Clearfield, Inc. (NASDAQ: CLFD) has announced a leadership transition plan following the decision of President and Chief Executive Officer Cheryl Beranek to retire. According to a Form 8-K filed with the SEC on October 15, 2026, Ms. Beranek entered into a Transition Agreement with the company to facilitate her departure.
Ms. Beranek will remain in her role as President and CEO until the earlier of March 31, 2027, or the appointment of a successor. Once a successor is named, she will transition to a non-executive position titled President and Chief Executive Officer Emeritus. In this role, she will provide transition assistance and resign from other officer positions and the Board of Directors.
The company’s Board of Directors, acting on the recommendation of the Compensation Committee, approved the agreement, which amends her original Employment Agreement dated December 16, 2008. During the transition period, Ms. Beranek’s annual base salary of $483,000 and participation in employee benefit plans will remain unchanged. However, she will not be granted any future equity awards.
The Transition Agreement specifies that Ms. Beranek will participate in the fiscal year 2027 Incentive Bonus with an opportunity equal to 100% of her base salary. Unlike a standard termination without cause, the agreement stipulates that this bonus will not be prorated and will be paid in full.
Clearfield also disclosed that it is initiating a search for its next CEO. The Board plans to consider both external and internal candidates, working in partnership with a nationally recognized search firm. The company noted that Ms. Beranek has been a key architect of the company’s product and market expansion over the last two decades.
In other company news, Clearfield expects its fiscal 2026 fourth quarter and full-year financial results to be in-line with guidance provided on its August 5, 2026, earnings call. The company is scheduled to report these results after market close on Tuesday, November 10, 2026.
