Business Context and Reporting Period
This Form 8-K Current Report was filed by InvenTrust Properties Corp. on June 26, 2019. The filing discloses significant changes to the Company's executive leadership, specifically the appointment of a new Chief Financial Officer and the resignation of the interim CFO.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation and personnel changes.
Material Changes
- Appointment of CFO: The Board appointed Daniel J. Busch as Executive Vice President, Chief Financial Officer, and Treasurer, effective September 3, 2019.
- Resignation of Interim CFO: Adam M. Jaworski voluntarily resigned from his roles as Interim Principal Financial Officer and Interim Treasurer, effective September 3, 2019. He will remain as Senior Vice President and Chief Accounting Officer.
- Reason for Resignation: The resignation is not related to any disagreement with the Company or its operational performance and financial condition.
Compensation and Management Commentary
Mr. Busch's compensation package includes:
- Base Salary: $400,000 annually.
- Target Bonus: 95% of annual salary (pro-rated for 2019).
- Signing Bonus: One-time payment of $150,000, split into two installments ($75,000 upon first payroll after start date and $75,000 on December 20, 2019).
- Equity Award: Restricted Stock Units (RSUs) valued at $600,000. 50% vests in three equal annual installments starting December 2019; the remaining 50% is performance-based.
- Relocation: Reimbursement up to $35,000.
- Severance: Eligibility for the Executive Severance and Change of Control Plan.
Mr. Busch previously served as Managing Director and lead retail real estate analyst for Green Street Advisors (2011–2019).
Investor Verification Checklist
- Verify the effective start date of Daniel J. Busch's employment (September 3, 2019).
- Confirm the vesting schedule and performance criteria for the $600,000 RSU award.
- Review the attached press release (Exhibit 99.1) for additional strategic context regarding the leadership transition.
- Monitor future filings for the departure of Adam M. Jaworski from his remaining role as Chief Accounting Officer, if applicable.