Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective May 5, 2023, each of George Barrios and Michelle Wilson resigned as
Co-Executive Officers, and Winston Meade resigned as Chief Financial Officer of
Progress Acquisition Corp. (the "Company"). Mr. Barrios also resigned as a
director of the Board, effective immediately. The resignations of Mr. Barrios,
Ms. Wilson, and Mr. Meade from each of their respective positions are not the
result of any disagreement with the Company, the Company's management or the
Company's Board of Directors (the "Board") on any matter relating to the
Company's operations, policies or practices.
Also effective May 5, 2023, the Board appointed David Arslanian as Chief
Executive Officer and Rick Gallagher as Chief Financial Officer to replace the
outgoing officers described above.
David Arslanian has served as the Company's President since inception and the
Company's Chief Executive Officer from September 2021 to December 2022. He
joined Progress Partners IB, Inc. ("Progress Partners"), an affiliate of
Progress Capital I LLC, the Company's sponsor, in January 2018 as managing
director. He has extensive experience in tech, finance, and strategic
partnerships. Prior to this, Mr. Arslanian held many C-level operating roles
with various emerging tech companies in financial services and marketing. Most
recently, he was vice president of corporate development and strategic
partnerships at Telaria, Inc. (NYSE: TLRA), a software platform that optimizes
yield for leading video publishers, which merged with The Rubicon Project, Inc.
in April 2020 Mr. Arslanian is board member at Inanovate, Inc., a life sciences
company that uses proprietary blood screening technology to develop reliable
low-cost blood tests for improved cancer diagnosis. Mr. Arslanian was, from
August 2010 to February 2011, Chief Operating Officer of Rovion, Inc., which
filed for Chapter 11 bankruptcy on March 30, 2011. He is also a board member at
innRoad, a software-as-a-service hotel management software solution. He received
his MBA in Global Strategic Management from Babson College in 2006, and his B.A.
in Economics from the University of Massachusetts Boston.
Richard Gallagher served as the Company's Chief Financial Officer from inception
to December 2022 and was one of the Company's directors until November 2020. Mr.
Gallagher has served as Senior Managing Director and Chief Financial Officer of
Progress Partners from December 2014. He has extensive senior management
experience working with various stages of companies. Mr. Gallagher has also been
a Partner at Progress Ventures, an early-stage venture investment firm and the
venture capital arm of Progress Partners, since December 2014. Throughout his
career, Mr. Gallagher has provided strategic, business, financial and operating
leadership to start-up enterprises, Fortune 1000 companies, publicly traded
companies, private companies, and high growth venture capital backed entities
with an industry emphasis on media and marketing. Mr. Gallagher has completed
over a billion dollars worth of acquisitions, from sourcing to integration. Mr.
Gallagher has co-founded three start-ups, having raised an aggregate of $35
million for such start-ups and guided them all to liquidity events, including
one IPO. Rick has a B.B.A. in Accounting from the Isenberg School of Management
at the University of Massachusetts-Amherst.
Except as described in the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2021, each of Messrs. Arslanian and Gallagher has no
direct or indirect material interest in any transaction or proposed transaction
required to be reported under Item 404(a) of Regulation S-K and there are no
arrangements or understandings between such individuals and any other person
pursuant to which they were appointed to their new officer and/or director
positions.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
104 Cover Page Interactive Data File
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