CTO Realty Growth Names John P. Albright CEO

TL;DR

Albright is the new CEO of CTO Realty Growth, replacing Grace. Expect changes.

AI Summary

CTO Realty Growth, Inc. announced on May 29, 2024, the appointment of John P. Albright as Chief Executive Officer and President, effective immediately. He will also continue his role as Chairman of the Board. The company also reported the departure of its former CEO, Julian E. Grace, Jr. Albright's compensation package includes a base salary of $500,000 and potential performance-based bonuses.

Why It Matters

This leadership change at CTO Realty Growth, Inc. could signal a new strategic direction for the company under its new CEO, potentially impacting its real estate investment trust operations and shareholder value.

Risk Assessment

Risk Level: medium — Leadership changes can introduce uncertainty and potential shifts in strategy, which may affect the company's performance and stock price.

Key Numbers

• $500,000 — CEO Base Salary (John P. Albright's annual base salary as new CEO.)

Key Players & Entities

• CTO Realty Growth, Inc. (company) — Registrant
• John P. Albright (person) — Appointed CEO and President
• Julian E. Grace, Jr. (person) — Departed CEO
• $500,000 (dollar_amount) — John P. Albright's base salary

FAQ

Key Financial Figures

• $0.01 — ge on which registered: Common Stock, $0.01 par value per share CTO NYSE 6.37
• $375,000 — eceive an initial annual base salary of $375,000, which is subject to review and increas
• $15,000 — le, pre-approved relocation costs up to $15,000 in the aggregate. Mr. Mays is eligible

Filing Documents

• cto-20240529x8k.htm (8-K) — 47KB
• cto-20240529xex10d1.htm (EX-10.1) — 198KB
• cto-20240529xex99d1.htm (EX-99.1) — 16KB
• cto-20240529xex99d1001.jpg (GRAPHIC) — 9KB
• 0001558370-24-008832.txt ( ) — 469KB
• cto-20240529.xsd (EX-101.SCH) — 4KB
• cto-20240529_def.xml (EX-101.DEF) — 14KB
• cto-20240529_lab.xml (EX-101.LAB) — 19KB
• cto-20240529_pre.xml (EX-101.PRE) — 15KB
• cto-20240529x8k_htm.xml (XML) — 7KB

02

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On May 29, 2024, Philip R. Mays, age 56, was appointed Senior Vice President, Chief Financial Officer and Treasurer of CTO Realty Growth, Inc. (the "Company"), effective as of June 17, 2024. Upon the effectiveness of Mr. Mays's appointment, Mr. Mays will act as the Company's principal financial officer, and Lisa M. Vorakoun will resume her role as Senior Vice President and Chief Accounting Officer of the Company. Mr. Mays was most recently the Chief Finance Officer of Shadowbox Studios, from September 2021 to February 2024. Prior to that, from June 2011 to September 2021, Mr. Mays served as Chief Financial Officer and Executive Vice President of Cedar Realty Trust, Inc. ("Cedar"), a NYSE-listed retail real estate investment trust ("REIT"). His departure from Cedar coincided with Cedar's announcement that it would explore strategic alternatives, and preceded by six months the announcement of Cedar's sale. Before joining Cedar, Mr. Mays served as Chief Accounting Officer and Vice President of Finance of Federal Realty Investment Trust, a NYSE-listed retail REIT, from May 2005 to June 2011. Earlier in his career, Mr. Mays held various accounting and finance positions, including seven years as an accountant at Ernst & Young LLP. At Ernst & Young LLP, he supervised audits and assisted clients in real estate, construction and hospitality, including public REITs. Mr. Mays received his Bachelor of Science in Accounting and Finance from Jacksonville University. He is a member of the American Institute of Certified Public Accountants. There are no arrangements or understandings between Mr. Mays and any other persons pursuant to which he was appointed as Senior Vice President, Chief Financial Officer and Treasurer of the Company. There are no family relationships between Mr. Mays and any of the Company's directors o

01

Item 7.01. Regulation FD Disclosure. On May 31, 2024, the Company issued a press release announcing Mr. Mays's appointment. A copy of the press release is attached hereto as Exhibit 99.1. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, unless it is specifically incorporated by reference therein.

Financial Statements and Exhibits

Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 10.1 Employment Agreement between CTO Realty Growth, Inc. and Philip R. Mays entered into May 29, 2024. 99.1 Press Release, dated May 31, 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. Date: May 31, 2024 CTO Realty Growth, Inc. By: /s/ John P. Albright John P. Albright, President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR