Teradata appoints Bernd Leukert to board under cooperation agreement with Lynrock Lake

What happened

On July 30, 2026, Teradata's board approved expanding its size from nine to ten directors and elected Bernd Leukert as a Class II director, effective August 1, 2026. His term will expire at the company's 2027 annual meeting of stockholders. Leukert was also appointed to the Nominating and Governance Committee.

The board determined that Leukert is independent under Teradata's corporate governance guidelines and New York Stock Exchange and SEC requirements. The filing states there are no arrangements or understandings between Leukert and any other person regarding his selection, other than the cooperation agreement described below.

Teradata disclosed the change in an 8-K filing with the SEC on August 3, 2026.

Background: The cooperation agreement with Lynrock Lake

The appointment fulfills a commitment Teradata made in a cooperation agreement with Lynrock Lake Partners LLC and related entities (collectively, the "Stockholder Parties") announced on February 11, 2026. Under that agreement, Teradata agreed to elect a second director nominated by the Stockholder Parties by no later than August 1, 2026.

Bernd Leukert is that second director. The first director elected under the agreement had previously joined the board following the February announcement.

What this means

An 8-K is a current report that companies file with the SEC to announce major events that shareholders should know about. Item 5.02 covers changes to the board of directors or certain officers. This filing informs investors that the board composition has changed as a result of a negotiated settlement with an activist investor.

A cooperation agreement is a contract between a company and one or more shareholders — often activist investors — that typically ends a proxy fight or threatened contest in exchange for board seats and commitments on governance. Here, Lynrock Lake secured two board seats; Leukert is the second.

Bernd Leukert will participate in Teradata's non-employee director compensation program, as described in the company's 2026 proxy statement. As an independent director, he is not a company employee and is expected to represent all shareholders.

Teradata, headquartered in San Diego, California, provides data analytics and cloud-based software solutions for enterprises. The stock closed at $26.95 on August 3, 2026, up 2.74% from the prior close, though the filing does not state a reason for the price movement.