In a recent 8K filing with the SEC, Intrepid Potash, Inc. (NYSE: NYSE:IPI) announced significant changes in its leadership structure. The company's Executive Chairman and CEO, Robert P. Jornayvaz III, has taken a temporary medical leave of absence effective immediately, following his previously disclosed accident.
During Jornayvaz's absence, the Board of Directors has delegated the responsibilities of the Chairman to Barth Whitham, the Lead Director. Concurrently, Matthew D. Preston, the current Chief Financial Officer of Intrepid Potash, has been appointed as the acting principal executive officer.
Preston will maintain his role as CFO and will also assume the additional duties of principal financial officer and acting principal executive officer for SEC reporting purposes. For his extended responsibilities, he will receive an additional $50,000 per month.
The company's 8K filing also included details about the expansion of its Board of Directors. On April 16, 2024, the Board approved an increase in the number of directors from six to seven. Following this decision, Hugh E. Harvey, Jr. was appointed as a Class III director whose term will expire at the 2026 Annual Meeting of Stockholders.
Harvey has been assigned to several committees, including the Audit Committee, Compensation Committee, Nominating and Corporate Governance Committee, Strategy Committee, and Environmental, Health, Safety, and Sustainability Committee.
He will be compensated in line with the company's standard policy for non-employee directors, which includes an annual equity award as outlined in the Definitive Proxy Statement for the 2024 Annual Meeting of Stockholders.
In assessing Harvey's appointment, the Board determined his independence according to the New York Stock Exchange listing standards and concluded that he qualifies as an independent director.
This corporate update is based on information contained in the SEC filing and provides a factual account of leadership changes at Intrepid Potash. The company has not disclosed any further details regarding Jornayvaz's condition or the expected duration of his leave.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.