Kearny Financial Corp. Announces Board and Executive Changes
Ticker: KRNY · Form: 8-K · Filed: Jun 20, 2024 · CIK: 1617242
| Field | Detail |
|---|---|
| Company | Kearny Financial Corp. (KRNY) |
| Form Type | 8-K |
| Filed Date | Jun 20, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
Related Tickers: KRNY
TL;DR
Kearny Financial Corp. (KRNY) filed an 8-K detailing director departures, new elections, and executive comp changes effective June 18, 2024.
AI Summary
Kearny Financial Corp. announced on June 18, 2024, changes in its board of directors and executive compensation. The filing details the departure of a director, the election of new directors, and updates to compensatory arrangements for certain officers. Specific names of departing and newly elected directors, along with details of the compensation changes, are provided within the document.
Why It Matters
Changes in a company's board of directors and executive compensation can signal shifts in strategy, governance, or financial outlook, impacting investor confidence and stock performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can sometimes precede significant strategic shifts or indicate internal governance adjustments, warranting closer investor scrutiny.
Key Players & Entities
- Kearny Financial Corp. (company) — Registrant
- June 18, 2024 (date) — Date of earliest event reported
- 120 Passaic Avenue, Fairfield, NJ 07004 (address) — Principal Executive Offices
FAQ
Who departed from Kearny Financial Corp.'s board of directors?
The filing indicates the departure of a director, but the specific name is not explicitly listed in the provided text snippet. Further details would be in the full document.
Were new directors elected to the board?
Yes, the filing states that new directors were elected to the board of Kearny Financial Corp.
What other information is reported in this 8-K filing?
Besides director changes, the filing also covers compensatory arrangements of certain officers.
What is the principal executive office address for Kearny Financial Corp.?
The principal executive offices are located at 120 Passaic Avenue, Fairfield, NJ 07004.
On what date was this Current Report filed?
This Current Report (Form 8-K) was filed on June 20, 2024.
Filing Stats: 923 words · 4 min read · ~3 pages · Grade level 10.9 · Accepted 2024-06-20 08:45:34
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value KRNY The NASDAQ Stock Mar
Filing Documents
- form8k_061824.htm (8-K) — 34KB
- ex10-1_8k061824.htm (EX-10.1) — 10KB
- ex10-2_8k061824.htm (EX-10.2) — 68KB
- ex10-3_8k061824.htm (EX-10.3) — 56KB
- ex99-1_8k061824.htm (EX-99.1) — 7KB
- image0.jpg (GRAPHIC) — 4KB
- 0000943374-24-000263.txt ( ) — 345KB
- krny-20240618.xsd (EX-101.SCH) — 4KB
- krny-20240618_lab.xml (EX-101.LAB) — 22KB
- krny-20240618_pre.xml (EX-101.PRE) — 16KB
- form8k_061824_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers . Promotion of Keith Suchodolski On June 20, 2024, Kearny Financial Corp. (the "Company"), the holding company of Kearny Bank (the "Bank"), announced that the Company's Board of Directors promoted Keith Suchodolski to Senior Executive Vice President and Chief Operating Officer of the Company and the Bank effective July 1, 2024. Mr. Suchodolski has served as the Company and Bank's Senior Executive Vice President and Chief Financial Officer since July 2022. In connection with the Executive's promotion to Senior Executive Vice President and Chief Operating Officer, the Company and the Bank entered into an amendment to Mr. Suchodolski's employment agreement, effective as of July 1, 2024 (the "Amendment"). The Amendment is solely to replace all references to "Senior Executive Vice President and Chief Financial Officer" with "Senior Executive Vice President and Chief Operating Officer." Promotion of Sean Byrnes On June 20, 2024, the Company and Bank announced that the Company's Board of Directors promoted Sean Byrnes to Executive Vice President, Chief Financial Officer and Principal Accounting Officer of the Company and the Bank effective July 1, 2024. Mr. Byrnes has served as the Company's Executive Vice President and Deputy Chief Financial Officer since July 2023. In connection with Mr. Byrnes' promotion to Executive Vice President and Chief Financial Officer, Mr. Byrnes and the Bank entered into a change in control agreement, effective as of July 1, 2024 (the "CIC Agreement"). The CIC Agreement provides, in the event of a change in control of the Company or the Bank followed within twenty-four (24) months by an involuntary termination of employment for any reason other than cause or a termination for good reason, Mr. Byrnes will be entitled to a severance payment equal to two times annual base salary and two
Financial Statements and Exhibits
Financial Statements and Exhibits (a)
Financial Statements of Businesses Acquired. Not applicable
Financial Statements of Businesses Acquired. Not applicable. (b) Pro Forma Financial Information. Not applicable. (c) Shell Company Transactions. Not applicable. (d) Exhibits. Exhibit No. Description 10.1 Amendment to Employment Agreement with Keith Suchodolski 10.2 Change in Control Agreement with Sean Byrnes 10.3 Amended and Restated Executive Management Incentive Compensation Program 99.1 Press Release dated June 20, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES 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. KEARNY FINANCIAL CORP. DATE: June 20, 2024 By: /s/ Craig L. Montanaro Craig L. Montanaro President and Chief Executive Officer