Tejon Ranch Co. (NYSE:TRC) Extends CEO Retirement Date

Tejon Ranch Co. (NYSE: TRC) revealed in an 8-K filing submitted to the Securities and Exchange Commission on December 17, 2024, that Mr. Gregory S. Bielli, President and Chief Executive Officer, had planned his retirement for December 31, 2024. The initial retirement announcement was detailed in a previous SEC Form 8K Current Report on March 25, 2024.

A designated ad hoc search committee of the board is actively engaged in the quest for Mr. Bielli’s successor. At the request of the board, Mr. Bielli has agreed to postpone his retirement date to March 31, 2025. This extension aims to ensure a smooth leadership transition once a new President and CEO are appointed. During this prolonged period, Mr. Bielli will continue to receive his salary along with a pro-rata segment of the targeted annual bonus for the entire year, and benefits. Notably, Mr. Bielli is excluded from the 2025 executive compensation scheme.

In light of the postponement of Mr. Bielli’s retirement date, Tejon Ranch and Mr. Bielli have made adjustments to their Consulting Agreement. The revised agreement will be in effect from April 1, 2025, through March 31, 2026, featuring modifications only to the commencement and termination dates with no other amended provisions.

The filing was signed on behalf of Tejon Ranch Co. by Allen E. Lyda, Executive Vice President, Chief Operating Officer, on December 18, 2024.

This move reflects Tejon Ranch’s strategic approach to ensure a seamless transition in executive leadership and underscores its commitment to an effective succession plan.

As of now, the search for Mr. Bielli’s replacement remains in progress, and the company continues to prioritize a smooth shift in leadership to maintain operational continuity and strategic direction.

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

About Tejon Ranch

Tejon Ranch Co, together with its subsidiaries, operates as a diversified real estate development and agribusiness company. It operates through five segments: Commercial/Industrial Real Estate Development, Resort/Residential Real Estate Development, Mineral Resources, Farming, and Ranch Operations. The Commercial/Industrial Real Estate Development segment engages in the planning and permitting of land for development; construction of infrastructure projects, pre-leased buildings, and buildings to be leased or sold; and sale of land to third parties for their own development.