UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Retirement of Arnaud Ajdler and James Chadwick from the Board
On December 12, 2019, each of Arnaud Ajdler and James Chadwick retired from the Board of Directors (the “Board”) of Stewart Information Services Corporation (the “Company”). Neither Mr. Ajdler’s or Mr. Chadwick’s retirement from the was the result of any dispute or disagreement between Messrs. Ajdler or Chadwick and the Company.
Appointment of Karen R. Pallotta and Manolo Sanchez to the Board
On December 12, 2019, the Board of Directors (the “Board”) of Stewart Information Services Corporation (the “Company”) appointed each of Karen R. Pallotta and Manolo Sanchez to the Board.
Neither Ms. Pallotta nor Mr. Sanchez has been appointed to serve on any committee of the Board at this time. As of the date of their appointment, neither of Ms. Pallotta and Mr. Sanchez has entered into or proposed to enter into any transactions required to be reported under Item 404(a) of Regulation S-K. Upon their appointment to the Board, each of Ms. Pallotta and Mr. Sanchez’s annual compensation and retainer fees will be consistent with that provided to the Company’s other non-management directors.
On December 17, 2019, the Company issued a press release announcing the appointments of Ms. Pallotta and Mr. Sanchez to the Board as well as the retirement of Messrs. Ajdler and Chadwick. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
| Exhibit | Description | |
| 99.1 | Press release issued by the Company on December 17, 2019. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| STEWART INFORMATION SERVICES CORPORATION | |||
| By: | /s/ David C. Hisey | ||
| David C. Hisey, Chief Financial Officer, Secretary, Treasurer | |||
| Date: December 17, 2019 | |||
Exhibit 99.1
NEWS RELEASE
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STEWART INFORMATION SERVICES CORP. P.O. Box 2029 Houston, Texas 77252-2029 |
CONTACT Stewart Media Relations (713) 625-8180; mediarelations@stewart.com |
Stewart Title Appoints Karen Pallotta
and Manolo Sánchez to Board of Directors
HOUSTON (December 17, 2019) – Stewart Information Services announced today the appointments of Karen Pallotta and Manolo Sánchez to the company’s board of directors. Pallotta most recently served as president of KRP Advisory Services, LLC since 2012. Sánchez is currently a director at Fannie Mae, OnDeck Capital and BanCoppel (Mexico) after having served as Chairman and CEO of BBVA Compass for 10 years.
Pallotta has more than 25 years of experience in financial services, risk management and mortgage banking, 21 of those being with Fannie Mae. She retired in 2011 as the Executive Vice President, Single Family Mortgage Business.
Sánchez brings to the Stewart board more than 27 years of experience in the banking industry, working in the U.S., Mexico, France and Spain, having served in executive roles in risk management, real estate, correspondent, community, corporate and investment banking. During his tenure at BBVA Compass, Sánchez served as a director of the American Bankers Association, the Institute of International Bankers, the Greater Houston Partnership, the Financial Services Roundtable and BITS (the technology policy division of FSR).
“I’m excited about working with these two highly accomplished individuals. Both bring with them a track record of success in both operating and enhancing businesses and on other boards, and I couldn’t be more excited about welcoming Karen and Manolo to Stewart,” said Tom Apel, chairman of the Stewart board. “I would also like to take a moment and thank retiring board members Arnaud Ajdler of Engine Capital L.P. and James Chadwick of Ancora Advisors LLC.”
“The combined experience as executive business leaders, as well as the industry knowledge Karen and Manolo bring to our board will be tremendous assets for Stewart as we focus on our growth strategies going forward,” said Stewart CEO Fred Eppinger.
Pallotta received her bachelor’s degree from The Pennsylvania State University and her MBA from the University of Maryland.
A graduate of Yale University, Sánchez earned his master’s degrees in international relations from the London School of Economics and in advanced European economics from the College of Europe in Bruges, Belgium.
About Stewart
Stewart Information Services Corporation (NYSE-STC) is a global real estate services company, offering products
and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential
and commercial title insurance and closing and settlement services to specialized offerings for the mortgage industry, we offer
the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we believe
in building strong relationships – and these partnerships are the cornerstone of every closing, every transaction and every
deal. Stewart. Real partners. Real possibilities.™ More information is available at stewart.com,
subscribe to the Stewart blog at blog.stewart.com, or
follow Stewart on Twitter® @stewarttitleco.
Trademarks are the property of their respective owners.
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