Summary by Futu AI
On March 7, 2024, MBIA Inc. filed a Form 8-K with the SEC announcing the departure of Anthony McKiernan, the company's Executive Vice President and Chief Financial Officer. McKiernan will step down from his role effective April 30, 2024, and will also resign from all other positions within the company. He will be succeeded by Joseph Schachinger, the current Controller of MBIA, who has been with the company since 2000. The separation agreement includes a severance payment and other compensatory arrangements consistent with the company's practices, along with additional benefits such as a cash payment in lieu of the long-term incentive restricted stock award, a pro-rata cash performance bonus, and a cash payment in lieu of the pension contribution for 2024. McKiernan's unvested restricted stock will also become vested upon his departure. The agreement contains customary covenants regarding confidentiality and non-disparagement. The financial terms of the separation were detailed in the attached exhibits to the Form 8-K filing.
