Instructure Announces Leadership Transition
SALT LAKE CITY, Feb. 18, 2020 /PRNewswire/ -- Instructure (NYSE: INST) today announced that Dan Goldsmith has informed the Board of Directors of his intent to step down as CEO and as a member of the Board of Directors. Goldsmith will remain with the Company until March 6 to help with the transition. The Company will form an Office of the CEO comprised of a group of the most senior executives to lead the business in the interim until a successor can be named. The Board will hire an executive search firm to assist in its process to evaluate candidates to succeed Goldsmith.
"The Board of Directors is grateful to Dan for his strategic guidance and leadership during his time at the Company," said Josh Coates, executive chairman. "We wish him all the best in his future endeavors."
During his tenure at Instructure, Goldsmith successfully implemented a strategy that moved the Company forward past the $250 million annual revenue milestone in 2019. Instructure achieved positive free cash flow for the first time in its history and implemented business plans focused on achieving profitability. Goldsmith also directed the acquisitions of MasteryConnect, which provides assessment capabilities within Canvas to support personalized and mastery-based learning, and Portfolium, the student success network built to showcase student achievement to potential employers.
"It has been a privilege to work with such amazing customers, partners, and employees," said Goldsmith. "Over the past two years, we have re-oriented the business to focus on innovation, growth, and customer success while making the hard, but necessary, decisions to prepare for a bright future."
Additional Information and Where to Find It
Instructure filed with the Securities and Exchange Commission (the "SEC") a revised definitive proxy statement on Schedule 14A on January 7, 2020 (the "proxy statement"), as well as other relevant documents concerning the proposed transaction. The proxy statement contains important information about the proposed merger and related matters. Investors and security holders of Instructure are urged to carefully read the entire proxy statement because it contains important information about the proposed transactions. A definitive proxy statement will be sent to the stockholders of Instructure seeking any required stockholder approvals.
Investors and security holders of Instructure will be able to obtain a free copy of the proxy statement, as well as other relevant filings containing information about Instructure and the proposed transactions, including materials tha will be incorporated by reference into the proxy statement, without charge, at the SEC's website (http://www.sec.gov) or from Instructure by contacting Instructure's Investor Relations at (866) 574-3127, by email at Investors@instructure.com, or by going to Instructure's Investor Relations page on its website at https://ir.instructure.com/overview/default.aspx and clicking on the link titled "SEC Filings."
Participants in the Solicitation
Instructure and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed merger. Information regarding the interests of Instructure's directors and executive officers and their ownership of Instructure common stock is set forth in Instructure's annual report on Form 10-K filed with the SEC on February 20, 2019 and Instructure's proxy statement on Schedule 14A filed with the SEC on April 8, 2019. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests in the proposed merger, by security holdings or otherwise, are contained in the proxy statement and other relevant materials to be filed with the SEC in connection with the proposed merger. Free copies of these documents may be obtained, without charge, from the SEC or Instructure as described in the preceding paragraph.
Notice Regarding Forward-Looking Statements
This communication contains forward-looking information related to the Company and the acquisition of the Company. Forward-looking statements in this release include, among other things, statements about the potential benefits of the proposed transaction, Instructure's plans, objectives, expectations and intentions, the financial condition, results of operations and business of Instructure, and the anticipated timing of closing of the proposed transaction. Risks and uncertainties include, among other things, risks related to the ability of Instructure to consummate the proposed transaction on a timely basis or at all, including due to complexities resulting from the adoption of new accounting pronouncements and associated system implementations; the satisfaction of the conditions precedent to consummation of the proposed transaction; Instructure 's ability to secure regulatory approvals on the terms expected in a timely manner or at all; disruption from the transaction making it more difficult to maintain business and operational relationships; the negative side effects of the announcement or the consummation of the proposed transaction on the market price of Instructure 's common stock or on Instructure's operating results; significant transaction costs; unknown liabilities; the risk of litigation and/or regulatory actions related to the proposed transaction; competitive factors, including competitive responses to the transaction and changes in the competitive environment, pricing changes, sales cycle time and increased competition; customer demand for Instructure's products; new application introductions and Instructure's ability to develop and deliver innovative applications and features; Instructure's ability to provide high-quality service and support offerings; Instructure's ability to build and expand its sales efforts; regulatory requirements or developments; changes in capital resource requirements; and other business effects, including the effects of industry, market, economic, political or regulatory conditions; future exchange and interest rates; changes in tax and other laws, regulations, rates and policies; and future business combinations or disposals.
Further information on these and other risk and uncertainties relating to Instructure can be found in its reports on Forms 10-K, 10-Q and 8-K and in other filings Instructure makes with the SEC from time to time and available at www.sec.gov. These documents are available under the SEC filings heading of the Investors section of Instructure's website at https://ir.instructure.com/overview/default.aspx.
The forward-looking statements included in this communication are made only as of the date hereof. Instructure assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
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