Teads announced third-quarter results for the period ended September 30 and a change in its finance leadership. Michael Coyle will become chief financial officer on November 11, replacing Jason B. Kiviat, who will move into an advisory role after stepping down on November 10.
The announcement does not include the quarter’s financial figures. It does set out Coyle’s compensation and the terms that would apply if his employment ends.
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Coyle’s background: He was a managing director at The Depository Trust & Clearing Corporation from 2015 to March 2026, with finance leadership responsibilities including planning, divisional CFO roles, mergers and acquisitions, and finance transformation. Before that, he held finance and strategy roles at Merck and spent 13 years at PwC.
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Pay and equity: Coyle’s annual base salary will be $500,000, with a target annual cash bonus of $400,000. His 2027 bonus has a guaranteed minimum of 75% of target, or $300,000. He will also receive 300,000 restricted stock units; the announcement does not specify their value or vesting schedule.
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Severance outside a change-in-control period: If Teads terminates Coyle without cause, or he leaves for good reason, after his first two months on the job, he would generally receive one year of base salary, any unpaid bonus for a completed year, and six months of subsidized health-insurance premiums. A pro-rated bonus for the year he leaves may be paid at the company’s discretion. If he is terminated without cause during his first two months, the stated payment is one month of base salary.
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Protection around a change in control: If Coyle is terminated without cause or leaves for good reason from three months before a change in control through the following 12 months, he would receive one year of base salary, any unpaid bonus for a completed year, a pro-rated bonus, six months of subsidized health coverage, and full vesting of outstanding equity awards.
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Departure terms: Coyle must give three months’ notice if he leaves without good reason; Teads must give one month’s notice if it terminates him without cause. His agreement also includes 12-month restrictions on competing and soliciting employees or customers after his departure.
Kiviat’s advisory role is a transition arrangement, but its terms have not yet been finalized. The main immediate change is that Coyle will take over the CFO position while Teads retains Kiviat in an advisory capacity.