Navient appoints David Yowan as President and CEO, succeeding Jack Remondi effective May 15

NAVIENT CORP

David Yowan, former Navient board member and American Express corporate treasurer, named CEO and President effective May 15, 2023.
Jack Remondi's employment terminated without cause; he will not be renominated to the board at the 2023 annual meeting.
Yowan receives $800k base salary, 150% target bonus, $1.6M RSUs, and $2.4M PSUs with TSR-based performance condition through 2025.
Board size reduced from ten to nine members effective at the 2023 annual meeting.
Yowan will not participate in the Executive Severance Plan or Change in Control Severance Plan.

item 5.02 item 8.01 item 9.01

Executive movements

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Departed

Jack Remondi

Chief Executive Officer and President

NAVI · NAVIENT CORP

Effective: 2023-05-15
Successor: David L. Yowan
Filed: May 16, 2023, 7:59 PM ET

For purposes of the Company’s Executive Severance Plan for Senior Officers (the “Severance Plan”) and the Company’s 2014 Omnibus Incentive Plan and award agreements thereunder, Mr. Remondi’s termination of employment is a termination by the Company without cause.

Departed

Jack Remondi

Director

NAVI · NAVIENT CORP

Filed: May 16, 2023, 7:59 PM ET

Mr. Remondi’s director term expires as of the 2023 Annual Meeting and the Board has withdrawn Mr. Remondi’s nomination for election as a director at such meeting. Accordingly, Mr. Remondi will cease to be a member of the Board at the 2023 Annual Meeting.

Appointed

David L. Yowan

Chief Executive Officer and President

NAVI · NAVIENT CORP

Effective: 2023-05-15
Filed: May 16, 2023, 7:59 PM ET

On May 15, 2023, Navient Corporation (“Navient” or the “Company”) announced that its Board of Directors (the “Board”) appointed David L. Yowan, age 66, to succeed Jack Remondi as Chief Executive Officer and President of Navient, effective as of May 15, 2023 (the “Transition Time”).

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Jack Remondi was terminated as Chief Executive Officer and President at NAVIENT CORP.

Action: terminated
Role: Chief Executive Officer and President

Exact text from the filing

For purposes of the Company’s Executive Severance Plan for Senior Officers (the “Severance Plan”) and the Company’s 2014 Omnibus Incentive Plan and award agreements thereunder, Mr. Remondi’s termination of employment is a termination by the Company without cause.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Jack Remondi departed as Director at NAVIENT CORP.

Action: ceased to be a member
Role: Director

Exact text from the filing

Mr. Remondi’s director term expires as of the 2023 Annual Meeting and the Board has withdrawn Mr. Remondi’s nomination for election as a director at such meeting. Accordingly, Mr. Remondi will cease to be a member of the Board at the 2023 Annual Meeting.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

David L. Yowan was appointed as Chief Executive Officer and President at NAVIENT CORP.

Action: appointed
Role: Chief Executive Officer and President

Exact text from the filing

On May 15, 2023, Navient Corporation (“Navient” or the “Company”) announced that its Board of Directors (the “Board”) appointed David L. Yowan, age 66, to succeed Jack Remondi as Chief Executive Officer and President of Navient, effective as of May 15, 2023 (the “Transition Time”).

View on SEC.gov

NAVIENT CORP filing history →

Source: SEC EDGAR

accession 0001193125-23-145256

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