Zuora Appoints John D. Harkey, Jr. to Board of Directors

Zuora, Inc. (NYSE: ZUO), a leading monetization suite for modern business, today announced the appointment of John D. Harkey, Jr. to the Zuora Board of Directors, effective April 30, 2024. With the addition of Mr. Harkey, the Zuora Board of Directors will consist of ten Board members, nine of whom are independent. The appointment is in connection with a cooperation agreement (the “Agreement”) Zuora has entered into with Scalar Gauge Fund, LP and certain of its affiliates (collectively, “Scalar Gauge”). Scalar Gauge is an investment firm that owns approximately 3.7% of Zuora’s outstanding class A common shares.

Jason Pressman, Lead Independent Director at Zuora, said, “John brings over 25 years of experience as a chief executive, director and private investor in companies across a wide range of industries, and we welcome him to the Zuora Board.”

Tien Tzuo, Founder, CEO and Chairman of the Board at Zuora, added, “Zuora is executing on our enhanced go-to-market strategy, modularizing our product offerings and expanding our portfolio of product offerings, and we look forward to benefiting from John’s financial expertise, experience in customer-centric industries, and track record of helping companies execute on strategic transformations.”

Mr. Harkey added, “With one of the most powerful, flexible and customer-friendly platforms for businesses looking to monetize their offerings, Zuora is incredibly well positioned to continue building on its momentum. I look forward to working closely and collaboratively with my fellow directors and the Zuora management team to build on the company’s strong foundation and drive shareholder value.”

The Agreement contains customary standstill, voting, non-disparagement, and other provisions. A complete copy of the Agreement will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.

Sumit Gautam, Founder and Portfolio Manager of Scalar Gauge, said, “We have appreciated our constructive engagement with Zuora, and believe that adding John Harkey to the Board of Directors will contribute to unlocking tremendous value at Zuora.”

Mr. Harkey will serve as a Class I Director for a one-year term that is expected to expire at the 2025 Annual Meeting.

John D. Harkey, Jr. has over 25 years of experience as a chief executive, director and private investor in companies across a wide range of industries. Mr. Harkey is currently the Founder and Principal of JDH Investment Management, LLC – which is focused on investments in leading innovative technologies and emerging company opportunities in healthcare – and Chairman and Chief Executive Officer of Consolidated Restaurant Companies, Inc. – an operating and franchising company for seven restaurant brands. Prior to his current focuses, Mr. Harkey was the Co-Founder of AveXis, Inc., a biotechnology company, and Executive Chairman from 2010 to 2015. AveXis was sold to Novartis AG in November 2018.