Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On August 26, 2024, John W. Sayward notified the Company of his decision not to stand for reelection as a director of the Company at the Company's 2024 Annual Stockholder Meeting, to permit him to focus his time and energy on other business ventures. Mr. Sayward's term as a director will expire on the date of the Company's 2024 Annual Stockholder Meeting. His decision not to stand for reelection as a director was not due to a disagreement with the Company. The Company thanks Mr. Sayward for his service.
On August 26, 2024, Michael A. Cunnion notified the Company of his decision not to stand for reelection as a director of the Company at the Company's 2024 Annual Stockholder Meeting, to permit him to focus his time and energy on other business ventures. Mr. Cunnion's term as a director will expire on the date of the Company's 2024 Annual Stockholder Meeting. His decision not to stand for reelection as a director was not due to a disagreement with the Company. The Company thanks Mr. Cunnion for his service.
On August 26, 2024, Star Equity Holdings, Inc. (the "Company") determined that Richard K. Coleman, Jr. will not stand for reelection as a director of the Company at the Company's 2024 Annual Stockholder Meeting. Mr. Coleman's term as a director will expire on the date of the Company's 2024 Annual Stockholder Meeting. In the Company's pursuit of best corporate governance practices in order to maintain an adequate independent board, Mr. Coleman has elected to not stand for reelection, and his departure is not due to a disagreement with the Company. Mr. Coleman will continue his employment with the Company as Chief Executive Officer, and the Company thanks Mr. Coleman for his service as director.