Vertex, Inc. (NASDAQ:VERX) announced that David DeStefano will retire as President and Chief Executive Officer, effective November 10, 2025, with Christopher Young appointed as his successor. The company also reported preliminary financial results for the third quarter ended September 30, 2025.
Mr. DeStefano, who served as CEO, President, and Chairperson, will transition to non-executive Chairperson of the board of directors upon his retirement as an executive officer. He will advise the company's management team until December 31, 2025, receiving a fee of $235,000 for these services. The consulting period may be extended monthly for an additional $50,000 per month, not beyond March 31, 2026. Mr. DeStefano remains eligible for his 2025 annual bonus, and his outstanding restricted stock units will continue to vest while he provides consulting services and serves on the Board.
Christopher Young, age 53, will assume the roles of Chief Executive Officer, President, and a Class III director, effective November 10, 2025. Mr. Young previously served as Executive Vice President Business Development, Strategy and Ventures of Microsoft from 2020 to 2025 and was CEO of McAfee from 2017 to 2020. His employment agreement includes an annual base salary of $700,000, a restricted stock unit grant with a fair market value of $25,000,000, and a $500,000 signing bonus. He will be eligible for annual bonuses with a target of 100% of his base salary starting in fiscal year 2026. Under the terms of his agreement, Mr. Young will not receive an annual bonus for the 2025 fiscal year.
For the three months ended September 30, 2025, Vertex expects total revenue to be approximately $192 million, compared to $170.4 million for the same period in the prior year. Preliminary Adjusted EBITDA is anticipated to be approximately $43 million, an increase from $38.6 million in the prior year period. The company noted these results are preliminary and subject to completion of its financial closing procedures.
