Skillsoft has named Ronald W. Hovsepian as its new CEO and Executive Chair, effective September 4, 2024, as per an SEC filing. Hovsepian, who has been serving as interim Principal Executive Officer since April, will now formally assume the leadership role.

His compensation package includes an annual base salary of $772,500, a bonus potential matching his salary, a $1.5 million sign-on bonus, and legal fee reimbursements.

Additionally, he will receive 500,000 restricted stock units (RSUs) that vest over four years, along with performance-based incentives tied to stock price milestones by 2028. The incentive package could yield up to $18 million if stock price targets, ranging from $30 to $100, are achieved.

In the event of termination without cause or resignation for good reason, Hovsepian will receive severance equal to twice his salary and bonus, among other benefits. His agreement also includes a tax protection clause in case of a company control change before 2026.