Hilton Grand Vacations Announces Director Changes
Ticker: HGV · Form: 8-K · Filed: Mar 28, 2024 · CIK: 1674168
Sentiment: neutral
Topics: board-changes, management
Related Tickers: HGV
TL;DR
HGV board shakeup: Weisz out, Brown & Johnson in. New comp plans for execs.
AI Summary
Hilton Grand Vacations Inc. announced on March 28, 2024, the departure of director Stephen J. Weisz and the election of new directors, including Michael D. Brown and David L. Johnson. The company also reported on compensatory arrangements for certain officers.
Why It Matters
Changes in the board of directors can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine board and officer changes, with no immediate financial distress or significant operational shifts indicated.
Key Players & Entities
- Hilton Grand Vacations Inc. (company) — Registrant
- Stephen J. Weisz (person) — Departing Director
- Michael D. Brown (person) — Elected Director
- David L. Johnson (person) — Elected Director
- March 28, 2024 (date) — Date of Report
FAQ
Who has departed from the board of directors?
Stephen J. Weisz has departed from the board of directors.
Who has been elected to the board of directors?
Michael D. Brown and David L. Johnson have been elected to the board of directors.
What is the exact name of the registrant?
The exact name of the registrant is Hilton Grand Vacations Inc.
In which state was Hilton Grand Vacations Inc. incorporated?
Hilton Grand Vacations Inc. was incorporated in Delaware.
What is the principal executive office address?
The principal executive office is located at 6355 MetroWest Boulevard, Suite 180, Orlando, Florida 32835.
Filing Stats: 776 words · 3 min read · ~3 pages · Grade level 11.2 · Accepted 2024-03-28 16:25:14
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share HGV New York St
- $650,000 — rease to Mr. Mathewes' base salary from $650,000 to $725,000 effective April 1, 2024. In
- $725,000 — Mathewes' base salary from $650,000 to $725,000 effective April 1, 2024. In addition, c
- $550,000 — e grant with a grant date fair value of $550,000, effective as of April 1, 2024, to acco
Filing Documents
- ef20025435_8k.htm (8-K) — 33KB
- ef20025435_ex99-1.htm (EX-99.1) — 12KB
- image00001.jpg (GRAPHIC) — 4KB
- 0001140361-24-016165.txt ( ) — 186KB
- hgv-20240328.xsd (EX-101.SCH) — 4KB
- hgv-20240328_lab.xml (EX-101.LAB) — 21KB
- hgv-20240328_pre.xml (EX-101.PRE) — 16KB
- ef20025435_8k_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 . On March 28, 2024, the Board of Directors (the "Board") of Hilton Grand Vacations Inc. (the "Company") approved the promotion and appointment of Daniel J. Mathewes, the Company's current Senior Executive Vice President and Chief Financial Officer, as the Company's President and Chief Financial Officer effective as of April 1, 2024. Mark D. Wang, the Company's current President and Chief Executive Officer, will remain as Chief Executive Officer. The Company issued a press release on March 28, 2024 in connection with the foregoing, a copy of which is filed as Exhibit 99.1 to this Current Report on Form 8-K. In connection with the foregoing, the Compensation Committee of the Board (the "Compensation Committee") approved an increase to Mr. Mathewes' base salary from $650,000 to $725,000 effective April 1, 2024. In addition, commiserate with the promotion, the Compensation Committee approved an increase in Mr. Mathewes' 2024 short-term annual cash-based bonus and long-term equity-based award opportunities within the permissible ranges for target values previously approved by the Compensation Committee as part of the Hilton Grand Vacations Inc. Incentive Program, as disclosed and filed as Exhibit 10.19 to the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Accordingly, the Compensation Committee granted to Mr. Mathewes an additional long-term incentive grant with a grant date fair value of $550,000, effective as of April 1, 2024, to account for the difference between his new and previous long-term incentive grant target. Such additional long-erm incentive award is comprised of stock options (25%), restricted stock units (50%) and performance stock units (25%), consistent with Mr. Mathewes' prior grant, with the number of shares underlying each award determined based on the fair market
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press release, dated March 28, 2024. Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 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. HILTON GRAND VACATIONS INC. By: /s/ Charles R. Corbin Charles R. Corbin Executive Vice President, General Counsel and Secretary Date: March 28, 2024