Business Context and Reporting Period
This Form 8-K is a current report filed by HomeStreet, Inc. on April 27, 2017. The filing addresses corporate governance changes, specifically the appointment and compensation adjustment of an interim executive officer. The document does not contain financial performance data for a specific reporting period.
Key Financial Metrics
The filing text does not provide values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on executive compensation adjustments.
Material Changes
The primary material change reported is the adjustment to the compensation of Mark R. Ruh, who was appointed Interim Chief Financial Officer effective April 24, 2017. On April 27, 2017, the Board of Directors approved an increase in his annual base salary from $225,000 to $300,000. This increase is effective retroactively to April 23, 2017, and remains in effect until he ceases to serve as Interim CFO or the Board determines otherwise. No other changes were made to his compensation arrangements, and he does not have a written employment agreement.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on financial performance, or discussion of risks and contingencies. The document notes that the registrant is an emerging growth company and has elected not to use the extended transition period for complying with new or revised financial accounting standards.
Key Facts for Investor Verification
- Mark R. Ruh serves as Interim Chief Financial Officer effective April 24, 2017.
- His annual base salary was increased to $300,000, effective April 23, 2017.
- Mr. Ruh does not have a written employment agreement with the company.
- The salary increase is contingent on his continued service as Interim CFO.