TEJON RANCH CO appointed new CEO

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.