Teads Holding Names Michael Coyle CFO as Jason Kiviat Steps Down

Teads Holding Co. (Nasdaq: TEAD) said it will appoint Michael Coyle as chief financial officer effective Nov. 11, 2026, replacing Jason B. Kiviat, according to an 8-K filed Thursday. Kiviat ceases to be CFO on Nov. 10 and will move to an advisory role; the company said the terms of that role will be disclosed once finalized.

The same filing included the company's results for the quarter ended Sept. 30, 2026. Revenue fell to $235.1 million from $318.8 million a year earlier. Gross profit dropped to $60.9 million from $105.7 million, and the net loss widened to $325.5 million from $19.7 million. The larger loss reflects a $272.4 million non-cash goodwill impairment charge and a $6.4 million non-cash impairment of a publisher commercial agreement asset.

Coyle's pay package

Under an Executive Agreement effective Nov. 11, Coyle will receive an annual base salary of $500,000 and a target annual cash bonus of $400,000. His 2027 bonus is guaranteed at a minimum of 75% of target. He also receives a grant of 300,000 restricted stock units under the company's equity incentive plan.

If he is terminated without cause after the two-month anniversary of his start date, or resigns for good reason, outside a change-in-control period, he would receive a lump sum equal to his annual base salary, any unpaid bonus for a completed year, a pro-rata target bonus at the company's discretion, and six months of subsidized COBRA premiums, subject to a release. Termination without cause or for good reason in the period from three months before to 12 months after a change in control carries similar payments, with the pro-rata bonus paid without discretion and full vesting of outstanding equity awards.

Cash and debt backdrop

At Sept. 30, the company had $90.3 million in cash and cash equivalents and total debt obligations of $657.2 million, including $628.2 million principal of 10.000% senior secured notes due 2030. Total stockholders' deficit stood at $318.2 million. The company said it has suspended guidance, including its full-year 2026 Adjusted EBITDA guidance, and is not providing guidance at this time.

Coyle's background

Coyle, 53, was a managing director at The Depository Trust & Clearing Corporation from October 2015 to March 2026. Before that he spent about seven years at Merck & Co. and 13 years at PricewaterhouseCoopers. CEO David Kostman said Coyle brings "a proven track record of executing complex global business transformations." Kiviat, who has served 13 years at the company, said he is "highly confident in Michael's ability to lead the financial organization."

The company did not say how its Q3 results compare with analyst expectations. Its Q3 2026 results and the CFO appointment were both released Thursday, and the company said it would hold an investor call at 8:30 a.m. ET that morning.