secwatch.observer — SEC 8-K summary
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Issuer:     NAVIENT CORP (NAVI)
CIK:        0001593538
Form:       8-K
Filed at:   2023-05-16T23:59:59+00:00
Accession:  0001193125-23-145256
Event type: leadership
Sentiment:  neutral
Materiality: 0.70
Item codes: 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1593538/000119312523145256/0001193125-23-145256-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1593538/000119312523145256/d510043d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-145256

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