In a major executive shift, reAlpha Tech Corp. (NASDAQ:AIRE), a company specializing in real estate, announced the immediate termination of its Chief Financial Officer, Michael Frenz, on July 12, 2024. The company, headquartered in Dublin, Ohio, disclosed the change in a filing with the Securities and Exchange Commission on the same day.
Michael J. Logozzo, who currently serves as the Chief Operating Officer and President of reAlpha Tech Corp., has been appointed as the interim Chief Financial Officer while the search for a permanent successor is underway. Logozzo will retain his original compensation arrangements despite the additional interim role.
The company's filing did not disclose the reasons for Frenz's departure but stated that a separation agreement is expected to be finalized. This agreement will likely include a severance payment, the amount of which will be determined by the company, along with standard confidentiality and non-disparagement clauses.
Michael Logozzo's appointment to the interim position comes without any other arrangements or understandings with third parties, and he is not involved in any transactions that would require additional disclosure under SEC regulations. Furthermore, there are no familial ties between Logozzo and any directors or executive officers at reAlpha Tech Corp.
This executive change comes at a time when reAlpha Tech Corp. is navigating the complexities of the real estate market. The company has not indicated any immediate changes to its business strategy or operations following this announcement.
Investors and market watchers will be closely monitoring the impact of this executive shake-up on reAlpha Tech Corp.'s financial management and strategic direction. The company's ability to quickly appoint a permanent CFO will be critical to maintaining investor confidence and operational continuity.
The information for this article is based on a press release statement from reAlpha Tech Corp. filed with the Securities and Exchange Commission.
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