Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
OnMarch 11, 2021 , the Board of Directors approved the appointment ofCarlos L. Heard as Chief Financial Officer ofSaul Centers, Inc. (the "Company") effectiveApril 1, 2021 .Mr. Heard has served as Senior Vice President, Acquisitions and Development,B. F. Saul Company and Affiliates from 2019 to present; Vice President, Acquisitions and Development from 2013 to 2018; and Vice President, Acquisitions and Finance from 2010 to 2012. Prior to joining theB. F. Saul Company and Affiliates,Mr. Heard was Group Vice President of Capital Markets andCommercial Real Estate atChevy Chase Bank , where he worked from 1998 to 2009. In consideration ofMr. Heard's service as Chief Financial Officer of the Company, the Compensation Committee has approved, effectiveApril 1, 2021 , an annual base salary forMr. Heard of$375,000 .Mr. Heard is eligible for a bonus at the discretion of the Compensation Committee and is entitled to participate in the Company's benefit programs applicable generally to employees and officers. The current Chief Financial Officer,Scott V. Schneider , who has served in that position since 1993, will retire effectiveMarch 31, 2021 as previously announced onDecember 3, 2020 .Mr. Schneider will continue to serve the Company as a consultant at a fee of$200,000 per annum.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release, dated
104. Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline
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