Zedge, Inc. Appoints New CEO; Jonathan Reich to Become President & COO

What Happened

• Zedge, Inc. announced the Board appointed Morris Berger (age 67) as Chief Executive Officer, effective October 1, 2026. Mr. Berger is currently CEO of Zeno Media and previously led IDT Entertainment.
• Current CEO Jonathan Reich (age 60), who has served as CEO since August 2020, will step down as CEO on September 30, 2026 and will become President and Chief Operating Officer effective October 1, 2026. The company issued a press release on August 31, 2026 to announce the transition.

Key Details

• Morris Berger’s proposed employment terms (subject to final agreement): 3‑year initial term, $450,000 annual base salary, $50,000 one‑time signing bonus (paid $25,000 at start and $25,000 on first anniversary), one year severance, and a grant of 10‑year stock options equal to 3% of the Company’s issued and outstanding shares at grant; options will vest quarterly over five years. The Board will amend the 2026 Equity Incentive Plan to permit the grant.
• Jonathan Reich’s proposed role and pay (subject to final agreement): 3‑year initial term, annual compensation at his current level with raises of at least $15,000 per year, up to two years’ severance, and 100,000 deferred stock units (convertible to Class B shares) vesting quarterly over three years.
• The filing states there were no disagreements between Mr. Reich and the company regarding operations, policies or practices, and no family relationships or related‑party transactions involving Mr. Berger or Mr. Reich disclosed.

Why It Matters

• Leadership change: A new CEO can affect strategic direction, operations and investor confidence; Zedge retains continuity by keeping Mr. Reich in a senior operational role.
• Compensation and equity impact: The outlined pay and equity awards (not yet finalized) include a sizable option grant equal to 3% of outstanding shares at grant and 100,000 deferred stock units for Mr. Reich—both could affect future share‑based compensation expense and share count if granted.
• Agreements are not final: The terms are subject to negotiation and execution of definitive agreements; the company will file further disclosures when agreements are executed.