Clover Health announces CEO succession: Garipalli to Executive Chairman, Toy promoted to CEO

CLOVER HEALTH INVESTMENTS, CORP. /DE

Effective Jan 1, 2023, Vivek Garipalli becomes Executive Chairman; Andrew Toy promoted from President to CEO.
Toy receives base salary of $700,000, annual target bonus of 100% of base salary.
Toy granted $18M in RSUs ($7M on Aug 8, 2022; $11M on Jan 1, 2023) vesting over 4 years.
Severance: 1.5x base+bonus without cause; 2.0x base+bonus on change-in-control termination.
Toy must hold shares worth 3x base salary after settlement of RSUs; non-competition covenant for 18 months.

item 5.02

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Vivek Garipalli

Executive Chairman

CLOV · CLOVER HEALTH INVESTMENTS, CORP. /DE

Effective: 2023-01-01
Successor: Andrew Toy
Filed: August 10, 2022, 7:59 PM ET

Vivek Garipalli, the Company’s Co-Founder and Chief Executive Officer (“ CEO ”), will become the Executive Chairman of the Board and leave his position as CEO

Role change

Andrew Toy

Co-Founder and CEO

CLOV · CLOVER HEALTH INVESTMENTS, CORP. /DE

Effective: 2023-01-01
Filed: August 10, 2022, 7:59 PM ET

Andrew Toy, the Company’s current President, will be promoted to the position of Co-Founder and CEO and will no longer serve as President

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Vivek Garipalli changed role as Executive Chairman at CLOVER HEALTH INVESTMENTS, CORP. /DE.

Action: become
Role: Executive Chairman

Exact text from the filing

Vivek Garipalli, the Company’s Co-Founder and Chief Executive Officer (“ CEO ”), will become the Executive Chairman of the Board and leave his position as CEO

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Andrew Toy changed role as Co-Founder and CEO at CLOVER HEALTH INVESTMENTS, CORP. /DE.

Action: promoted
Role: Co-Founder and CEO

Exact text from the filing

Andrew Toy, the Company’s current President, will be promoted to the position of Co-Founder and CEO and will no longer serve as President

View on SEC.gov

CLOVER HEALTH INVESTMENTS, CORP. /DE filing history →

Source: SEC EDGAR

accession 0001801170-22-000056

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