The chief operating officer of Trump Media and Technology Group (TMTG), Andrew Northwall, is resigning, according to a Securities and Exchange Commission filing Thursday.
TMTG said that Northwall had stepped down from his role at the company as of September 28. No immediate replacement was announced. However, the company said it plans to “transition his duties internally.”
In a statement posted on Truth Social Northwall said he planned to return to “his entrepreneurial journey, where my heart truly lies.”
A spokesperson for TMTG said the company does not comment publicly on personnel matters.
Northwall is a longtime tech operative in conservative circles. Prior to working at TMTG he briefly advised the right-wing social media site Parler, according to his LinkedIn page. Parler was booted off the internet when Amazon stripped the site of its web services in early 2021, following the events of Jan. 6. Before working at Parler, Northwall held various roles in Republican politics.
Since December 2021 Northwall has been with TMTG, serving as COO for the entirety of his tenure at the company. As an executive Northwall was granted both a salary and stock options in TMTG. Like other insiders at the company he was subject to the lockup period that expired last month and prevented him from selling any stock. As of July Northwall owned 20,000 shares, according to an SEC filing made at the time. Based on the current stock price of $16.17 those shares are currently worth $323,000. Northwall’s compensation also includes a $365,000 and a $600,000 retention bonus.
While those portions of Northwall’s compensation are typical for executives, others are less common. Northwall, along with other TMTG executives including CEO Devin Nunes and CFO Phillip Juhan, was issued a promissory note, which is essentially a legally binding IOU, by the company. Northwall’s portion of the promissory note was worth $200,000, according to SEC filings. However, as part of the agreement, he forfeited 50,000 restricted stock units he would have been eligible for.
On Thursday, the day of Northwall’s departure, TMTG stock closed up 2.3%. It is worth noting that Northwall’s resignation was announced as the market closed.
Updated to include a response from TMTG’s spokesperson and a social media post from Northwall announcing his resignation.
This story was originally featured on Fortune.com
