---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-029480"
form_type: "8-K"
ticker: null
cik: "0001021096"
company_name: "Troika Media Group, Inc."
filed_at: "2023-08-15T23:59:59+00:00"
generated_at: "2026-06-11T09:07:48.793668+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Troika Media terminates CEO Toama and CFO Naidrich for cause; appoints interim officers

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-23-029480
- form_type: 8-K
- cik: 0001021096
- company_name: Troika Media Group, Inc.
- filed_at: 2023-08-15T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1021096/000162828023029480/0001628280-23-029480-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1021096/000162828023029480/trka-20230814.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-029480
- JSON: https://secwatch.observer/filing/0001628280-23-029480.json
- Plain text: https://secwatch.observer/filing/0001628280-23-029480.txt

## Key facts
- Executive change
  Sadiq Toama departed as Chief Executive Officer at Troika Media Group, Inc..
  - Action: terminated for Cause
  - Role: Chief Executive Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1021096/000162828023029480/0001628280-23-029480-index.htm
- Executive change
  Eric Glover was appointed as Interim Chief Financial Officer at Troika Media Group, Inc..
  - Action: appointed
  - Role: Interim Chief Financial Officer
  source text: and Eric Glover as the Company’s Interim Chief Financial Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1021096/000162828023029480/0001628280-23-029480-index.htm
- Executive change
  Sadiq Toama resigned as Director at Troika Media Group, Inc..
  - Action: resigned
  - Role: Director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1021096/000162828023029480/0001628280-23-029480-index.htm
- Executive change
  Erica Naidrich departed as Chief Financial Officer at Troika Media Group, Inc..
  - Action: terminated for Cause
  - Role: Chief Financial Officer
  source text: The Company has also terminated the employment of Erica Naidrich, its Chief Financial Officer, for “Cause,” pursuant to the terms of her employment agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1021096/000162828023029480/0001628280-23-029480-index.htm
- Executive change
  Grant Lyon was appointed as Interim Chief Executive Officer at Troika Media Group, Inc..
  - Action: appointed
  - Role: Interim Chief Executive Officer
  source text: Effective immediately, the Company has appointed Grant Lyon, a current member of the Board, as the Company’s Interim Chief Executive Officer
  evidence_url: https://www.sec.gov/Archives/edgar/data/1021096/000162828023029480/0001628280-23-029480-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.