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Posted 11 October, 2023

INNOVATE Corp. appointed Mr. Paul K. Voigt as new CEO

NYSE:VATE appointed new Chief Executive Officer Mr. Paul K. Voigt in a 8-K filed on 11 October, 2023.


  On July 25, 2023, INNOVATE Corp. (the "Company") filed a Current Report on Form 8-K reporting the appointment of Mr. Paul K. Voigt as interim Chief Executive Officer of the Company, effective as of July 25, 2023 (the "Effective Date").  

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Overview of INNOVATE Corp.
Business/Consumer Services • Diversified Holding Companies
INNOVATE Corp. engages in the acquisition and investment of assets. It operates through the following segments: Infrastructure, Clean Energy, Telecommunications, Insurance, Life Sciences, Spectrum, and Other. The Infrastructure segment models, details, fabricates, and erects structural steel for commercial and industrial construction projects. The Clean Energy segment designs, builds, and maintains compressed natural gas fueling stations for transportation vehicles. The Telecommunications segment manages telecommunications business including a network of direct routes and provides voice communication services. The Insurance segment offers long-termcare, life, annuity, and other accident and health coverage. The Life Sciences segment maintains controlling interests in Genovel Orthopedics, Inc. and R2 Technologies, Inc. through Pansend Life Sciences LLC. The Spectrum segment owns over-the-air broadcasting stations and spanish-language broadcast network. The Other segment represents all other businesses or investments that do not meet the definition of a segment individually or in the aggregate. The company was founded in 1994 and is headquartered in New York, NY.
Market Cap
$57.3M
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INNOVATE Corp. by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


Employment Agreement with Paul K. Voigt, Interim Chief Executive Officer


On July 25, 2023, INNOVATE Corp. (the "Company") filed a Current Report on Form 8-K reporting the appointment of Mr. Paul K. Voigt as interim Chief Executive Officer of the Company, effective as of July 25, 2023 (the "Effective Date"). The Company entered into an employment agreement with Mr. Voigt dated as of October 6, 2023, setting forth the terms of his employment with the Company, effective as of the Effective Date (the "Employment Agreement").


Pursuant to the Employment Agreement, Mr. Voigt will receive an annual base salary of $500,000, and will be eligible to receive an annual discretionary bonus as determined by the Compensation Committee. The Employment Agreement further provides that Mr. Voigt shall receive (i) a one-time restricted stock award of shares of the Company's common stock, par value $0.001 per share ("Common Stock"), with a fair market value of $1,500,000, which will be one hundred percent (100%) vested on the first (1st) anniversary of the issuance and subject to the terms of the Company's equity incentive plan; and (ii) in each year of Mr. Voigt's employment, a stock option award to purchase one million (1,000,000) shares of Common Stock, with an exercise price to be determined by the Compensation Committee, which will be one hundred percent (100%) vested on the first (1st) anniversary of the issuance and subject to the terms of the Company's equity incentive plan.


The foregoing summary of the Employment Agreement is not complete and is subject to, qualified in its entirety by, and should be read in conjunction with, the full text of the Employment Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.