NewtekOne CEO, Director Changes Announced
Ticker: NEWTH · Form: 8-K · Filed: Jan 3, 2025 · CIK: 1587987
| Field | Detail |
|---|---|
| Company | Newtekone, Inc. (NEWTH) |
| Form Type | 8-K |
| Filed Date | Jan 3, 2025 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.02, $1.0 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: leadership-change, board-of-directors, executive-appointments
TL;DR
Sloane is out as Director, in as CEO. D'Ambrosio also joins the board.
AI Summary
NewtekOne, Inc. announced on January 3, 2025, the departure of Director Barry Sloane and the appointment of Barry Sloane as Chief Executive Officer and President. Additionally, the company announced the election of Barry Sloane and Christopher M. D'Ambrosio as Class II Directors. The filing also details compensatory arrangements for certain officers.
Why It Matters
This filing indicates significant leadership changes at NewtekOne, including the CEO transition and board appointments, which could impact the company's strategic direction and operational execution.
Risk Assessment
Risk Level: medium — Leadership changes and board restructuring can introduce uncertainty and potential shifts in strategy, impacting investor confidence.
Key Players & Entities
- NewtekOne, Inc. (company) — Reporting company
- Barry Sloane (person) — Departing Director, Appointed CEO and President, Elected Class II Director
- Christopher M. D'Ambrosio (person) — Elected Class II Director
- January 3, 2025 (date) — Date of report and earliest event reported
FAQ
What was the specific reason for Barry Sloane's departure as a Director?
The filing states Barry Sloane departed as a Director on January 3, 2025, and was simultaneously appointed as Chief Executive Officer and President, and elected as a Class II Director.
Who was appointed as a new Director alongside Barry Sloane?
Christopher M. D'Ambrosio was elected as a Class II Director on January 3, 2025.
What is the effective date of these changes?
The earliest event reported and the date of the report is January 3, 2025.
What other information is provided regarding officer compensation?
The filing indicates that compensatory arrangements of certain officers are also detailed.
What is the company's state of incorporation and fiscal year end?
NewtekOne, Inc. is incorporated in Maryland and its fiscal year ends on December 31.
Filing Stats: 727 words · 3 min read · ~2 pages · Grade level 10.7 · Accepted 2025-01-03 17:19:09
Key Financial Figures
- $0.02 — ich registered Common Stock, par value $0.02 per share NEWT Nasdaq Global Market LLC
- $1.0 million — nual base compensation in the amount of $1.0 million and extends the term of the Employment
Filing Documents
- newt-20250103.htm (8-K) — 29KB
- 0001587987-25-000004.txt ( ) — 214KB
- newt-20250103.xsd (EX-101.SCH) — 4KB
- newt-20250103_def.xml (EX-101.DEF) — 17KB
- newt-20250103_lab.xml (EX-101.LAB) — 32KB
- newt-20250103_pre.xml (EX-101.PRE) — 18KB
- newt-20250103_htm.xml (XML) — 6KB
Forward-Looking Statements
Forward-Looking Statements Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 1, 2025, NewtekOne, Inc. ( the "Company") and Barry Sloane, the Company's Chief Executive Officer and President, entered into an amendment (the "Amendment") to Mr. Sloane's Employment Agreement dated as of April 5, 2024 (the "Employment Agreement" ). The Amendment provides for Mr. Sloane to be entitled to an annual base compensation in the amount of $1.0 million and extends the term of the Employment Agreement through March 31, 2026. The other terms and conditions of the Employment Agreement remain unchanged. The foregoing description of the terms of the Employment Agreement (which was filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2024) and the Amendment (which will be filed as an exh
SIGNATURES
SIGNATURES In accordance with the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NEWTEKONE, INC. Date: January 3, 2025 By: /S/ B ARRY S LOANE Barry Sloane Chief Executive Officer, President and Chairman of the Board