Loop Media CEO Niermann steps down; Kao named Interim CEO; cost cuts of ~$2M/yr

Loop Media, Inc.

Jon Niermann steps down as CEO effective Mar 17, 2024; remains on Board focusing on revenue/distribution; base salary reduced to $368K.
Justis Kao appointed Interim CEO; receives 600,000 RSUs vesting over 4 years; base salary reduced to $272K.
Bruce Cassidy appointed Executive Chairman effective March 17, 2024.
CRO Bob Gruters resigns (remains advisor with 75,000 RSUs); COO/CMO Randy Greenberg leaves; Greenberg gets six months severance.
Cost-cutting measures (layoffs, furloughs, salary reductions) expected to save ~$2M annually; company exploring strategic alternatives and financing.

item 2.02 item 8.01 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Jon Niermann

Chief Executive Officer

Loop Media, Inc.

Effective: 2024-03-17
Filed: March 19, 2024, 7:59 PM ET

Effective March 17, 2024, Mr. Jon Niermann (“ Mr. Niermann ”), the Company’s Founder and Chief Executive Officer (“ CEO ”), stepped down from his position as CEO but will continue to serve as a member of the Board and the management team of the Company and has taken on a role to assist the Company with outward-facing sales and distribution efforts and to ensure an orderly transition for his successor.

Appointed

Bruce Cassidy

Executive Chairman of the Board

Loop Media, Inc.

Effective: 2024-03-17
Filed: March 19, 2024, 7:59 PM ET

Effective March 17, 2024, Mr. Bruce Cassidy (“ Mr. Cassidy ”), who served as the Chairman of the board of directors (the “ Board ”) of Loop Media, Inc. (the “ Company ”), was appointed to serve as Executive Chairman of the Board.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Jon Niermann changed role as Chief Executive Officer at Loop Media, Inc..

Action: stepped down
Role: Chief Executive Officer

Exact text from the filing

Effective March 17, 2024, Mr. Jon Niermann (“ Mr. Niermann ”), the Company’s Founder and Chief Executive Officer (“ CEO ”), stepped down from his position as CEO but will continue to serve as a member of the Board and the management team of the Company and has taken on a role to assist the Company with outward-facing sales and distribution efforts and to ensure an orderly transition for his successor.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Bruce Cassidy was appointed as Executive Chairman of the Board at Loop Media, Inc..

Action: appointed
Role: Executive Chairman of the Board

Exact text from the filing

Effective March 17, 2024, Mr. Bruce Cassidy (“ Mr. Cassidy ”), who served as the Chairman of the board of directors (the “ Board ”) of Loop Media, Inc. (the “ Company ”), was appointed to serve as Executive Chairman of the Board.

View on SEC.gov

Source: SEC EDGAR

accession 0001104659-24-035736

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