Sonder, the property management company that went public through a blank check merger, or SPAC, found someone to replace its outgoing chief financial officer with the help of 2.7 million stock options as an incentive.
It is challenging to recruit a chief financial officer when your stock was trading at $0.90 per share, the exercise price on the date of the grant, March 16. SOND closed Monday at $0.81 with a paltry $179 million valuation.
Bourgault most recently served as chief financial officer at online diamond retailer and privately held Blue Nile for a year-and-a-half until October 2022. Before Blue Nile, he served in various financial positions at Expedia Group for 17 years, including departing as chief financial officer of Expedia Portfolio and Retail in March 2020.
Some 25 percent of the new chief financial officer’s stock option grant will vest on the first anniversary of his hiring. His annual salary is $495,000.
Bourgault can earn a fortune if he can help steer Sonder into share price territory that is well above flirting with a delisting edict.
He replaced Sanjay Banker, who served as Sonder’s chief financial officer and president until December 2022. Bourgault does not have the title of president.
In 2021, Banker earned a $465,000 salary and had nearly 46,000 option awards — compared with Bourgault’s roughly 2.7 million.