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Tejon Ranch Co . (NYSE:TRC), a $493 million market cap company with annual revenues of $42.7 million, announced Wednesday that its board of directors has appointed Robert D. Velasquez as interim chief financial officer and treasurer, effective July 15. The company said Mr. Velasquez will continue to serve as senior vice president, finance, chief accounting officer, and assistant secretary during this period.
According to the press release statement, Mr. Velasquez’s appointment follows the previously disclosed departure of Brett Brown. The company noted that Mr. Brown’s separation was not related to any disagreement over accounting principles, financial statement disclosure, or auditing scope or procedure.
Mr. Velasquez joined Tejon Ranch in 2014 and has more than 25 years of experience in the real estate, hospitality, and construction industries. Before joining the company, he served as an executive director at Ernst & Young, overseeing audit and advisory services for publicly traded companies. He holds a Bachelor of Science degree in business with an emphasis in accounting from California State University, Los Angeles, and is a certified public accountant.
The compensation committee has approved a bonus for Mr. Velasquez of $75,000 on an annualized basis, pro-rated for the time he serves as interim CFO and treasurer. The bonus will be paid at the customary time for senior executive annual cash incentive payments, in accordance with the company’s compensation program.
Tejon Ranch stated it will begin a national search for a permanent CFO and treasurer, engaging an executive recruiting firm to consider both internal and external candidates.
This information is based on a statement provided in a filing with the Securities and Exchange Commission.
In other recent news, Tejon Ranch Co. has announced the departure of its Chief Financial Officer, Brett A. Brown, effective immediately, with no details on his replacement provided. The company also held its 2025 Annual Meeting of Shareholders, where ten directors were elected, including Andrew Dakos from Bulldog Investors, despite the company’s opposition. Shareholders ratified Deloitte & Touche LLP as the independent auditor, though a proposal to allow special shareholder meetings was narrowly defeated. Tejon Ranch has been actively urging shareholders to support its director nominees against those proposed by Bulldog Investors, emphasizing the qualifications of its slate. The company has received endorsements from proxy advisory firms such as ISS, Glass Lewis (JO:LEWJ), and Egan-Jones for its nominees. Additionally, Tejon Ranch has garnered support from Kern County leaders, who stress the importance of the company’s developments for the region’s growth. The ongoing proxy battle with Bulldog Investors has become a public policy issue, with local officials concerned about potential disruptions to economic planning. Tejon Ranch continues to highlight its role in regional development, citing its real estate projects as models for land use and compliance.
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