Mark Kelly to become Coda Octopus (NASDAQ: CODA) Chief Financial Officer in 2026
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Coda Octopus Group is transitioning its finance leadership. Interim Chief Financial Officer Gayle Jardine will retire from her role effective August 3, 2026. The company has finalized the appointment of Mark Kelly as Chief Financial Officer, effective the same date, with a three-month probationary period that may be extended by two months at the company’s discretion.
Kelly brings extensive finance experience from roles at Medac Pharma, Chubb Insurance, Twist Bioscience, and Charles River Laboratories. He will receive an annual base salary of £165,000 (approximately $218,625 using a stated exchange rate of $1.325) and may be eligible for discretionary annual bonuses. He is also being granted restricted stock valued at $40,000, vesting in two equal annual installments starting October 31, 2027, subject to performance milestones.
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8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
CFO effective date: August 3, 2026
Annual base salary: £165,000
Approximate USD salary: $218,625
+3 more
6 metrics
CFO effective date
August 3, 2026
Start date for Mark Kelly as Chief Financial Officer
Annual base salary
£165,000
Base salary for Mark Kelly as CFO
Approximate USD salary
$218,625
Approximate salary using $1.325 exchange rate
Restricted stock grant
$40,000
Equity award value for Mark Kelly as CFO
Probationary period
3 months
Initial probation for CFO role, extendable by 2 months
Vesting commencement
October 31, 2027
First vesting date for restricted stock, in two annual installments
Key Terms
probationary period, restricted stock grant, performance milestones, emerging growth company, +1 more
5 terms
probationary period financial
"effective August 3, 2026, subject to a three-month probationary period which, at the discretion of the Company, may be extended"
restricted stock grant financial
"He will also receive a restricted stock grant valued at $40,000 that will vest in two equal annual installments"
A restricted stock grant is an award of company shares given to an employee or executive that cannot be sold or transferred until certain conditions are met, such as staying with the company for a set time or hitting performance goals. For investors, it signals how the company ties pay to future performance and can affect the number of shares outstanding and management’s incentives—think of it as a wrapped gift you only keep once you meet the requirements.
performance milestones financial
"Vesting is further subject to certain performance milestones."
emerging growth company regulatory
"Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
Inline XBRL technical
"Cover Page Interactive Data File (embedded within the Inline XBRL document)"
Inline XBRL is a file format for financial filings that embeds machine-readable data tags directly inside the human-readable report, so the same document can be read by people and parsed by software. For investors it makes extracting, comparing and verifying financial numbers faster and more reliable—like a grocery list where each item also has a barcode—reducing manual errors and speeding up analysis.
FAQ
What leadership change did Coda Octopus Group (CODA) announce?
Coda Octopus Group announced that Interim CFO Gayle Jardine will retire effective August 3, 2026, and Mark Kelly will become Chief Financial Officer on the same date, following a three-month probationary period that the company may extend by an additional two months.
Who is Mark Kelly, the new CFO of Coda Octopus Group (CODA)?
Mark Kelly is a finance executive with prior roles at Medac Pharma, Chubb Insurance, Twist Bioscience, and Charles River Laboratories. He qualified as a Chartered Accountant in 1996 and holds a BA Honours in Accounting and Finance from the University of Strathclyde in Glasgow, Scotland.
What is the compensation package for Coda Octopus Group (CODA) CFO Mark Kelly?
Mark Kelly will receive an annual base salary of £165,000, approximately $218,625 using a stated $1.325 exchange rate. He may also receive discretionary annual bonuses and a restricted stock grant valued at $40,000, which vests over time, subject to performance milestones.
How will Mark Kelly’s restricted stock grant at Coda Octopus Group (CODA) vest?
Mark Kelly’s restricted stock grant is valued at $40,000 and will vest in two equal annual installments, beginning on October 31, 2027. Vesting is also contingent on certain performance milestones being met, tying a portion of his compensation to company and role performance.
When does the CFO transition take effect at Coda Octopus Group (CODA)?
The CFO transition is effective August 3, 2026. On that date, Interim CFO Gayle Jardine will retire from her position and Mark Kelly will assume the role of Chief Financial Officer, starting under a three-month probationary period that may be extended by up to two additional months.
Does Coda Octopus Group (CODA) mention performance conditions for the new CFO’s equity grant?
Yes. The $40,000 restricted stock grant awarded to Mark Kelly will vest in two equal annual installments beginning October 31, 2027, and vesting is further subject to certain performance milestones, linking his long-term equity compensation to achieving defined performance objectives.