Navient enters separation agreement with former CEO Jack Remondi; $6.2M severance plus $500K consulting fee

NAVIENT CORP

Former CEO Jack Remondi terminated May 15, 2023; receives $6,226,375 lump-sum severance under Executive Severance Plan.
Consulting fee of $500,000 payable in two $250,000 installments on Sep 30 and Dec 31, 2023, for operational/strategic/litigation support.
Non-compete and non-solicitation covenants for 12 months post-termination; limited to student loan origination/servicing and business processing.
Legal fees reimbursed up to $25,000; board directorship ceased May 25, 2023.

item 5.02 item 9.01

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Departed

Jack Remondi

Chief Executive Officer and President

NAVI · NAVIENT CORP

Effective: 2023-05-15
Filed: June 9, 2023, 7:59 PM ET

In connection with the termination of his employment with the Company, effective May 15, 2023, Mr. Remondi will be provided with severance payments and benefits in accordance with the Severance Plan

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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

In connection with the termination of his employment with the Company, effective May 15, 2023, Mr. Remondi will be provided with severance payments and benefits in accordance with the Severance Plan

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Source: SEC EDGAR

accession 0001193125-23-164525

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