Robinhood Markets, Inc (NASDAQ:HOOD) has announced Board changes.

On November 11, 2021, Jan Hammer notified the company of his resignation as a member of the Board of Directors, effective as of December 31, 2021. Robinhood claims Mr. Hammer’s resignation was not the result of any disagreement between Mr. Hammer and the company on any matter relating to the company’s operations, policies or practices.

On November 15, 2021, the Board appointed Frances Frei to the Board, effective as of November 15, 2021. The Board also appointed her to serve on the Audit Committee and the People and Compensation Committee, commencing concurrently with her Board service.

Professor Frei is a Class II director, with an initial term expiring at Robinhood’s 2023 annual meeting of stockholders. In connection with Professor Frei’s appointment, the Board increased the number of directors on the Board from eight to nine.

Professor Frei will participate in Robinhood’s Non-Employee Director Compensation Program as described under “Director Compensation” in the Company’s final IPO prospectus, dated July 28, 2021, which was filed with the Securities and Exchange Commission on July 30, 2021. In addition, the Company has entered into an indemnification agreement with Professor Frei.