Innventure, Inc. filed a Form 8-K on September 21, 2026, reporting the resignations of two board directors, the appointment of a new independent director and a new Chief Financial Officer, and a reduction in board size from eight to seven members.

Key Highlights

  • Two directors resigned: Michael Otworth and John Hewitt each resigned from the Board on September 18, 2026, in connection with the Board's initiative to increase the percentage of independent directors.
  • New director appointed: Michael Madon was appointed to the Board effective September 28, 2026, and was determined to be independent under applicable Nasdaq and Exchange Act requirements.
  • Board reduced: The Board approved a reduction in size from eight to seven directors, effective September 20, 2026.
  • New CFO named: Eric Stober was appointed Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer, effective October 19, 2026, succeeding David Yablunosky.
  • Stober's base salary: According to the filing, Mr. Stober is entitled to an annual base salary of $525,000, a target annual cash bonus of 100% of base salary (prorated for 2026), and a restricted stock unit grant valued at $600,000 upon commencement of employment.
  • Cost-reduction announcement: The company disclosed it issued a press release on September 21, 2026, announcing board and management changes and "cost-reduction measures."

Board and Leadership Transitions at Innventure, Inc.

According to the filing, both Michael Otworth and John Hewitt resigned from the Board of Directors of Innventure, Inc. (NASDAQ:INV) on September 18, 2026. The company disclosed that neither resignation "is the result of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices." The filing notes that Mr. Otworth will provide transitional advisory services to the company following his resignation.

The Board, upon the recommendation of its Nominating and Corporate Governance Committee, appointed Michael Madon on September 20, 2026, to fill the vacancy created by Mr. Otworth's departure, effective September 28, 2026. The filing states the Board determined Mr. Madon is independent under applicable Nasdaq and Securities Exchange Act requirements. Committee assignments for Mr. Madon have not yet been determined, according to the filing. Mr. Madon will participate in the company's non-management director compensation program and will enter into a standard indemnification agreement.

Regarding the CFO transition, the filing states that Eric Stober, age 49, will assume the roles of Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer on October 19, 2026. Mr. Stober most recently served as CFO of Capital Factory since April 2022, and previously served as CFO of Astrotech Corporation (Nasdaq: ASTC) from November 2013 to April 2022. His employment letter, dated September 18, 2026, provides for an annual base salary of $525,000, a target annual cash bonus equal to 100% of base salary, and restricted stock units valued at $600,000 vesting in equal thirds over three years. The filing also states that his first annual equity grant is expected in April 2027 with a grant date value of $575,000. David Yablunosky will continue in his current roles through October 19, 2026, and is expected to serve in an advisory capacity thereafter.

What Was Disclosed

Innventure's 8-K disclosed two board resignations, one new independent director appointment, a reduction in board size from eight to seven, and the appointment of a new CFO with detailed compensation terms, all effective across dates in September and October 2026.