News Column

CORVEL CORP FILES (8-K) Disclosing Change in Directors or Principal Officers

June 6, 2014

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 2, 2014, Scott R. McCloud tendered his resignation as Chief Financial Officer of CorVel Corporation (the "Company") to be effective as of June 13, 2014. Mr. McCloud had been with the Company for 19 years, starting in May 1995.

Richard Schweppe, the Company's Director of Finance, will be promoted to the position of Chief Financial Officer to be effective upon Mr. McCloud's resignation on June 13, 2014. Mr. Schweppe has been with the Company for 26 years, joining the Company as Director of Finance in March 1988. He was promoted to Chief Financial Officer when the Company completed its initial public offering in June 1991. He served in that position until August 2005 when he resigned from that position to become Director of Finance and was replaced by Scott R. McCloud. Mr. Schweppe is 59 years old, has a current annual salary of $150,000 and is eligible for a discretionary annual bonus and discretionary options grants pursuant to the Company's stock option plan. Mr. Schweppe also participates in the Company's standard employee benefit plans.

There are no arrangements or understandings between Mr. Schweppe and any other persons pursuant to which he was selected as officer. In addition, there are no family relationships between Mr. Schweppe and any other director or executive officer of the Company.


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Source: Edgar Glimpses

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