공지 • Feb 21
Five9, Inc. Announces CFO Changes
Five9, Inc. announced that Barry Zwarenstein has decided to retire from his position as the Chief Financial Officer of Five9, Inc., effective as of March 31, 2025. In connection with Mr. Zwarenstein’s pending retirement, on February 20, 2025, the Company and Mr. Zwarenstein entered into an Employment Transition Agreement (the “Transition Agreement”). Pursuant to the Transition Agreement, (i) from April 1, 2025 through June 30, 2025 (the “Transition Period”), Mr. Zwarenstein will remain employed by Five9 to assist with the transition of the role of CFO to his successor (but will no longer be an executive officer of the Company), and (ii) from July 1, 2025 through September 30, 2025 (the “Consulting Period”), Mr. Zwarenstein will continue to provide transition and advisory services as a consultant to the Company. As consideration for the transition and advisory services he provides during the Transition Period and the Consulting Period, Mr. Zwarenstein will be paid an hourly rate, will be eligible to earn a pro-rated potion of his 2025 annual bonus for the portion of 2025 that occurs prior to April 1, 2025, and will receive subsidized COBRA benefits during the Consulting Period, each as further described in the Transition Agreement. The Transition Agreement also contains customary terms including provisions regarding confidentiality and assignment of inventions. On February 20, 2025, the Company announced that the Board appointed Bryan Lee, 46, the Company’s current Executive Vice President of Finance, as the Company’s Interim Chief Financial Officer and Interim Principal Financial Officer, effective as of April 1, 2025 as the Company conducts a formal search process for the CFO position. Mr. Lee has served as Executive Vice President, Finance of the Company since December 2024 and Treasurer of the Company since April 2024. Prior to that, Mr. Lee served as the Company’s Senior Vice President, FP&A from September 2019 to December 2024, Vice President, FP&A from April 2015 to September 2019 and Senior Director, FP&A from August 2014 to April 2015. In the role of Executive Vice President, Finance and Treasurer of the Company, he is responsible for overseeing the Company's financial planning, analysis and treasury functions, ensuring alignment with the Company’s strategic objectives. Previously, Mr. Lee was a Vice President of J.P. Morgan's Technology investment banking group, where he provided strategic advice on mergers and acquisitions, initial public offerings, and other financial transactions for technology clients. Mr. Lee holds a B.A. in Architecture from U.C. Berkeley and an MBA from U.C. Berkeley's Haas School of Business. Effective upon Mr. Lee’s appointment, Mr. Lee will receive an annual base salary of $456,000 and will be eligible to earn an annual bonus with a target amount of 60% of his base salary under the Company’s 2025 Executive Bonus Program (or successor programs) prorated for the portion of 2025 that he serves as the Interim Chief Financial Officer and Interim Principal Financial Officer of the Company in 2025, subject to the achievement of corporate performance targets that the Compensation Committee approved in February 2025. In addition, Mr. Lee will be eligible to receive benefits under the Company’s 2019 Key Employee Severance Benefit Plan as a Tier 4 Participant. The Company will also grant Mr. Lee a restricted stock unit (“RSU”) award under the Company’s 2014 Equity Incentive Plan with the underlying shares having a dollar value of $2 million, which will vest as to 25% of the total number of shares subject to the RSU on December 3, 2025, and 18.75% of the total number of shares subject to the RSU every three months thereafter, in each case, subject to his continued service with the Company on each vesting date. The RSU award will be granted and calculated in accordance with the Company’s equity award grant policy and will otherwise be on the Company’s standard terms contained in the previously filed form of award agreement.