CEO Mark Hernandez resigns; Ryan Schroeder appointed CEO effective Nov 6, 2024

EASTERN CO

Hernandez received $530,500 base salary severance paid over 12 months, plus $140,787 bonus, 14,800 stock units vest, and $47,206 vacation payout.
New CEO Ryan Schroeder will receive $475,000 base salary, STIP target 75% of base, LTIP target 75% of base.
Schroeder previously served as CEO at Plaskolite LLC and President Americas at IMI Norgren.
Hernandez resigned from Board and all positions; no disagreement cited.
Separation agreement includes 12-month non-compete and non-solicitation covenants.

item 5.02 item 9.01

Executive movements

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Departed

Mark A. Hernandez

Chief Executive Officer

EML · EASTERN CO

Effective: 2024-11-04
Successor: Ryan Schroeder
Filed: November 8, 2024, 6:59 PM ET

Mark A. Hernandez resigned as Chief Executive Officer of The Eastern Company (the "Company"), and from service on the Board of Directors of the Company (the "Board") and all other officer, director, trustee, fiduciary and other positions with the Company and its subsidiaries and affiliates, effective as of the Separation Date.

Appointed

Ryan Schroeder

Chief Executive Officer

EML · EASTERN CO

Effective: 2024-11-06
Filed: November 8, 2024, 6:59 PM ET

On November 4, 2024, the Company appointed Ryan Schroeder to serve as the Company’s Chief Executive Officer, effective November 6, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Mark A. Hernandez resigned as Chief Executive Officer at EASTERN CO.

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

Mark A. Hernandez resigned as Chief Executive Officer of The Eastern Company (the "Company"), and from service on the Board of Directors of the Company (the "Board") and all other officer, director, trustee, fiduciary and other positions with the Company and its subsidiaries and affiliates, effective as of the Separation Date.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Ryan Schroeder was appointed as Chief Executive Officer at EASTERN CO.

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

On November 4, 2024, the Company appointed Ryan Schroeder to serve as the Company’s Chief Executive Officer, effective November 6, 2024.

View on SEC.gov

EASTERN CO filing history →

Source: SEC EDGAR

accession 0001214659-24-018628

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