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CSOD

Cornerstone OnDemand

$38.94

-0.23 (-0.59%)

08:07
01/17/18
01/17
08:07
01/17/18
08:07

Cornerstone OnDemand to separate chairman and CEO roles

Cornerstone OnDemand announced plans to make several changes to its corporate governance structure as part of its broader strategic transformation plan outlined in November. Cornerstone will separate the chairman of the board and CEO roles and move to declassify its board of directors. Additionally, long-tenured directors Mark Baker, Hal Burlingame and Joe Payne announced their plans to retire from the board. The company plans to separate the chairman and CEO roles when a new chairman is appointed. Adam Miller, who currently serves as both chairman and CEO of the company, will continue to serve as a director and CEO once the appointment is made. Cornerstone's board of directors also announced it will be submitting a proposal to stockholders to declassify the board. Currently, the company's three classes of directors are elected for staggered, three-year terms. Declassification of the board would enable Cornerstone's stockholders to vote annually on the election of all directors. The proposal to declassify will appear on the ballot at the company's 2018 annual shareholder meeting, and requires the support of the holders of 70% of outstanding shares of the company's common stock to be adopted. If stockholders approve the proposal, directors standing for election in 2019 and beyond would be elected to one-year terms. Regarding the retirement of Mr. Baker, Mr. Burlingame and Mr. Payne as directors, Mr. Baker will retire at the company's 2018 annual shareholder meeting after 15 years of service. Mr. Payne and Mr. Burlingame will retire when their terms expire at the company's 2018 and 2019 annual shareholder meetings, respectively. In connection with these announced retirement plans, directors Dean Carter and Joe Osnoss will join Robert Cavanaugh on the nominating and corporate governance committee, which Mr. Osnoss will chair. The committee is working closely with the full board, Silver Lake and other shareholders to identify additional world-class directors for the board.

  • 13

    Feb

  • 13

    Mar

CSOD Cornerstone OnDemand
$38.94

-0.23 (-0.59%)

10/16/17
NEED
10/16/17
NO CHANGE
Target $48
NEED
Strong Buy
Cornerstone OnDemand Q3 may see beat on billings, says Needham
Needham analyst Scott Berg maintained a Strong Buy rating on Cornerstone OnDemand with a $48 price target ahead of Q3 earnings. Berg says the Human Capital Management industry checks suggest billings above consensus, while the pipeline for Q4 may see billings growth reach 25% rate. The analyst adds that Cornerstone HR product continues to outperform low expectations while Brexit-related challenges are now fully behind the company.
11/08/17
JPMS
11/08/17
UPGRADE
Target $37
JPMS
Neutral
Cornerstone OnDemand upgraded to Neutral from Underweight at JPMorgan
JPMorgan analyst Mark Murphy upgraded Cornerstone OnDemand to Neutral saying easy comparisons and takeover speculation should end the stock's underperformance. Further, the analyst notes his latest channel work suggests a "relatively stable" demand environment for Cornerstone. Murphy raised his price target for the shares to $37 from $32.
11/09/17
PIPR
11/09/17
DOWNGRADE
Target $40
PIPR
Neutral
Cornerstone OnDemand downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst Alex Zukin downgraded Cornerstone OnDemand to Neutral saying the company's new strategic plan carries increased execution risk and takes a buyout off the table in the near-term. The analyst believes the floor in the shares created by the strategic review process has been removed. He cut his price target for Cornerstone OnDemand to $40 from $46.
12/07/17
SPHN
12/07/17
NO CHANGE
Target $44
SPHN
Equal Weight
Cornerstone OnDemand staffing cut should not come as a surprise, says Stephens
After Cornerstone OnDemand announced it will reduce its total workforce by 6%, Stephens analyst Samad Samana said he believes the cutbacks should not come as a surprise to employees or investors as he believes this has been in the works for some time. Trimming underperformers in sales and reducing service delivery professionals makes strategic sense, said Samana, who keeps an Equal Weight rating and $44 price target on Cornerstone shares.

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