Edition:
India

Innodata Announces The Establishment Of A Special Committee And Certain Related Actions


Tuesday, 5 Dec 2017 

Dec 4 (Reuters) - Innodata Inc ::INNODATA ANNOUNCES THE ESTABLISHMENT OF A SPECIAL COMMITTEE AND CERTAIN RELATED ACTIONS.INNODATA - BOARD ESTABLISHED SPECIAL COMMITTEE WHOSE CHARGE IS TO DETERMINE WHETHER TO REDUCE OR SELL SOME OF ITS OPERATIONS TO FUND OTHER OPERATIONS.INNODATA INC - UNDERTAKING A FURTHER ROUND OF $1 MILLION OR MORE IN COST CUTS, WHICH WILL BE IN ADDITION TO $2 MILLION IN COST CUTS ANNOUNCED LAST QUARTER.INNODATA INC - ‍O'NEIL NALAVADI CEASED TO BE CO'S CFO EFFECTIVE DEC 1 AND IS NO LONGER EMPLOYED BY CO.INNODATA INC - ‍RAJ JAIN APPOINTED PRINCIPAL FINANCIAL OFFICER​.INNODATA - DETERMINED THAT FOR PERIODS TO BE DESIGNATED, DIRECTOR FEES TO BE PAID IN RESTRICTED STOCK.INNODATA - ALSO DETERMINED THAT FOR PERIODS TO BE DESIGNATED, 20 PERCENT OF SALARIES OF CEO, CHIEF OPERATING OFFICER TO BE PAID IN RESTRICTED STOCK.INNODATA - BOARD'S COMMITTEE TO REVIEW BOARD COMPOSITION, EXTENT TO WHICH SKILLS OF PRESENT DIRECTORS "ALIGN WITH CURRENT & EMERGING NEEDS" OF BUSINESS. 

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