P10 Appoints Luke Sarsfield To Chairman, Effective June 14, 2024; Announces Termination Of Stockholder Rights Plan
Appoints Luke Sarsfield to Chairman, Effective in June
Improves Governance Policy Through Termination of Stockholder Rights Plan
DALLAS, May 08, 2024 (GLOBE NEWSWIRE) -- P10, Inc. (NYSE:PX) (the "Company"), a leading private markets solutions provider, today announced several enhancements to its governance structure and policy.
Robert Alpert informed the P10 Board of Directors (the "Board") of his decision to step down as Executive Chairman, effective June 14, 2024, concurrent with the P10 Annual Meeting. Mr. Alpert will continue to serve on the Board as a director.
Additionally, the Board voted to appoint Luke Sarsfield to the role of Chairman of the Board, also effective June 14, 2024, and intends to appoint a Lead Independent Director at the P10 Annual Meeting.
"I want to thank Robert for his time as Executive Chair and look forward to our continued work on the Board," said Luke Sarsfield, P10 Chief Executive Officer. "Robert's role as Executive Chairman was intended to help me, and our senior team effect a successful leadership transition, and he now feels that transition is complete. He will continue to serve on the board as a director. I'm excited to step into this role as I work with our Board and management team to execute our strategic initiatives and advance alignment across our strategies."
The Company's Board also determined that its stockholder rights plan is no longer necessary for the preservation of federal income tax benefits and unanimously voted to terminate the rights plan effective as of the close of business on May 8, 2024.
The stockholder rights plan, which was previously set to expire in October 2024, was intended to help preserve the value of certain income tax assets, primarily tax net operating loss carryforwards. Stockholders do not have to take any action as a result of this termination.
These updates come in short succession after the previously announced appointment of Tracey Benford as an independent Class II director in April. Ms. Benford serves on the Company's Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee.