SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 7, 2021
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction
|(Commission File Number)|
80 E. Rich Street, Suite 500
|(Address of Principal Executive Offices)||(Zip Code)|
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
|Title of each class||Trading Symbol(s)|
Name of each exchange on
|Class A Common Stock, $0.0001 par value||ROOT||Nasdaq Global Select Market|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 7, 2021, Root, Inc. (the “Company”) announced that Daniel Manges will cease serving as Chief Technology Officer effective as of June 21, 2021. Following that date, Mr. Manges will remain an employee during a transition period and, thereafter, he intends to continue to serve the Company in a non-employee advisory capacity. Compensatory arrangements and the terms of Mr. Manges’ advisory role have not yet been determined.
Item 7.01 Regulation FD Disclosure
On June 7, 2021, the Company announced that Anirban Kundu will succeed Mr. Manges as Chief Technology Officer of the Company effective June 21, 2021. The Company’s press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.
The information contained in Item 7.01 of this Form 8-K (including Exhibit 99.1 attached hereto) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
The following exhibit relating to Item 2.02 shall be deemed to be furnished:
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Dated: June 7, 2021|
|By:||/s/ Alexander Timm|
|Chief Executive Officer and Director|
Root, Inc. Bolsters Leadership Team with New Hires
Root Inc., the parent company of Root Insurance Company, announces key new hires as company extends its technical leadership and launches into its next chapter of growth
Root, Inc. (NASDAQ: ROOT), a leading AI technology provider for insurance and parent company of Root Insurance Company, today announced key additions to the executive leadership team as it launches into its next chapter of growth. Anirban Kundu will join as Chief Technology Officer on June 21, and Michele Streitmatter will join Root as Chief People and Organizational Effectiveness Officer on June 28.
“Root has evolved at a breakneck speed since we were founded in 2015. I’m so proud of the company we’ve built and where we are today,” says Root CEO Alex Timm. “By welcoming Michele and Anirban to our executive leadership team, we’re amping up two of the most important areas of our business — our people and our technology. Both Michele and Anirban bring integral experience to our leadership team as we continue to use technology to disrupt the insurance industry.
Anirban Kundu joins Root as Chief Technology Officer with two decades of engineering and deep technical experience building and leading teams achieving high-scale growth. Kundu joins Root most recently from Postmates, where he was the SVP of Engineering leading up to Uber’s acquisition of the company. Prior to Postmates, Anirban served as CTO at Evernote where he designed the backend technology and led the evolution of the company’s technology infrastructure. His experience also includes roles at GoDaddy, Yahoo!, IBM, and Shazam where he developed and operated back-end architecture while leading engineering teams. Root’s current CTO, Dan Manges, will remain a co-founder and transition to an advisory capacity following the effective date of Kundu’s appointment.
"I’m so appreciative of all the work Dan has put into the early stages of the company to get us where we are today," said Root CEO Alex Timm. "We're excited to bring on a team for the next stage of growth. Very few people have had the right technology and product experience to scale a company with our ambitions. We're confident we've found the right team member in Anirban.”
Michele Streitmatter joins Root as Chief People and Organizational Effectiveness Officer most recently from her role as Chief Transformation Officer at Greenway Health. Streitmatter brings extensive experience in human resources, operations management, and customer success. Prior to her role at Greenway Health, Michele spent 10 years at the General Electric Company in multiple executive human resources roles at GE Digital and GE Aviation. Throughout her career, Streitmatter has served as a fierce advocate for both employees and customers.
In addition to both Kundu and Streitmatter, the company elevated two internal team members to the executive leadership team as well. Matt Bonakdarpour has been promoted to Chief Data Science and Analytics Officer, and Frank Palmer to Chief Insurance Officer. Bonakdarpour has led Root’s data science team for more than two years with prior experience in the areas of high frequency trading and statistical arbitrage. Most recently the VP of Product and Pricing at
Root, Palmer, a former associate at McKinsey & Company, has more than 25 years of experience in the insurance industry, including roles at Progressive, Allstate, and Plymouth Rock Assurance.
About Root Insurance:
Root Insurance is the nation’s first licensed insurance carrier powered entirely by mobile. We were founded on the principle that auto insurance rates should be based primarily on driving behaviors, not demographics. Using mobile technology and data science, Root offers personalized, fair rates to good drivers all through an easy-to-use app.
Root is headquartered in Columbus, Ohio, with renters insurance available in Arkansas, Missouri, Ohio, Georgia, Kentucky, Nevada, Tennessee, and Utah, and auto insurance currently available to drivers in Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Montana, Nebraska, New Mexico, Nevada, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, West Virginia, and Wisconsin.
Director of Communications