Ares CFO McFerran terminated for inappropriate employee relationships; Phillips named new CFO

Ares Management Corp

Michael McFerran involuntarily terminated as Partner, COO and CFO after investigation found inappropriate personal relationships with employees in violation of policies.
Jarrod Phillips, previously CAO, appointed CFO and principal financial and accounting officer effective August 4, 2021.
Phillips receives $750K base salary and 20,000 Restricted Units vesting over 2-5 years.
McFerran forfeits all unvested equity and carried interest, including awards valued at over $50 million through 2026.
Business operations functions (Legal, HR, Compliance, Investment Ops, Tech) now report directly to CEO Arougheti.

item 5.02 item 7.01

Executive movements

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Appointed

Jarrod Phillips

Chief Financial Officer

ARES · Ares Management Corp

Effective: 2021-08-04
Filed: August 9, 2021, 7:59 PM ET

Jarrod Phillips, who is a Partner and Chief Accounting Officer at the Company, has been appointed as Chief Financial Officer of the Company effective August 4, 2021.

Departed

Michael R. McFerran

Partner, Chief Operating Officer and Chief Financial Officer

ARES · Ares Management Corp

Effective: 2021-08-04
Successor: Jarrod Phillips
Filed: August 9, 2021, 7:59 PM ET

On August 4, 2021, Michael R. McFerran was involuntarily terminated as Partner, Chief Operating Officer and Chief Financial Officer of Ares Management Corporation

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Jarrod Phillips was appointed as Chief Financial Officer at Ares Management Corp.

Action: appointed
Role: Chief Financial Officer

Exact text from the filing

Jarrod Phillips, who is a Partner and Chief Accounting Officer at the Company, has been appointed as Chief Financial Officer of the Company effective August 4, 2021.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael R. McFerran departed as Partner, Chief Operating Officer and Chief Financial Officer at Ares Management Corp.

Action: involuntarily terminated
Role: Partner, Chief Operating Officer and Chief Financial Officer

Exact text from the filing

On August 4, 2021, Michael R. McFerran was involuntarily terminated as Partner, Chief Operating Officer and Chief Financial Officer of Ares Management Corporation

View on SEC.gov

Ares Management Corp filing history →

Source: SEC EDGAR

accession 0001104659-21-102120

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