Cerence AI Appoints Tony Rodriquez as Permanent CFO, Aims for Growth and Profitability

Cerence AI Announces Equity Grant to Employee Under Inducement Plan Pursuant to Nasdaq Listing Rule 5635(c)(4) By Investing.com

BURLINGTON, Mass., Dec. 06, 2024 (GLOBE NEWSWIRE) -- Cerence Inc . (NASDAQ: NASDAQ:CRNC) (Cerence AI), a global industry leader in AI for transportation, today announced that, in connection with Antonio (Tony) Rodriquez's recent appointment as Executive Vice President, Chief Financial Officer effective November 29, 2024, the Company granted Mr. Rodriquez 313,283 time-based restricted stock units and 313,283 performance-based restricted stock units. The time-based restricted stock units will vest in three equal installments on each of October 1, 2025, October 1, 2026, and October 1, 2027, in each case subject to Mr. Rodriquez's continued service with the Company through the applicable vesting date. The performance-based restricted stock units will be earned based on the achievement of the Company's performance metrics for each of fiscal year 2025, 2026 and 2027 with one-third of the total performance-based restricted stock units eligible to be earned for each fiscal year, subject to Mr. Rodriquez's continued service with the Company through such vesting date. All of these awards were granted as an inducement material to Mr. Rodriquez entering into employment with the Company pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. To learn more about Cerence AI, visit www.cerence.ai, and follow the company on LinkedIn. About Cerence Inc. Cerence Inc. (NASDAQ: CRNC) is a global industry leader in creating intuitive, seamless, AI-powered experiences across automotive and transportation. Leveraging decades of innovation and expertise in voice, generative AI, and large language models, Cerence powers integrated experiences that create safer, more connected, and more enjoyable journeys for drivers and passengers alike. With more than 500 million cars shipped with Cerence technology, the company partners with leading automakers, transportation OEMs, and technology companies to advance the next generation of user experiences. Cerence is headquartered in Burlington (NYSE:BURL), Massachusetts, with operations globally and a worldwide team dedicated to pushing the boundaries of AI innovation. For more information, visit www.cerence.ai.

Cerence AI Names Tony Rodriquez as Chief Financial Officer - Cerence (NASDAQ:CRNC)

BURLINGTON, Mass., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Cerence Inc. CRNC ("Cerence AI"), a global industry leader in AI for transportation, today announced that it has appointed Antonio ("Tony") Rodriquez as its Chief Financial Officer (CFO), effective November 29, 2024. As Cerence AI's CFO, Mr. Rodriquez will be focused on accelerating growth, improving operating results, and driving sustainable, long-term value, leading the Company's finance organization, including accounting, tax, FP&A, treasury, facilities, and procurement. Mr. Rodriquez previously served as a partner of CSuite Financial Partners, a financial executive services firm, during which he served as Chief Financial Officer of The Bouqs Company from 2019 to 2023 and as interim Chief Financial Officer of Cerence AI from June 2024 until becoming an employee of Cerence AI on November 29, 2024. "Tony has been a strong partner and contributor to the Cerence AI leadership team since joining as interim CFO in June, so he brings a deep understanding of our business to his new, permanent role," said Brian Krzanich, CEO, Cerence AI. "Tony has a proven track record as an accomplished finance executive with experience across a broad range of industries, and I and the Cerence AI leadership team look forward to his continued contributions to our organization." "I am honored to join Cerence AI permanently at this exciting time for the company," said Tony Rodriquez. "I've had such a positive experience thus far with the finance organization and the global team at large; I am looking forward to digging in even further and supporting the team as we focus on the next phase of growth for Cerence AI." Mr. Rodriquez has more than 25 years of experience as a financial leader managing all aspects of finance and accounting for both public and private global companies, including in the eCommerce, SaaS, advertising media and consumer marketing industries. Prior to joining CSuite Financial Partners, he served as Chief Financial Officer of TouchCommerce Inc. from 2010 to 2018. He began his career at KPMG LLP, where he serviced international public and private companies in the manufacturing, retail, distribution, and technology sectors as an assurance senior manager. Mr. Rodriquez holds a B.S. in business and accounting from California State University, Northridge. To learn more about Cerence AI, visit www.cerence.ai, and follow the company on LinkedIn. Statements in this press release regarding: Cerence's future performance, results and financial condition; expected growth and profitability; outlook; transformation plans and cost efficiency initiatives, including the estimated net annualized cost savings; strategy; opportunities; business, industry and market trends; strategy regarding fixed contracts and its impact on financial results; backlog; revenue visibility; revenue timing and mix; demand for Cerence products; innovation and new product offerings, including AI technology; expected benefits of technology partnerships; and management's future expectations, estimates, assumptions, beliefs, goals, objectives, targets, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "goal," "anticipates," "projects," "forecasts," "expects," "intends," "continues," "will," "may," or "estimates" or similar expressions) should also be considered to be forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risk, uncertainties and other factors, which may cause actual results or performance of the company to be materially different from any future results or performance expressed or implied by such forward-looking statements including but not limited to: the highly competitive and rapidly changing market in which we operate; adverse conditions in the automotive industry, the related supply chain and semiconductor shortage, or the global economy more generally; automotive production delays; changes in customer forecasts; the impacts of the COVID-19 pandemic on our and our customers' businesses; the ongoing conflicts in Ukraine and the Middle East; our inability to control and successfully manage our expenses and cash position; our inability to deliver improved financial results from process optimization efforts and cost reduction actions; escalating pricing pressures from our customers; the impact on our business of the transition to a lower level of fixed contracts, including the failure to achieve such a transition; our failure to win, renew or implement service contracts; the cancellation or postponement of existing contracts; the loss of business from any of our largest customers; effects of customer defaults; our inability to successfully introduce new products, applications and services; our strategies to increase cloud offerings and deploy generative AI and large language models (LLMs); the inability to expand into adjacent markets; the inability to recruit and retain qualified personnel; disruptions arising from transitions in management personnel, including the transition to our new Chief Executive Officer; cybersecurity and data privacy incidents; fluctuating currency rates and interest rates; inflation; restrictions on our current and future operations under the terms of our debt, the use of cash to service our debt; and our inability to generate sufficient cash from our operations; and the other factors discussed in our most recent Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. We disclaim any obligation to update any forward-looking statements as a result of developments occurring after the date of this document. About Cerence Inc. Cerence Inc. CRNC is a global industry leader in creating intuitive, seamless, AI-powered experiences across automotive and transportation. Leveraging decades of innovation and expertise in voice, generative AI, and large language models, Cerence powers integrated experiences that create safer, more connected, and more enjoyable journeys for drivers and passengers alike. With more than 500 million cars shipped with Cerence technology, the company partners with leading automakers, transportation OEMs, and technology companies to advance the next generation of user experiences. Cerence is headquartered in Burlington, Massachusetts, with operations globally and a worldwide team dedicated to pushing the boundaries of AI innovation. For more information, visit www.cerence.ai. Contact Information Kate Hickman | Tel: 339-215-4583 | Email: kate.hickman@cerence.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/613b9105-a83a-4ff0-a0a1-ae5233103bf7 Market News and Data brought to you by Benzinga APIs

