Business Context and Reporting Period
This Form 8-K Current Report was filed by First Community Corporation (FCC) on October 25, 2019. The filing addresses significant changes in executive leadership, specifically the departure of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel changes and compensation arrangements.
Material Changes
- Departure: Joseph G. Sawyer, Executive Vice President and Chief Financial Officer, will retire effective December 31, 2019.
- Appointment: Donald Shawn Jordan has been hired as Executive Vice President and Chief Financial Officer, effective January 1, 2020.
- Transition: Mr. Jordan began employment on November 12, 2019, to facilitate a transition period with Mr. Sawyer.
Management Commentary and Compensation
Management highlighted Mr. Jordan's 28-year banking career, including recent roles at IBERIABANK and AloStar Bank of Commerce, noting his expertise in corporate analytics, strategic planning, and regulatory relations. Regarding compensation, Mr. Jordan will receive an annual salary of $235,000. He is eligible for cash and equity executive incentive plans, a signing bonus, a grant of restricted stock vesting over five years, and a Supplemental Executive Retirement Plan.
Investor Verification Checklist
- Verify the exact transition timeline between Mr. Sawyer's retirement (Dec 31, 2019) and Mr. Jordan's official start date (Jan 1, 2020).
- Review the specific terms of the restricted stock grant and the Supplemental Executive Retirement Plan in future filings (e.g., Definitive Proxy Statement).
- Confirm that no other undisclosed arrangements exist between Mr. Jordan and company directors or officers.