Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers INTERIM CEO APPOINTMENT On June 27, 2014, the Board of Directors voted to terminate Pierce Carson's employment as President and CEO for cause, effective immediately. At the same time, the Board appointed Jakes Jordaan, Santa Fe's Chairman, as Interim Chief Executive Officer. Mr. Jordaan will continue to serve as Chairman. Mr. Jordaan, who has served as Chairman of Santa Fe since August 2013, has been involved in a wide array of corporate finance and strategic transactions either as a lawyer, investment banker or chief executive officer. Since 2000, Mr. Jordaan has been engaged in the private practice of corporate finance and securities law as a member of The Jordaan Law Firm, PLLC, Dallas, Texas, a law firm specializing in corporate finance, securities and complex business litigation. Since 2010, Mr. Jordaan served as a Managing Director of Stonegate Securities, Inc., a full-service investment banking boutique dedicated to serving the specialized needs of small-cap public companies. Mr. Jordaan is the past Chairman of the Securities Section of the Dallas Bar Association and is a member of the Texas Bar Association. Mr. Jordaan holds a FINRA Series 79 Investment Banking Representative license. Mr. Jordaan holds a BA degree (Economics) from Southern Methodist University, a BBA degree from the SMU Cox School of Business and a Juris Doctor degree from the SMU School of Law, where he served as an Editor of the law review. There are no arrangements or understandings between Mr. Jordaan and any other persons pursuant to which he was elected as an officer. Mr. Jordaan is a member of The Jordaan Law Firm, PLLC, which firm provides legal services to the Company. Except as described herein, Mr. Jordaan has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Mr. Jordaan does not have a family relationship with any member of the Board or any executive officer of the Company.
INTERIM CEO EMPLOYMENT ARRANGEMENTS
Mr. Jordaan has agreed to serve without compensation as Interim Chief Executive Officer for a period of forty-five days.
Item 9.01 Financial Statements, Pro Forma Financial Information and Exhibits.
The following exhibits are filed herewith:
Exhibit Number Description 99.1 Press Release dated June 27, 2014 2