Navient Elects New Directors, Adjusts Executive Compensation
Ticker: JSM · Form: 8-K · Filed: Jul 5, 2024 · CIK: 1593538
| Field | Detail |
|---|---|
| Company | Navient Corp (JSM) |
| Form Type | 8-K |
| Filed Date | Jul 5, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $1.6 million, $0.01, $2.4 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: director-change, executive-compensation, governance
TL;DR
Navient swapped some board members and tweaked exec pay for 2024.
AI Summary
Navient Corporation announced on June 28, 2024, the election of new directors and changes in its officer compensation arrangements. Specifically, the company appointed two new directors, Michael J. Van Schooneveld and David R. Johnson, to its Board of Directors. Additionally, the compensation committee approved a new executive incentive plan for fiscal year 2024, which includes performance-based awards tied to specific financial targets.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can introduce uncertainty regarding future strategic direction and operational focus.
Key Players & Entities
- Navient Corporation (company) — Registrant
- Michael J. Van Schooneveld (person) — Newly Elected Director
- David R. Johnson (person) — Newly Elected Director
- 2024 (date) — Fiscal Year for Incentive Plan
- June 28, 2024 (date) — Date of Earliest Event Reported
FAQ
Who were the new directors appointed to Navient's Board?
Michael J. Van Schooneveld and David R. Johnson were appointed as new directors to Navient's Board.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported in this filing is dated June 28, 2024.
What type of compensation arrangement was approved for officers?
The compensation committee approved a new executive incentive plan for fiscal year 2024.
What is the SIC code for Navient Corporation?
The Standard Industrial Classification (SIC) code for Navient Corporation is 6211, which corresponds to SECURITY BROKERS, DEALERS & FLOTATION COMPANIES.
In which state was Navient Corporation incorporated?
Navient Corporation was incorporated in Delaware.
Filing Stats: 1,258 words · 5 min read · ~4 pages · Grade level 12.5 · Accepted 2024-07-05 16:16:39
Key Financial Figures
- $1.6 million — spect of Company common shares equal to $1.6 million divided by the closing price of the Com
- $0.01 — the Company's common shares, par value $0.01 (the "Common Stock"), on the Grant Date
- $2.4 million — spect of Company common shares equal to $2.4 million divided by the closing price of the Com
Filing Documents
- navi_8k.htm (8-K) — 37KB
- navi_ex101.htm (EX-10.1) — 50KB
- navi_ex102.htm (EX-10.2) — 84KB
- navi_ex101img1.jpg (GRAPHIC) — 2KB
- 0001654954-24-008668.txt ( ) — 347KB
- navi-20240628.xsd (EX-101.SCH) — 6KB
- navi-20240628_lab.xml (EX-101.LAB) — 16KB
- navi-20240628_cal.xml (EX-101.CAL) — 1KB
- navi-20240628_pre.xml (EX-101.PRE) — 12KB
- navi-20240628_def.xml (EX-101.DEF) — 4KB
- navi_8k_htm.xml (XML) — 6KB
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits: Exhibit Number Description 10.1 2024 Strategic Transformation Incentive Plan 10.2 Letter Agreement, dated as of July 3, 2024, by and between Navient Corporation and David L. Yowan. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 3 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. NAVIENT CORPORATION By: /s/ Mark L. Heleen Name: Mark L. Heleen Title: Chief Legal Officer Date: July 5, 2024 4