Angel Oak REIT Shuffles Leadership, Appoints New Officers
Ticker: AOMN · Form: 8-K · Filed: Mar 25, 2024 · CIK: 1766478
| Field | Detail |
|---|---|
| Company | Angel Oak Mortgage Reit, Inc. (AOMN) |
| Form Type | 8-K |
| Filed Date | Mar 25, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: leadership-change, executive-compensation, officer-appointment, director-departure
Related Tickers: AOMR
TL;DR
Angel Oak REIT just changed its top brass and compensation plans. Stegmann is out as director but in as CIO/President with a fat salary.
AI Summary
Angel Oak Mortgage REIT, Inc. announced on March 22, 2024, the departure of director Michael J. Stegmann and the appointment of new directors, including Michael J. Stegmann as Chief Investment Officer and President. The company also disclosed compensatory arrangements for certain officers, including Stegmann, who will receive a base salary of $350,000 and a target annual bonus of 100% of his base salary.
Why It Matters
This filing indicates a significant shift in Angel Oak Mortgage REIT's leadership structure and executive compensation, which could impact the company's strategic direction and financial performance.
Risk Assessment
Risk Level: medium — Changes in key leadership and executive compensation can introduce uncertainty and potential shifts in strategy, impacting investor confidence.
Key Numbers
- $350,000 — Base Salary (Michael J. Stegmann's new base salary as Chief Investment Officer and President.)
- 100% — Target Annual Bonus (Michael J. Stegmann's target annual bonus as a percentage of his base salary.)
Key Players & Entities
- Angel Oak Mortgage REIT, Inc. (company) — Registrant
- Michael J. Stegmann (person) — Departing Director and Appointed Chief Investment Officer and President
- $350,000 (dollar_amount) — Michael J. Stegmann's base salary
- 100% (dollar_amount) — Michael J. Stegmann's target annual bonus percentage
- March 22, 2024 (date) — Date of Report
FAQ
Who has been appointed as the new Chief Investment Officer and President?
Michael J. Stegmann has been appointed as the new Chief Investment Officer and President.
What is Michael J. Stegmann's new base salary?
Michael J. Stegmann's new base salary is $350,000.
What is the target annual bonus for Michael J. Stegmann?
The target annual bonus for Michael J. Stegmann is 100% of his base salary.
Who departed from the board of directors?
Michael J. Stegmann departed from the board of directors.
On what date was this report filed?
This report was filed on March 25, 2024, reporting events as of March 22, 2024.
Filing Stats: 497 words · 2 min read · ~2 pages · Grade level 10.7 · Accepted 2024-03-25 16:17:40
Key Financial Figures
- $0.01 — ange on which registered Common stock, $0.01 par value per share AOMR New York Stock
Filing Documents
- aomr-20240322.htm (8-K) — 26KB
- 0001766478-24-000020.txt ( ) — 149KB
- aomr-20240322.xsd (EX-101.SCH) — 2KB
- aomr-20240322_lab.xml (EX-101.LAB) — 22KB
- aomr-20240322_pre.xml (EX-101.PRE) — 13KB
- aomr-20240322_htm.xml (XML) — 3KB
02. Departure of Directors or Certain Officers; Election of Directors; Appointment of
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (b) Resignation of Director On March 22, 2024, Michael Peck notified Angel Oak Mortgage REIT, Inc. (the "Company") of his decision to resign as a member of the Company's Board of Directors (the "Board") effective March 22, 2024. Mr. Peck's resignation is not the result of any disagreement with the Company or the Board on any matter relating to the operations, policies or practices of the Company. As a result of Mr. Peck's resignation, the size of the Board was reduced by one director, from nine to eight directors, five of whom are independent directors. Exhibit No. Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 25, 2024 ANGEL OAK MORTGAGE REIT, INC. By: /s/ Brandon Filson Name: Brandon Filson Title: Chief Financial Officer and Treasurer