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Posted 26 March, 2024

TEJON RANCH CO appointed new CEO

CEO Change detected for ticker NYSE:TRC in a 8-K filed on 26 March, 2024.


  On March 20, 2024, Mr. Gregory Bielli, President and Chief Executive Officer ("CEO") of Tejon Ranch Company ("Company"), announced his intent to retire on December 31, 2024 ("Retirement Date").  

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Overview of TEJON RANCH CO
Agriculture • Farming
Tejon Ranch Co. engages in real estate development and agribusiness. It operates through the following segments: Real Estate-Commercial and Industrial, Real Estate-Resort and Residential, Mineral Resources, Farming, and Ranch Operations. The Real Estate-Commercial and Industrial segment's activities include: the entitling, planning, and permitting of land for development, the construction of infrastructure, the construction of pre-leased buildings, the construction of buildings to be leased or sold, and the sale of land to third parties for their own development. The Real Estate-Resort and Residential segment's operations include: land entitlement, land planning and pre-construction engineering, land stewardship and conservation activities. The Mineral Resources segment generates revenues from oil and gas royalty leases, and rock and aggregate mining leases. The Farming segment produces revenue from the sale of wine grapes, almonds, and pistachios. The Ranch Operations segment consist of game management revenue and ancillary land uses such as grazing leases and filming. The company was founded by Edward Fitzgerald Beale in 1843 and is headquartered in Lebec, CA.
Market Cap
$411M
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TEJON RANCH CO by TradingView
Relevant filing section
Item 5.02 
Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangements with Certain Officers. 


On March 20, 2024, Mr. Gregory Bielli, President and Chief Executive Officer ("CEO") of Tejon Ranch Company ("Company"), announced his intent to retire on December 31, 2024 ("Retirement Date"). Mr. Bielli will continue to serve as the Company's President and CEO through the Retirement Date. Mr. Bielli has been President and CEO of Tejon Ranch Company for over 10 years, first joining the Company in 2013. 

Mr. Bielli will continue to serve as a director of the Company following his retirement. Mr. Bielli will also provide consulting services to the Company following the Retirement Date through December 31, 2025, the material terms of which are reported below, consistent with Item 5.02(e). 

The Board has formed an ad hoc search committee to oversee the search for Mr. Bielli's successor and has retained a nationally recognized executive recruitment firm. 

On March 21, 2024, the Company and Mr. Bielli entered into a compensatory contract for Mr. Bielli to provide consulting services following his retirement (the "Consulting Agreement"). The following description of the Consulting Agreement is a summary, does not purport to be complete, and is qualified in its entirety by reference to the Consulting Agreement, a copy of which is filed as an exhibit to this Current Report on Form 8-K and incorporated herein by reference. The Consulting Agreement is for a term of one year, commencing January 1, 2025 and ending December 31, 2025. Mr. Bielli will provide consulting services to the Company as requested and directed by the Board and CEO and will report to the Board. Compensation for Mr. Bielli's consulting services is $85,000 per month. Mr. Bielli will also be reimbursed for normal and customary expenses incurred in connection with providing the services.