---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-068267"
form_type: "8-K"
ticker: "DRCT"
cik: "0001880613"
company_name: "Direct Digital Holdings, Inc."
filed_at: "2023-06-06T23:59:59+00:00"
generated_at: "2026-06-14T06:52:48.560574+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Direct Digital Holdings CFO Leaves; Diana P. Diaz Named Interim CFO

## Summary
- CFO Susan Echard separated effective June 5, 2023; severance of 12 months base salary plus accrued benefits conditioned on release.
- Diana P. Diaz appointed interim CFO; previously CAO at Sharps Compliance and CFO at University General Hospital.
- Company entered Early Opt-in Agreement converting LIBOR-based rate under 2021 Credit Facility to Term SOFR with credit spread adjustments.
- The amendment sets Benchmark Replacement spreads: 0.10% (1-month), 0.15% (3-month), 0.25% (6-month).

## SEC filing metadata
- accession: 0001104659-23-068267
- form_type: 8-K
- ticker: DRCT
- cik: 0001880613
- company_name: Direct Digital Holdings, Inc.
- filed_at: 2023-06-06T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1880613/000110465923068267/0001104659-23-068267-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1880613/000110465923068267/tm2317854d2_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-068267
- JSON: https://secwatch.observer/filing/0001104659-23-068267.json
- Plain text: https://secwatch.observer/filing/0001104659-23-068267.txt

## Key facts
- Executive change
  Diana P. Diaz was appointed as interim Chief Financial Officer at Direct Digital Holdings, Inc..
  - Action: appointed
  - Role: interim Chief Financial Officer
  source text: the Board of Directors (the “ Board ”) of the Company appointed Diana P. Diaz as interim Chief Financial Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1880613/000110465923068267/0001104659-23-068267-index.htm
- Executive change
  Susan Echard departed as Chief Financial Officer at Direct Digital Holdings, Inc..
  - Action: separated
  - Role: Chief Financial Officer
  source text: On June 5, 2023, the Company announced that Susan Echard, the Company’s Chief Financial Officer, has separated from the Company, effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1880613/000110465923068267/0001104659-23-068267-index.htm
- Material Agreements
  Direct Digital Holdings, Inc. amended Early Opt-in Agreement with Lafayette Square Loan Servicing, LLC and Lafayette Square USA, Inc. (effective 2023-06-01).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Lafayette Square Loan Servicing, LLC and Lafayette Square USA, Inc.
  - Effective: 2023-06-01
  source text: On June 1, 2023, Direct Digital Holdings, Inc. (the “ Company ”), Direct Digital Holdings, LLC (“ DDH LLC ”), Huddled Masses LLC (“ HM ”), Colossus Media, LLC (“ Colossus ”) and Orange142, LLC (“ Orange ”) entered into an early opt-in election agreement (the “ Early Opt-in Agreement ”) with Lafayette Square Loan Servicing, LLC (“ Lafayette Square ”) and Lafayette Square USA, Inc., which converts the existing LIBOR-based rate under the Term Loan and Security Agreement, dated December 3, 2021 (as amended, the “ 2021 Credit Facility ”) among DDH LLC, as borrower, the Company, HM, Colossus, and Orange, as guarantors, and Lafayette Square, as administrative agent, and the various lenders thereto, to a Term SOFR Rate with a credit spread of 0.15% per annum for interest periods of three months.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1880613/000110465923068267/0001104659-23-068267-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.