x

Posted 09 June, 2023

NAVIENT CORP appointed new CEO

CEO Change detected for ticker Nasdaq:JSM in a 8-K filed on 09 June, 2023.


  On June 8, 2023, Navient Corporation ("Navient" or the "Company") entered into an Agreement and Release (the "Separation Agreement") with its former Chief Executive Officer and President, Jack Remondi, pursuant to the Company's Executive Severance Plan for Senior Officers (the "Severance Plan").  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of NAVIENT CORP
Financial Services • Consumer Finance
Navient Corp. engages in the provision of asset management and business processing solutions for education, healthcare and government clients at the federal, state and local levels. It operates through the following segments: Federal Education Loans, Consumer Lending, Business Processing and Other. The Federal Education Loans segment owns FFELP Loans and performs servicing and asset recovery services on FFELP Loan portfolio. The Consumer Lending segment owns, originates, acquires and services high-quality private education loans. The Business Processing segment engages in the provision of government and healthcare services. The Other segment consists of corporate liquidity portfolio, gains and losses incurred on the repurchase of debt, unallocated expenses of shared services and restructuring/other reorganization expenses. The company was founded in 1973 and is headquartered in Herndon, VA.
Market Cap
N/A
View Company Details
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 

On June 8, 2023, Navient Corporation ("Navient" or the "Company") entered into an Agreement and Release (the "Separation Agreement") with its former Chief Executive Officer and President, Jack Remondi, pursuant to the Company's Executive Severance Plan for Senior Officers (the "Severance Plan"). In connection with the termination of his employment with the Company, effective May 15, 2023, Mr. Remondi will be provided with severance payments and benefits in accordance with the Severance Plan, except that the proration of his target annual bonus for 2023 will be calculated through the end of May 2023. In addition, pursuant to the Separation Agreement, Mr. Remondi has agreed to be available through December 31, 2023 to provide information regarding Navient's operational, strategic or litigation matters, in exchange for which he will receive an aggregate fee of $500,000, payable in two equal installments on September 30, 2023 and December 31, 2023. Pursuant to the Separation Agreement, the Company will reimburse Mr. Remondi for his reasonable legal fees incurred in connection with the negotiation thereof, up to $25,000 in the aggregate. The Separation Agreement includes various restrictive covenants in favor of the Company, including one-year post-termination non-competition and non-solicitation covenants. 

The description above is qualified in its entirety by reference to the full text of the Separation Agreement, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.