Business Context and Reporting Period
This Form 8-K Current Report was filed by Ladder Capital Corp on May 10, 2022. The filing addresses Item 5.02 regarding the appointment of a new officer and does not contain financial results for a specific reporting period.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on executive compensation and personnel changes.
Material Changes
The primary material change reported is the appointment of Anthony V. Esposito as Chief Accounting Officer and principal accounting officer, effective May 10, 2022. Paul J. Miceli continues to serve as Chief Financial Officer and principal financial officer.
Management Commentary and Compensation
- New Appointment: Anthony V. Esposito, age 43, joins from iStar Inc. and Safehold Inc., where he served as Senior Vice President, Corporate Controller.
- Compensation Package:
- Base Salary: $275,000 per year.
- Discretionary Bonus: Eligible as determined by the company.
- Equity Award: Restricted stock with a grant date value of $375,000.
- Vesting: 50% subject to time-vesting; 50% subject to time and performance-vesting conditions.
- Background: Mr. Esposito is a Certified Public Accountant with prior experience at Ernst & Young LLP.
Investor Verification Checklist
- Verify the vesting schedule and performance metrics for the $375,000 equity award granted to Mr. Esposito.
- Confirm the separation of duties between the new Chief Accounting Officer and the existing Chief Financial Officer.
- Review the company's broader executive compensation philosophy to ensure alignment with shareholder interests.