8-K
filed August 15, 2023, 7:59 PM ET
CIK 0001021096
leadership
confidence high
sentiment negative
materiality 0.85
Troika Media terminates CEO Toama and CFO Naidrich for cause; appoints interim officers
Troika Media Group, Inc.
- Terminated CEO Sadiq Toama and CFO Erica Naidrich for 'Cause' after investigation into personal relationship and prior representations.
- Appointed Grant Lyon as Interim CEO and Eric Glover as Interim CFO via Areté Capital Partners, effective August 15, 2023.
- Areté engagement: $10,000/week for Lyon, $25,000/week for Glover, $15,000/week for staff, totaling $50,000 per week.
- Special Committee investigation confirmed Toama and Naidrich had a long-standing personal relationship; Board determined gross misconduct.
- Company has initiated search for permanent CEO and CFO; termination fee of $200,000 if Areté dismissed without cause within 3 months.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Sadiq Toama departed as Chief Executive Officer at Troika Media Group, Inc..
- Action
- terminated for Cause
- Role
- Chief Executive Officer
Exact text from the filing
Effective on August 14, 2023, Troika Media Group, Inc. (the “Company”) terminated the employment of Sadiq Toama, its Chief Executive Officer, for “Cause,” pursuant to the terms of his employment agreement.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Eric Glover was appointed as Interim Chief Financial Officer at Troika Media Group, Inc..
- Action
- appointed
- Role
- Interim Chief Financial Officer
Exact text from the filing
and Eric Glover as the Company’s Interim Chief Financial Officer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Sadiq Toama resigned as Director at Troika Media Group, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Mr. Toama was deemed to have resigned from the Company’s Board of Directors (the “Board”) immediately upon his termination, pursuant to the terms of his employment agreement.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Erica Naidrich departed as Chief Financial Officer at Troika Media Group, Inc..
- Action
- terminated for Cause
- Role
- Chief Financial Officer
Exact text from the filing
The Company has also terminated the employment of Erica Naidrich, its Chief Financial Officer, for “Cause,” pursuant to the terms of her employment agreement.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Grant Lyon was appointed as Interim Chief Executive Officer at Troika Media Group, Inc..
- Action
- appointed
- Role
- Interim Chief Executive Officer
Exact text from the filing
Effective immediately, the Company has appointed Grant Lyon, a current member of the Board, as the Company’s Interim Chief Executive Officer
View on SEC.gov
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