The company said its board decided on February 20, 2024 to remove Julia A. Sloat from her roles as Chair, Chief Executive Officer and President, effective February 25, 2024. It said the decision was not the result of any disagreement with Sloat over its operations, policies or financial performance, and was not made for cause or over any ethical or compliance concern. The company also said Sloat will remain with the company through April 8, 2024 to support an orderly transition.

1. 01

   The company said its board decided on February 20, 2024 to remove Julia A. Sloat from her roles as Chair, Chief Executive Officer and President, effective February 25, 2024. It said the decision was not the result of any disagreement with Sloat over its operations, policies or financial performance, and was not made for cause or over any ethical or compliance concern. The company also said Sloat will remain with the company through April 8, 2024 to support an orderly transition.

2. 02

   The company said Benjamin G. S. Fowke, III, a board member since February 2022, was appointed Interim Chief Executive Officer and President effective February 26, 2024. It said the board has engaged an executive search firm to conduct an external search for a permanent CEO.

3. 03

   The company said Fowke will receive an annual base salary of $1,600,000 and a short-term incentive target of 160% of his base salary. It also said Fowke was granted $6,000,000 in restricted stock units on February 26, 2024. It said that if he has not been replaced by a permanent CEO by August 26, 2024, he will be granted $1,000,000 in unrestricted shares on that date and monthly thereafter until a permanent CEO is appointed.

4. 04

   The company said the board appointed Sara Martinez Tucker as Chair of the Board on February 20, 2024, effective February 26, 2024. It said Tucker previously served as lead director.

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AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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