024, the Board of Directors (the “Board”) of SMART Global Holdings, Inc. (the “Company”) appointed Nathan Olmstead as the Company’s Senior Vice President and Chief Financial Officer (“CFO”), effective as of June 26, 2024 (the “Start Date”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1616533/000162828024029986/0001628280-24-029986-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.