1. Backblaze adopts a new stock ownership policy for executives. 2. Leadership will hold significant equity to align with shareholders' interests. 3. Minimum ownership is five times the cash retainer or base salary for executives. 4. The policy aims to cultivate a long-term ownership mindset. 5. Backblaze serves over 500,000 customers in 175 countries globally.
This policy shows strong commitment from leadership, similar to successful practices in tech firms like Microsoft and Apple, which can positively influence investor confidence and market perception of company value.
The ownership policy is crucial for aligning executive interests with shareholders, likely improving BLZE's long-term stock performance.
Establishing a long-term ownership mindset among executives may gradually enhance shareholder trust and company performance over time, akin to companies that prioritize executive equity investment.
Backblaze, Inc. (NASDAQ:BLZE), the cloud storage innovator providing a modern alternative to traditional cloud providers, today announced the Company's Board of Directors has adopted a stock ownership policy to further reinforce its commitment in aligning the interests of company leadership with stockholders.
"I believe the best way to serve our shareholders is by ensuring that those leading the company are owners themselves," said Gleb Budman, Chairman of the Board and CEO. "To strengthen this alignment with our shareholders, Backblaze is putting in place this new policy for directors and executives to hold a material amount of company equity. This commitment ensures our leadership is invested in the company's success. All covered individuals are expected to meet these levels within five years, in accordance with industry best practices."
Under the new policy, directors and executives are required to maintain a personal investment in Backblaze through company equity ownership. Minimum ownership requirements are as follows:
This policy deepens Backblaze's ongoing commitment to strong leadership alignment with shareholder interests and to fostering a long-term ownership mindset.
About Backblaze
Backblaze is the cloud storage innovator delivering a modern alternative to traditional cloud providers. We offer high-performance, secure cloud object storage that customers use to develop applications, manage media, secure backups, build AI workflows, protect from ransomware, and more. Backblaze helps businesses break free from the walled gardens that traditional providers lock customers into, enabling them to use their data in open cloud workflows with the providers they prefer at a fraction of the cost. Headquartered in San Mateo, CA, Backblaze (NASDAQ:BLZE) was founded in 2007 and serves over 500,000 customers in 175 countries around the world. For more information, please go to www.backblaze.com
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Investor Contact:
Mimi Kong
Head of Investor Relations
ir@backblaze.com
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Head of Communications
press@backblaze.com