Intrepid Potash CFO Departs, New Directors Appointed

Ticker: IPI · Form: 8-K · Filed: 2024-04-17T00:00:00.000Z

Sentiment: neutral

Topics: management-change, board-election

TL;DR

Intrepid Potash CFO out, new board members in. Watch for leadership changes.

AI Summary

Intrepid Potash, Inc. announced on April 16, 2024, the departure of its Chief Financial Officer, David L. Miller. The company has appointed Brian T. Shute as interim CFO. Additionally, the company elected two new directors, Robert L. W. van der Zalm and David A. Johnson, to its Board of Directors.

Why It Matters

Changes in key financial and board leadership can signal shifts in company strategy or financial health, impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Changes in CFO and board composition can indicate internal challenges or strategic realignments that may affect the company's future operations and financial stability.

Key Players & Entities

FAQ

Who has been appointed as the interim Chief Financial Officer?

Brian T. Shute has been appointed as the interim Chief Financial Officer.

Who has departed from their role as Chief Financial Officer?

David L. Miller has departed from his role as Chief Financial Officer.

When was the earliest event reported in this filing?

The earliest event reported in this filing was on April 16, 2024.

How many new directors were elected to the Board of Directors?

Two new directors, Robert L. W. van der Zalm and David A. Johnson, were elected to the Board of Directors.

What is the principal executive office address of Intrepid Potash, Inc.?

The principal executive office address is 707 17th Street, Suite 4200, Denver, Colorado 80202.

Filing Stats: 964 words · 4 min read · ~3 pages · Grade level 11.2 · Accepted 2024-04-17 17:27:48

Key Financial Figures

Filing Documents

02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officer . Appointment of Acting Principal Executive Officer On April 16, 2024, the Board of Directors (the "Board") of Intrepid Potash, Inc. (the "Company") granted Robert P. Jornayvaz III, Executive Chairman of the Board and Chief Executive Officer of the Company, a temporary medical leave of absence, effective immediately, as he recovers from his previously announced accident. In connection with Mr. Jornayvaz's medical leave, the Board temporarily delegated all responsibilities of the Chairman of the Board to Barth Whitham, Lead Director. In addition, on the same date, the Board appointed Matthew D. Preston, the Company's Chief Financial Officer, as acting principal executive officer of the Company. Mr. Preston will continue to serve as the Company's Chief Financial Officer while he concurrently serves as principal financial officer and acting principal executive officer for SEC reporting purposes. In addition to his compensation for his role as Chief Financial Officer, Mr. Preston will receive additional cash compensation of $50,000 per month for so long as he is serving as acting principal executive officer. The information with respect to Mr. Preston's background as required by Items 401(b), (d), (e) and Item 404(a) of Regulation S-K is set forth in the Company's Definitive Proxy Statement for its 2024 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on April 4, 2024, and is incorporated herein by reference. Appointment of New Director On April 16, 2024, the Board, pursuant to the Restated Certificate of Incorporation of the Company and the Amended and Restated Bylaws of the Company, approved an increase of the size of the Board from six directors to seven directors, and, upon the recommendation of the Nominating and Corporate Governance Committee, appointed Hugh E. Harvey,

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On April 17, 2024, the Company issued a press release announcing the management and board changes discussed above. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information furnished under this Item 7.01, including Exhibit 99.1, will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and will not be incorporated by reference into any filing under the Securities Act of 1933, except as expressly set forth by specific reference in that filing.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. Exhibit No. Description 99.1 Press Release of Intrepid Potash, Inc. dated April 17, 2024 104 Cover Page Interactive Data File (embedded with 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 thereunto duly authorized. INTREPID POTASH, INC. (Registrant) Dated: April 17, 2024 By: /s/ Christina C. Sheehan Name: Christina C. Sheehan Title: General Counsel and Secretary

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