secwatch.observer — SEC 8-K summary
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Issuer:     NAVIENT CORP (NAVI)
CIK:        0001593538
Form:       8-K
Filed at:   2023-06-09T23:59:59+00:00
Accession:  0001193125-23-164525
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1593538/000119312523164525/0001193125-23-164525-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1593538/000119312523164525/d198014d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-164525

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer