ConnectM Expands Board and Names Leonardo Riera Lead Independent Director

what happened

ConnectM Technology Solutions (CNTM) has raised the size of its board of directors from five to six members and appointed Leonardo Riera as lead independent director, Dow Jones Newswires reports, citing a Form 8-K the company submitted to the SEC on October 28, 2026. His term started on October 21, 2026, and runs until the next annual shareholder meeting.

Riera has spent more than four decades in investment banking and fund management. He was an executive director and country head at Bankers Trust in Caracas, led mergers and acquisitions at Citicorp Investment Bank in the same city, and has run his advisory firm, Latin American Advisors Inc., since 1988. He will sit on the audit and compensation committees and chair the nominating and corporate governance committee.

As a non-employee director, he will receive the standard package: $20,000 in cash and $20,000 in common stock each quarter. The share count will be based on the average VWAP over the last five trading days of the prior quarter. The filing also states that there are no transactions involving him that require disclosure under Item 404(a) of Regulation S-K.

why it matters

The filing includes no financial figures, so the change is mainly a governance update for CNTM shareholders and has little direct bearing on the wider market.

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