Pierce succeeds former CEO, A. Lorne Weil, who has subsequently been promoted to executive chair of the supplier’s board.
Besides his CEO duties, Pierce will also continue in his role as chief operating officer and have additional oversight on company strategy.
As part of the promotion, Pierce’s terms of employment have been extended to 31 December, 2026. His base salary has increased to $585,000 with a bonus eligibility of up to 110% of his annual salary, meaning he could earn up to $1.2m depending on performance.
Alongside Mr. Pierce’s promotion, Inspired executive chairman A. Lorne Weil’s terms of employment have been extended until 31 December, 2027.
Mr. Weil’s updated terms of employment include a salary increase to $800,000 per annum, and an 80,000 yearly limit on shares.
The business said the leadership changes were part of a wider plan to streamline strategic oversight and reconfigure the office of the executive chair.
This news follows Inspired’s November 2022 announcement of “significant” cost-cutting regarding its Q3 revenue and profit decrease.