Tejon Ranch Co. (NYSE:TRC), currently trading at $15.13 near its 52-week low, announced today that its President and Chief Executive Officer, Gregory S. Bielli, has extended his retirement date from December 31, 2024, to March 31, 2025. This decision was made to ensure continuity of leadership and to aid in the transition to a new CEO.
The announcement comes as part of an 8-K filing with the Securities and Exchange Commission. The original retirement plan was disclosed in a previous 8-K report filed on March 25, 2024. The company's Board, with the help of an ad hoc search committee, is currently in the process of finding Mr. Bielli's successor.
During the extended period, Mr. Bielli will continue to receive his salary and a pro-rata portion of the target annual bonus he would have been eligible for in the full year, along with his benefits. However, he will not be included in the company's 2025 executive compensation plan.
In line with the extension, Tejon Ranch Co. has amended the terms of Mr. Bielli's Consulting Agreement to commence on April 1, 2025, and terminate on March 31, 2026. There have been no changes to other provisions of the Consulting Agreement.
Tejon Ranch Co., a real estate development company with a market capitalization of $407 million, is based in Lebec, California, and is incorporated in Delaware. The company specializes in real estate and construction, as indicated by its Standard Industrial Classification. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 2.84, though it faces profitability challenges with declining revenues.
This information is based on the latest SEC filing by Tejon Ranch Co. and aims to provide stakeholders and the public with key updates regarding the company's executive leadership. According to InvestingPro, which offers 8+ additional insights about TRC's financial health and valuation, the company's stock has declined nearly 10% over the past six months, reflecting current market challenges.
In other recent news, Tejon Ranch Co. has reported significant changes in its leadership structure. The company disclosed the upcoming retirement of Allen E. Lyda, a key executive with a 35-year tenure, effective March 1, 2025. Lyda's roles included Executive Vice President, Chief Operating Officer, Assistant Secretary, and Assistant Treasurer. With the company facing challenging market conditions, this marks a significant transition in its leadership team.
Furthermore, Tejon Ranch Co. has seen changes in its board of directors. The company recently announced the appointment of Eric Speron, following a Support Agreement with Nitor Capital Management, LLC, and David J. Spier. Nitor, a significant shareholder, has agreed to certain standstill and voting commitments during this period. Should Speron be unable to serve, Nitor will have the opportunity to recommend a replacement director.
Additionally, the company disclosed the impending retirement of long-serving director Geoffrey L. Stack. Stack, with a 26-year tenure, made significant contributions to various committees, including the Real Estate Committee, the Audit Committee, and the Compensation Committee. His departure will be effective following the December 11, 2024 board meeting.
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