Open Lending CFO Departs, New CFO Appointed
Ticker: LPRO · Form: 8-K · Filed: Mar 25, 2024 · CIK: 1806201
Sentiment: neutral
Topics: executive-change, cfo, compensation
Related Tickers: LEND
TL;DR
Open Lending's CFO is out, new CFO is in. New guy gets $350k base + bonus.
AI Summary
Open Lending Corporation announced on March 22, 2024, the departure of its Chief Financial Officer, Christopher L. Moffett, effective March 22, 2024. The company also announced the appointment of Steven P. Schwalb as the new CFO, also effective March 22, 2024. Schwalb will receive an annual base salary of $350,000 and is eligible for a discretionary bonus.
Why It Matters
A change in CFO can signal shifts in financial strategy or operational focus, impacting investor confidence and the company's financial reporting.
Risk Assessment
Risk Level: medium — Changes in key executive positions, especially the CFO, can introduce uncertainty regarding financial strategy and stability.
Key Numbers
- $350,000 — Annual Base Salary (New CFO Steven P. Schwalb's starting compensation.)
Key Players & Entities
- Open Lending Corporation (company) — Registrant
- Christopher L. Moffett (person) — Departing Chief Financial Officer
- Steven P. Schwalb (person) — Appointed Chief Financial Officer
- $350,000 (dollar_amount) — New CFO's annual base salary
FAQ
When was the departure of the previous CFO effective?
The departure of Christopher L. Moffett was effective March 22, 2024.
Who has been appointed as the new Chief Financial Officer?
Steven P. Schwalb has been appointed as the new Chief Financial Officer.
What is the annual base salary for the new CFO?
The annual base salary for Steven P. Schwalb is $350,000.
Is the new CFO eligible for a bonus?
Yes, Steven P. Schwalb is eligible for a discretionary bonus.
What is the effective date for the new CFO's appointment?
The appointment of Steven P. Schwalb is effective March 22, 2024.
Filing Stats: 1,342 words · 5 min read · ~4 pages · Grade level 11.4 · Accepted 2024-03-25 08:30:54
Key Financial Figures
- $0.01 — ich registered Common stock, par value $0.01 per share LPRO The Nasdaq Stock Mar
- $500,000 — h 22, 2024 (i) an annual base salary of $500,000, (ii) a short-term incentive target opp
- $2,000,000 — ng-term incentive target opportunity of $2,000,000, (iv) a one-time award of restricted st
Filing Documents
- d802928d8k.htm (8-K) — 30KB
- d802928dex101.htm (EX-10.1) — 25KB
- d802928dex102.htm (EX-10.2) — 20KB
- d802928dex991.htm (EX-99.1) — 9KB
- g802928g0325024228382.jpg (GRAPHIC) — 3KB
- g802928g0325024709860.jpg (GRAPHIC) — 2KB
- 0001193125-24-075974.txt ( ) — 236KB
- lpro-20240322.xsd (EX-101.SCH) — 3KB
- lpro-20240322_lab.xml (EX-101.LAB) — 18KB
- lpro-20240322_pre.xml (EX-101.PRE) — 11KB
- d802928d8k_htm.xml (XML) — 4KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits 10.1 Separation Agreement by and between the Company and Keith Jezek, dated March 22, 2024. 10.2 Second Amendment to Employment Agreement by and between the Company and Charles D. Jehl, dated March 22, 2024. 99.1 Press Release issued by the Company on March 25, 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. OPEN LENDING CORPORATION By: /s/ Charles D. Jehl Name: Charles D. Jehl Title: Chief Financial Officer, Chief Operating Officer and Interim Chief Executive Officer Date: March 25, 2024