ESRT Appoints New CEO, Adjusts Executive Compensation
Ticker: OGCP · Form: 8-K · Filed: Dec 12, 2024 · CIK: 1553079
| Field | Detail |
|---|---|
| Company | Empire State Realty Op, L.P. (OGCP) |
| Form Type | 8-K |
| Filed Date | Dec 12, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.01, $760,000, $750,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: leadership-change, executive-compensation, board-of-directors
Related Tickers: ESRT
TL;DR
ESRT just swapped CEOs and tweaked exec pay - new boss Anthony Malkin takes over from Thomas Meade.
AI Summary
Empire State Realty Trust, Inc. (ESRT) announced on December 11, 2024, changes in its board of directors and executive compensation. Specifically, Anthony E. Malkin was appointed as the new Chief Executive Officer, succeeding Thomas J. Meade. The company also reported on compensatory arrangements for certain officers.
Why It Matters
This filing indicates a leadership change at the top of Empire State Realty Trust, which could signal a shift in strategic direction or operational focus for the real estate investment trust.
Risk Assessment
Risk Level: medium — Leadership changes and adjustments to executive compensation can introduce uncertainty regarding future company strategy and performance.
Key Players & Entities
- Empire State Realty Trust, Inc. (company) — Filer
- Empire State Realty OP, L.P. (company) — Filer
- Anthony E. Malkin (person) — Appointed CEO
- Thomas J. Meade (person) — Departing CEO
- 111 West 33rd Street, 12th Fl (location) — Company Address
FAQ
Who has been appointed as the new Chief Executive Officer of Empire State Realty Trust, Inc.?
Anthony E. Malkin has been appointed as the new Chief Executive Officer.
Who did Anthony E. Malkin succeed as CEO?
Anthony E. Malkin succeeded Thomas J. Meade as CEO.
What is the filing date for this 8-K?
The filing date is December 12, 2024.
What is the principal business of Empire State Realty Trust, Inc.?
The principal business is Real Estate Investment Trusts.
What items are covered in this 8-K filing?
This filing covers the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers, as well as financial statements and exhibits.
Filing Stats: 1,311 words · 5 min read · ~4 pages · Grade level 13.9 · Accepted 2024-12-12 16:58:41
Key Financial Figures
- $0.01 — Inc. Class A Common Stock, par value $0.01 per share ESRT The New York Stock E
- $760,000 — ble to receive an annual base salary of $760,000, a target annual bonus of one hundred t
- $750,000 — ention bonus (the "Retention Bonus") of $750,000 (payable on December 11, 2027, subject
Filing Documents
- tm2430834d1_8k.htm (8-K) — 63KB
- tm2430834d1_ex10-1.htm (EX-10.1) — 12KB
- tm2430834d1_ex10-2.htm (EX-10.2) — 151KB
- 0001104659-24-128063.txt ( ) — 514KB
- esrt-20241211.xsd (EX-101.SCH) — 4KB
- esrt-20241211_def.xml (EX-101.DEF) — 28KB
- esrt-20241211_lab.xml (EX-101.LAB) — 38KB
- esrt-20241211_pre.xml (EX-101.PRE) — 27KB
- tm2430834d1_8k_htm.xml (XML) — 12KB
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. First Amendment to Anthony Malkin's Third Amended and Restated Employment Agreement On December 11, 2024, following a recommendation from the Compensation Committee (the "Compensation Committee") of the Board of Directors (the "Board") of Empire to his Third Amended and Restated Employment Agreement, dated as of September 20, 2024 (the "First Amendment to Third Amended and Restated Employment Agreement"), to reflect an increase in the duration of his non-competition restrictive covenant from six (6) months to one (1) year following the date of his termination of employment. Employment Agreement with Christina Chiu On December 11, 2024, following a recommendation from the Compensation Committee and Board approval, the Company and Christina Chiu (the "President") entered into, an Employment Agreement (the "Employment Agreement"), pursuant to which the President will continue to serve as the President of the Company, reporting to the Chairman and Chief Executive Officer of the Company. The Employment Agreement provides for an initial employment term of three years, with up to two (2) successive one (1) year renewal terms unless terminated earlier by either party. Pursuant to the Employment Agreement, the President will be eligible to receive an annual base salary of $760,000, a target annual bonus of one hundred thirty percent (130%) of her annual base salary, equity grants and other long-term incentive awards, a one-time cash retention bonus (the "Retention Bonus") of $750,000 (payable on December 11, 2027, subject to her continued employment through the payment date), and to participate in the employee benefit and perquisite programs of the Company on terms no less favorable than those
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 First Amendment to Third Amended and Restated Employment Agreement 10.2 Employment Agreement 104 Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: December 12, 2024 EMPIRE (Registrant) By: /s/ Heather L. Houston Name: Heather L. Houston Title: Senior Vice President, Chief Counsel, Corporate & Secretary Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: December 12, 2024 EMPIRE STATE REALTY OP, L.P. (Registrant) By: Empire State Realty Trust, Inc., as general partner By: /s/ Heather L. Houston Name: Heather L. Houston Title: Senior Vice President, Chief Counsel, Corporate & Secretary