BOXABL names Larry King CFO after Costas exit
BOXABL Inc. is replacing its departing CFO with a highly experienced finance executive and creating a separate Chief Accounting Officer role.
Rhea-AI Filing Summary
BOXABL Inc. (BXBL) reported senior finance leadership changes, concluding the employment of Chief Financial Officer Martin Costas effective September 11, 2026, stating that his departure was not due to any disagreement regarding operations, policies, or practices.
Effective September 14, 2026, the Board appointed Larry KingHeather Clayton
Positive
- Experienced new CFO appointed: Larry King brings over 35 years of finance and accounting experience, including more than 30 years of SEC reporting and prior roles as CFO and corporate vice president of accounting.
- Dedicated Chief Accounting Officer role added: Heather Clayton, with prior CFO and SEC-audit experience, will serve as CAO starting September 28, 2026, potentially strengthening the company’s accounting and reporting infrastructure.
Negative
- CFO departure: The employment of former Chief Financial Officer Martin Costas concluded effective September 11, 2026, representing a significant leadership change even though the company states there were no disagreements.
Filing Explained
The appointments add disclosed annual salary commitments of 300,000 dollars and 250,000 dollars, while the chief accounting transition remains pending until September 28.
This Form 8-K reports a specified material event. BOXABL’s appointment of Larry King as CFO, principal financial officer, and principal accounting officer took effect on
The transition is therefore partly in effect: King’s three finance roles have an effective appointment date, while Clayton’s accounting role has a future start date. The offer letters provide King with an annual salary of
The next named lifecycle milestone is
8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Effective date of former CFO departure: September 11, 2026
Effective date of new CFO appointment: September 14, 2026
Effective date of CAO appointment: September 28, 2026
+5 more
8 metrics
Effective date of former CFO departure
September 11, 2026
Conclusion of Martin Costas’ employment as CFO
Effective date of new CFO appointment
September 14, 2026
Larry King appointed CFO, principal financial officer, and principal accounting officer
Effective date of CAO appointment
September 28, 2026
Heather Clayton begins serving as Chief Accounting Officer
Larry King annual salary
$300,000
Compensation under the King Offer Letter as CFO
Heather Clayton annual salary
$250,000
Compensation under the Clayton Offer Letter as CAO
Aztar Corporation acquisition amount
$960 million
Transaction integration Larry King helped lead at Tropicana Entertainment
Larry King experience
Over 35 years
Finance, accounting, and operations experience across multiple industries
Larry King SEC reporting experience
Over 30 years
History of SEC reporting work cited in his biography
Key Terms
principal financial officer, principal accounting officer, Emerging growth company, Regulation S-K, +2 more
6 terms
principal financial officer financial
"appointed Larry King to serve as Chief Financial Officer, and as both principal financial officer"
The principal financial officer is the senior executive who runs a company's financial operations: preparing and certifying financial reports, managing accounting controls, budgets and cash flow, and advising on financial strategy. Investors care about this role because its competence affects how trustworthy the company’s numbers are, how well it manages risk and capital needs, and the credibility of forecasts—like the chief navigator steering a firm's financial course.
principal accounting officer financial
"serve as Chief Financial Officer, and as both principal financial officer and principal accounting officer"
The Principal Accounting Officer is the person responsible for making sure a company's financial records are accurate and follow the rules. They play a key role in preparing financial reports that show how well the company is doing. This helps investors, managers, and regulators trust the company's financial information.
Emerging growth company regulatory
"405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
Regulation S-K regulatory
"material interest requiring disclosure under Item 404(a) of Regulation S-K"
A set of U.S. Securities and Exchange Commission rules that tell public companies which narrative and qualitative details must be disclosed in filings, such as risk factors, management discussion, executive pay, legal proceedings and business description. Think of it as a standardized checklist or blueprint that ensures investors get the same types of background information from every company so they can compare risks, management quality and strategy before making investment decisions.
Omnibus Plan financial
"participation in the 2026 Omnibus Plan"
An omnibus plan is a single, broad employee compensation program that groups together different types of pay awards — such as stock options, restricted shares, cash bonuses and other incentives — under one set of rules and administration. Think of it as a single toolbox that lets a company give and track many kinds of employee pay from one place; investors care because it affects potential share dilution, how executive incentives are structured, and the size and timing of compensation expense.
Inline XBRL technical
"Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)"
Inline XBRL is a file format for financial filings that embeds machine-readable data tags directly inside the human-readable report, so the same document can be read by people and parsed by software. For investors it makes extracting, comparing and verifying financial numbers faster and more reliable—like a grocery list where each item also has a barcode—reducing manual errors and speeding up analysis.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What executive change did BOXABL Inc. (BXBL) announce regarding its CFO?
BOXABL concluded the employment of Chief Financial Officer Martin Costas effective September 11, 2026. The company states this was not due to any disagreements about its operations, policies, or practices.
Who is the new CFO of BOXABL Inc. (BXBL) and when does he start?
Larry King was appointed Chief Financial Officer and designated principal financial officer and principal accounting officer effective September 14, 2026, bringing over 35 years of finance, accounting, and operations experience and more than 30 years of SEC reporting experience.
What are the compensation terms for BOXABL’s new CFO, Larry King?
Under the King Offer Letter, Larry King is entitled to an annual salary of $300,000 and participation in the 2026 Omnibus Plan. The full offer letter is filed as Exhibit 10.1.
When will Heather Clayton become Chief Accounting Officer at BOXABL (BXBL)?
Beginning September 28, 2026, Heather Clayton will serve as BOXABL’s Chief Accounting Officer. She previously held senior finance roles with the Vegas Golden Knights and ASTOUND Group and has prior SEC filing audit experience.
What is the compensation package for BOXABL’s new CAO, Heather Clayton?
Under the Clayton Offer Letter, Heather Clayton is entitled to an annual salary of $250,000 and participation in the 2026 Omnibus Plan. The full offer letter is filed as Exhibit 10.2.
AI-generated analysis. How Rhea-AI works. Not financial advice.
