Hilton Grand Vacations Inc . (NYSE:HGV) announced the resignation of board member Alex van Hoek and the immediate appointment of Christine Cahill as his replacement, effective Tuesday. Cahill, a senior leader with Apollo Global Management (NYSE:APO), will serve on the board until the 2025 annual meeting of stockholders.
The change comes as a part of the company's agreement with Apollo Investors, who have the right to designate replacements for their appointees on the board. Cahill's compensation aligns with that of non-employee directors, detailed in the company's March proxy statement.
HGV's board, with input from its Nominating and Corporate Governance Committee, determined Cahill is not independent due to her position with Apollo and the significant number of company shares Apollo owns. Consequently, she will not serve on any board committees. No other transactions requiring disclosure were reported in relation to Cahill's appointment.
In line with company practice, Hilton Grand Vacations has entered into an indemnification agreement with Cahill, ensuring protection to the fullest extent permitted by Delaware law against liabilities related to her service and advancing expenses for any proceedings where indemnification is possible.
This board transition is disclosed in an 8-K filing with the Securities and Exchange Commission, based on which this article is reported.
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