Title: The Eastern Company Announces CEO Resignation and Appointment, along with Employment Agreements

On November 4, 2024, The Eastern Company (NASDAQ: EML) filed a Form 8-K with the Securities and Exchange Commission, detailing significant executive changes within the organization.

The company announced the departure of Mark A. Hernandez as Chief Executive Officer, effective immediately on the same day. Hernandez resigned from his position as CEO and from the Board of Directors, citing no disagreements with the Company, the Board, or management. In connection with his resignation, a Separation Agreement was reached, providing Hernandez with a severance package that includes his 2024 base salary, a working capital bonus, immediate vesting of outstanding stock awards, and unused vacation pay.

Simultaneously, Eastern Company named Ryan Schroeder as the new Chief Executive Officer, effective November 6, 2024. Schroeder brings extensive experience, having served as CEO at Plaskolite LLC and in senior positions at IMI Norgren and Parker Hannifin. There were no pre-existing arrangements that influenced his appointment.

An Employment Agreement was established with Ryan Schroeder, outlining terms such as an annual base salary, participation in the Short Term Incentive Plan and Long Term Incentive Plan, benefit eligibility, and vacation entitlement. In the event of termination, the agreement specifies severance terms and post-employment restrictions.

These changes are in accordance with regulatory filings, which include the Separation Agreement (Exhibit 10.1) between Hernandez and Eastern Company, as well as the Employment Agreement (Exhibit 10.2) between the company and Ryan Schroeder.

The Eastern Company continues its commitment to operational efficiency and strategic leadership under the new CEO, focusing on sustainable growth and shareholder value enhancement.

For further details on the financial performance and exhibits referenced in the filing, readers are encouraged to refer directly to the official SEC documentation.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Eastern’s 8K filing here.

Eastern Company Profile

The Eastern Company designs, manufactures, and sells engineered solutions to industrial markets in the United States and internationally. The company offers turnkey returnable packaging solutions, which are used in the assembly processes of vehicles, aircraft, and durable goods, as well as in production processes of plastic packaging products, packaged consumer goods, and pharmaceuticals; designs and manufactures blow mold tools and injection blow mold tooling products, and 2-step stretch blow molds and related components for the stretch blow molding industry; and supplies blow molds and change parts to the food, beverage, healthcare, and chemical industries.