Cerence AI appoints new CFO to drive growth By Investing.com

BURLINGTON, Mass. - Cerence Inc . (NASDAQ: NASDAQ:CRNC), a leader in AI for transportation, has named Antonio Rodriquez as its new Chief Financial Officer, effective last Monday. Rodriquez, with over 25 years of financial leadership experience, is expected to steer Cerence AI toward accelerated growth and improved operating results. The appointment comes as the company's stock has shown remarkable momentum, posting a 126% return over the past six months, according to InvestingPro data. Rodriquez transitions from his role as interim CFO since June 2024, bringing an intimate understanding of Cerence AI's business to his permanent position. His background includes serving as CFO for The Bouqs Company and holding a partner position at CSuite Financial Partners. His expertise spans across various industries including eCommerce, SaaS, and marketing. Brian Krzanich, CEO of Cerence AI, expressed confidence in Rodriquez's abilities to contribute to the company's future success. "Tony has been a strong partner and contributor to the Cerence AI leadership team since joining as interim CFO in June, so he brings a deep understanding of our business to his new, permanent role," Krzanich said. The company, which generated revenue of $331.5 million in the last twelve months with a robust 73.7% gross margin, appears positioned for a turnaround, with InvestingPro analysts forecasting profitability in the coming year. Rodriquez himself is optimistic about his role in the company's next growth phase. "I am honored to join Cerence AI permanently at this exciting time for the company," Rodriquez stated. "I am looking forward to digging in even further and supporting the team as we focus on the next phase of growth for Cerence AI." His appointment comes at a time when Cerence AI continues to navigate a competitive and evolving market in AI-powered automotive experiences. The company, with a significant global presence, has been integrating voice and generative AI technologies into automotive applications, aiming to enhance the driving experience for millions. This move is part of Cerence AI's broader strategic efforts to strengthen its leadership team and financial operations as it pursues long-term value for shareholders and customers. According to InvestingPro analysis, the company currently maintains a Fair overall financial health rating, with particularly strong scores in relative value metrics. The information regarding the appointment is based on a press release statement from Cerence Inc. For deeper insights into CRNC's valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers. In other recent news, Cerence Inc. has been the subject of significant developments. The company's financial performance revealed revenue at the high end of expectations and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) surpassing forecasts. A Craig-Hallum analyst maintained a Hold rating on Cerence's stock while raising the price target to $6.00, up from the previous $3.50. This valuation places Cerence's stock at 19 times EV to EBITDA. Cerence has also guided for $25 million in free cash flow (FCF) for the fiscal year 2025, with a projection of $34 million when excluding one-time items. However, there are concerns about the company's need for a substantial increase in top-line growth to meet its targets, considering its history of falling short in this area. The company's balance sheet also presents potential worries due to its cash position of $127 million against a debt of $282 million. In another development, Cerence announced a strategic shift towards generative Artificial Intelligence (AI) with a goal of returning to profitability by fiscal year 2025. The company reported Q4 revenue of $54.8 million, surpassing guidance, and an adjusted EBITDA of negative $1.9 million, which was better than anticipated. Cerence also achieved full-year revenue of $331.5 million and has implemented cost reductions aimed at saving $35-40 million. These are the recent developments for Cerence.

Cerence AI CFO Tony Rodriquez sheds interim tag

Join the community. Try Seeking Alpha for free this Black Friday by creating an account " Cerence (NASDAQ:CRNC) announced that it has appointed Antonio (Tony) Rodriquez as its permanent CFO, effective November 29, 2024. Rodriquez previously served as a partner at CSuite Financial Partners, a financial executive services firm. During this time, he served as CFO of The Bouqs Company from 2019 to 2023 and as interim CFO of Cerence AI from June 2024. More on Cerence Cerence Earnings: The Worst Could Be Behind It Cerence Stock: Persistent Risks Remain Despite Positive Q4 Earnings Results Cerence Non-GAAP EPS of -$0.07 beats by $0.31, revenue of $54.81M beats by $7.16M Cerence appoints Brian Krzanich as CEO Black Friday: Create a free account to read the latest news Take the opportunity to gain access to breaking stock news, leading investing newsletters and top analysts.