cbdMD CEO Sumichrast resigns effective immediately; receives $590k severance & 400k RSUs

cbdMD, Inc.

Martin Sumichrast resigned as CEO and board member effective June 11, 2022; Scott Stephen named Board Chair.
Separation agreement: $590k cash over 16 months, COBRA for 12 months, and 400k RSUs vesting July 2022 and Jan 2023.
Former co-CEO Scott Coffman will consult with the board while a new CEO is sought.
SEC action against Sumichrast involves prior private company; no wrongdoing alleged at cbdMD.

item 5.02 item 7.01 item 9.01

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Departed

Martin A. Sumichrast

Chief Executive Officer

YCBD · cbdMD, Inc.

Effective: 2022-06-11
Filed: June 13, 2022, 7:59 PM ET

On June 11, 2022, Mr. Martin A. Sumichrast entered into a Separation Agreement (the “Separation Agreement”) with cbdMD, Inc. (the “Company”) and its subsidiaries whereby he resigned as the Company’s Chief Executive Officer, member of the Board of Directors, employee, and all other capacities from the Company, effective June 11, 2022.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Martin A. Sumichrast resigned as Chief Executive Officer at cbdMD, Inc..

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

On June 11, 2022, Mr. Martin A. Sumichrast entered into a Separation Agreement (the “Separation Agreement”) with cbdMD, Inc. (the “Company”) and its subsidiaries whereby he resigned as the Company’s Chief Executive Officer, member of the Board of Directors, employee, and all other capacities from the Company, effective June 11, 2022.

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cbdMD, Inc. filing history →

Source: SEC EDGAR

accession 0001654954-22-008274

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