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CoreCivic, Inc. Appoints Patrick Swindle as COO: Key Insights from 8-K/A Report

$CXW
Form 8-K/A
Filed on: 2024-12-20
Source
CoreCivic, Inc. Appoints Patrick Swindle as COO: Key Insights from 8-K/A Report

Here are the key insights extracted from the provided section of the financial report for CoreCivic, Inc.:

  1. Company Overview:
  • Name: CoreCivic, Inc.
  • State of Incorporation: Maryland
  • CIK: 0001070985
  • NYSE Ticker: CXW
  • Headquarters: 5501 Virginia Way, Brentwood, TN 37027
  • Contact: (615) 263-3000
  1. Report Type and Date:
  • Form: 8-K/A (Amendment to Current Report)
  • Original Filing Date: December 16, 2024
  • Amendment Date: December 18, 2024
  • Period Covered: December 12, 2024
  1. Management Change:
  • New Appointment: Mr. Patrick Swindle appointed as President and Chief Operating Officer.
  • Effective Date: January 1, 2025.
  • Previous Position: Executive Vice President and Chief Operating Officer.
  1. Compensation Details:
  • Base Salary: $700,000 annually for fiscal year starting January 1, 2025.
  • Short-Term Incentive: Target set at 132% of the Base Salary, tied to performance goals to be determined in Q1 2025.
  • Long-Term Incentives:
    • Equity Grant Value: $1,300,000 in restricted stock units (RSUs) in Q1 2025.
    • Vesting Schedule:
    • 50% time-based (vesting over three years).
    • 50% performance-based (vesting over three years, contingent on meeting performance criteria).
  1. Compensation Committee:
  • The compensation structure is approved by the Compensation Committee of the Board of Directors.

Summary:

CoreCivic, Inc. has appointed Patrick Swindle as its new President and COO, with an annual base salary of $700,000 and a significant incentive compensation package that includes both short-term cash bonuses and a long-term equity grant valued at $1.3 million. This strategic management change reflects the company's commitment to aligning executive compensation with performance outcomes.