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): September 17, 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||The Nasdaq Stock Market LLC|
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 Principal Officers; Election of Directors; Appointment of Principal Officers.
On September 17, 2021, the board of directors of Root, Inc. (the "Company") appointed Daniel Rosenthal, currently Chief Financial Officer of the Company, Chief Revenue and Operating Officer, effective September 20, 2021. Mr. Rosenthal will continue to serve in the capacity of Chief Financial Officer while the Company initiates a search for a new Chief Financial Officer. Mr. Rosenthal will continue to receive compensation and benefits materially similar to those described in the Company's Definitive Proxy Statement for the 2021 Annual Meeting of Stockholders (the "2021 Proxy Statement"), filed on Schedule 14A with the Securities and Exchange Commission (the "SEC") on April 29, 2021, and on Form 8-K, filed with the SEC on May 11, 2021. The biographical information and business experience of Mr. Rosenthal is also included in the 2021 Proxy Statement, and those descriptions are incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
The Company’s press release announcing the appointment of Mr. Rosenthal as Chief Revenue and Operating Officer 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 7.01 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: September 21, 2021|
|By:||/s/ Alexander Timm|
|Chief Executive Officer and Director|
Root, Inc. Announces Organizational Changes to Accelerate Growth of Corporate Initiatives
Daniel Rosenthal will take on the role of Chief Revenue and Operating Officer in addition to his responsibilities as Chief Financial Officer
COLUMBUS, OH – Root, Inc. (NASDAQ: ROOT), a leading technology company powering insurance solutions and the parent company of Root Insurance, today announced that Daniel Rosenthal has been appointed the company’s first Chief Revenue and Operating Officer.
As the company’s Chief Revenue and Operating Officer, Rosenthal will have responsibility for functions aimed at driving revenue and streamlining operations within the business. In this new role, Dan will oversee performance marketing and growth, corporate strategy, business development, and insurance, including underwriting and pricing initiatives.
“As we continue to connect with customers through a variety of new and existing channels, Dan will be instrumental in driving Root’s growth and success,” says Root CEO Alex Timm. “Dan’s rich experience as an operator with a proven track record of unlocking revenue both at Root and in prior experience will be invaluable going forward. This new role will strengthen our focus on meeting customers where they are with exactly what they need as Root expands.”
In his role as CFO, Rosenthal has guided Root through several funding rounds, including the company’s IPO in October 2020. Since August 2019, he has overseen the finance, legal, risk and government affairs teams. He will remain in this role as the company initiates the search for a new CFO.
Rosenthal joined the Root Board of Directors in 2017. Prior to Root, Rosenthal held leadership positions at innovative firms in the aviation industry. In 2009, he co-founded Milestone Aviation Group, which GE Capital acquired for $1.8 billion in 2015. Subsequently, Rosenthal served as Chairman, President and Chief Executive Officer of Milestone as well as EVP of Financing and Products for GE Capital Aviation Services (GECAS). Prior to Milestone, Rosenthal spent four years at NetJets, where he held various leadership roles, and worked as an attorney at Williams & Connolly LLP.
About Root Inc.
Root, Inc. is the parent company of Root Insurance Company. Root is a technology company revolutionizing personal insurance with a pricing model based upon fairness and a modern customer experience. Root’s mobile-first customer experience is designed to make insurance simple.
Director of External Communications