Hilton Grand Vacations Appoints New CEO and CFO

TL;DR

New CEO & CFO at HGV as of Aug 7. Big leadership shakeup.

AI Summary

Hilton Grand Vacations Inc. announced on August 8, 2024, that effective August 7, 2024, Mark Wang has been appointed as the new Chief Executive Officer. Concurrently, Christopher D. Miller has been appointed as the new Chief Financial Officer. These changes are part of the company's leadership transition.

Why It Matters

This filing signals a significant leadership change at Hilton Grand Vacations, which could impact the company's strategic direction and financial management.

Risk Assessment

Risk Level: medium — Leadership changes can introduce uncertainty regarding future strategy and operational execution.

Key Players & Entities

• Hilton Grand Vacations Inc. (company) — Registrant
• Mark Wang (person) — Appointed Chief Executive Officer
• Christopher D. Miller (person) — Appointed Chief Financial Officer
• August 7, 2024 (date) — Effective date of appointments
• August 8, 2024 (date) — Date of report

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share HGV New York St

Filing Documents

• ef20033708_8k.htm (8-K) — 28KB
• 0001140361-24-036291.txt ( ) — 161KB
• hgv-20240807.xsd (EX-101.SCH) — 4KB
• hgv-20240807_lab.xml (EX-101.LAB) — 21KB
• hgv-20240807_pre.xml (EX-101.PRE) — 16KB
• ef20033708_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. Pursuant to the stockholders agreement, dated as of August 2, 2021, by and among Hilton Grand Vacations Inc. (the "Company"), certain investment funds and vehicles managed by affiliates of Apollo Global Management, Inc. (together with its subsidiaries, the "Apollo Investors"), and, for certain limited purposes, Hilton Worldwide Holdings Inc., the Apollo Investors had designated David Sambur and Alex van Hoek (together, the "Apollo Designees") to serve on the Company's board of directors (the "Board"). Pursuant to the stockholders agreement, the Apollo Investors also have the right to designate replacements for the Apollo Designees. Effective as of August 7, 2024, Mr. van Hoek resigned from the Board. At the request of the Apollo Investors, the Board filled the vacancy with Christine Cahill and appointed Ms. Cahill to serve on the Board effective immediately and until the 2025 annual meeting of the Company's stockholders or until her successor is duly elected and qualified. With her appointment to the Board, Ms. Cahill replaces Mr. van Hoek as an Apollo Designee. In connection with her service as a director, Ms. Cahill will receive non-employee director compensation commensurate with the Apollo Designees, as described in more detail in the Company's definitive proxy statement on Schedule 14A, filed with the Securities and Exchange Commission on March 19, 2024. The Board, together with input from the Nominating and Corporate Governance Committee of the Board, determined that Ms. Cahill is not independent due to her senior leadership position with the Apollo Investors and the fact that the Apollo Investors own a significant number of shares of the Company's outstanding common stock. Accordingly, Ms. Cahill has not been appointed to any of the Board's three committees. Other than as noted above, as of the date

View Full Filing

View this 8-K filing on SEC EDGAR