---
schema_version: "secwatch.filing_event.v1"
accession: "0001654954-22-008274"
form_type: "8-K"
ticker: "YCBD"
cik: "0001644903"
company_name: "cbdMD, Inc."
filed_at: "2022-06-13T23:59:59+00:00"
generated_at: "2026-06-25T02:23:00.640372+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001654954-22-008274
- form_type: 8-K
- ticker: YCBD
- cik: 0001644903
- company_name: cbdMD, Inc.
- filed_at: 2022-06-13T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1644903/000165495422008274/0001654954-22-008274-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1644903/000165495422008274/ycbd_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001654954-22-008274
- JSON: https://secwatch.observer/filing/0001654954-22-008274.json
- Plain text: https://secwatch.observer/filing/0001654954-22-008274.txt

## Key facts
- Executive change
  Martin A. Sumichrast resigned as Chief Executive Officer at cbdMD, Inc..
  - Action: resigned
  - Role: Chief Executive Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1644903/000165495422008274/0001654954-22-008274-index.htm

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