---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-24-024371"
form_type: "8-K"
ticker: "BANC"
cik: "0001169770"
company_name: "BANC OF CALIFORNIA, INC."
filed_at: "2024-05-20T23:59:59+00:00"
generated_at: "2026-06-01T12:19:24.561025+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Banc of California dismisses KPMG, appoints EY; CEO Wolff gets new employment agreement with enhanced pay and severance

## Summary
- Dismissed KPMG as auditor; appointed Ernst & Young for FY 2024. No adverse opinions or disagreements in prior audits.
- CEO Jared Wolff entered amended employment agreement effective May 17, 2024 with three-year term.
- Base salary of $1,050,000 per annum; annual bonus target 150% of base salary; long-term equity target 250% of base salary.
- Retention bonus of $2.2 million, subject to clawback if Wolff leaves before April 30, 2027 for cause or without good reason.
- Enhanced severance: 2x (base+target bonus) for qualified termination, 3x for change-of-control related termination, plus 36 months COBRA.

## SEC filing metadata
- accession: 0001628280-24-024371
- form_type: 8-K
- ticker: BANC
- cik: 0001169770
- company_name: BANC OF CALIFORNIA, INC.
- filed_at: 2024-05-20T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 4.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1169770/000162828024024371/0001628280-24-024371-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1169770/000162828024024371/banc-20240514.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-24-024371
- JSON: https://secwatch.observer/filing/0001628280-24-024371.json
- Plain text: https://secwatch.observer/filing/0001628280-24-024371.txt

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