Local Bounti (NYSE: LOCL) trims board, names new chair
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Local Bounti Corporation announced that Executive Chairman and director Craig Hurlbert and director Matthew Nordby intend to resign from the Board, effective June 18, 2026. The company states their decisions were not based on any disagreement with management.
After these resignations, the Board size will be reduced from eight to six members. Travis Joyner will become Chairman of the Board, while Mark Nelson will serve as Lead Independent Director and chair multiple committees. Craig Hurlbert will continue with the company as an employee.
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Insights
Local Bounti refreshes board leadership while keeping an orderly transition in place.
Local Bounti is implementing a board reshuffle as its Executive Chairman and Lead Independent Director step down from the Board effective June 18, 2026. Both departures are explicitly described as not stemming from disagreements with the company or management.
The Board will shrink from eight to six members, with Travis Joyner becoming Chairman and Mark Nelson taking the Lead Independent Director role and key committee chair positions. This consolidates oversight responsibilities in a smaller group.
Craig Hurlbert remains an employee, which preserves some continuity despite leaving the Board. Subsequent company communications may clarify how the new committee structure and leadership balance operational involvement by management with independent oversight.
8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
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.
Key Figures
Board size before change: 8 members
Board size after change: 6 members
Effective date of resignations: June 18, 2026
+1 more
4 metrics
Board size before change
8 members
Prior to June 18, 2026 resignations
Board size after change
6 members
Effective June 18, 2026
Effective date of resignations
June 18, 2026
Resignations of Hurlbert and Nordby
Announcement date
June 17, 2026
Intent to resign announced
Key Terms
Lead Independent Director, Nominating and Corporate Governance Committee, Audit Committee, Compensation Committee
4 terms
Lead Independent Director financial
"Mr. Nordby served as Lead Independent Director, as a member of the Board’s Compensation Committee"
A lead independent director is a board member who is not part of company management and is chosen to coordinate and represent the other independent directors, often running sessions without the CEO, helping set meeting agendas, and serving as a liaison between shareholders and the board. For investors, this role signals stronger, more balanced oversight—like a neutral referee who helps ensure decisions are fair, transparent and focused on protecting shareholder interests.
Nominating and Corporate Governance Committee financial
"and as chair of the Board’s Nominating and Corporate Governance Committee"
A nominating and corporate governance committee is a group within a company's board of directors responsible for selecting and recommending individuals to serve as company leaders, such as directors or executives. They also develop and oversee policies to ensure the company is run fairly, ethically, and transparently. This committee matters to investors because it helps ensure the company is well-managed and guided by qualified, responsible leadership.
Audit Committee financial
"Audit Committee – Mark Nelson (Chair), Pamela Brewster, and Michael Molnar"
A company's audit committee is a small group of board members who act like independent inspectors for the firm's finances, overseeing how financial reports are prepared, monitoring internal controls, and managing the relationship with external auditors. Investors care because a strong audit committee reduces the risk of accounting errors, fraud, or misleading statements, making financial statements more trustworthy and helping protect shareholder value.
Compensation Committee financial
"Compensation Committee – Pamela Brewster (Chair) and Mark Nelson"
A compensation committee is a group within a company's leadership responsible for setting and reviewing how much top executives and employees are paid, including salaries, bonuses, and benefits. It matters to investors because fair and effective pay decisions can influence a company's performance, leadership motivation, and overall governance, helping ensure that the company’s management is aligned with shareholders’ interests.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Washington, D.C. 20549
FORM 8-K
______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 17, 2026
LOCAL BOUNTI CORPORATION
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
(Address of principal executive offices, including zip code) | |||||||||||
Registrant’s telephone number, including area code: (800 ) 640-4016
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 17, 2026, Craig Hurlbert announced his intention to resign as Executive Chairman and as a member of the Board of Directors (the “Board”) of Local Bounti Corporation (the “Company”), effective as of June 18, 2026. Also, on June 17, 2026, Matthew Nordby announced his intention to resign as a member of the Board, effective June 18, 2026. Craig Hurlbert served as Chairman of the Board. Mr. Nordby served as Lead Independent Director, as a member of the Board’s Compensation Committee, and as chair of the Board’s Nominating and Corporate Governance Committee. Messrs. Hurlbert’s and Nordby’s decisions were not based on any disagreement with the Company or its management. Upon the effectiveness of the resignations of Mr. Hurlbert and Mr. Nordby, the Board reduced the size of the Board from eight to six members. Effective as of June 18, 2026, the Board has appointed Travis Joyner as Chairman of the Board, Mark Nelson as Lead Independent Director, and the following Board committee members: Audit Committee – Mark Nelson (Chair), Pamela Brewster, and Michael Molnar; Compensation Committee – Pamela Brewster (Chair) and Mark Nelson; and Nominating and Corporate Governance Committee – Mark Nelson (Chair) and Pamela Brewster. Mr. Hurlbert will continue to serve as an employee of the Company.
SIGNATURE
Pursuant to the requirements of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Local Bounti Corporation | |||||
/s/ Kathleen Valiasek | |||||
Name: Kathleen Valiasek | |||||
Title: President and Chief Executive Officer | |||||
Date: June 18, 2026
FAQ
What board changes did Local Bounti (LOCL) announce in this 8-K?
Local Bounti reported that Executive Chairman Craig Hurlbert and director Matthew Nordby will resign from the Board effective June 18, 2026. The Board will be reduced from eight to six members, with new leadership appointments to key roles and committees.
Why are Craig Hurlbert and Matthew Nordby leaving the Local Bounti (LOCL) board?
The filing states that Craig Hurlbert and Matthew Nordby announced their intention to resign effective June 18, 2026. It specifically notes that their decisions were not based on any disagreement with Local Bounti or its management, indicating a non-conflict-related transition.
Who will lead Local Bounti’s board after the June 2026 resignations?
Effective June 18, 2026, the Board appointed Travis Joyner as Chairman of the Board and Mark Nelson as Lead Independent Director. Mark Nelson will also chair the Audit Committee and the Nominating and Corporate Governance Committee after the board reorganization.
How is Local Bounti (LOCL) restructuring its board committees?
Following the leadership changes effective June 18, 2026, the Audit Committee will include Mark Nelson (Chair), Pamela Brewster, and Michael Molnar. The Compensation Committee will be led by Pamela Brewster with Mark Nelson, and the Nominating and Corporate Governance Committee will be chaired by Mark Nelson with Pamela Brewster.
Will Craig Hurlbert remain involved with Local Bounti after leaving the board?
Yes. Although Craig Hurlbert will resign as Executive Chairman and board member effective June 18, 2026, the filing states that he will continue to serve as an employee of Local Bounti. This preserves ongoing involvement with the company outside of board service.
What is Local Bounti’s new board size after these director resignations?
Upon the effectiveness of the resignations of Craig Hurlbert and Matthew Nordby on June 18, 2026, Local Bounti’s Board will be reduced from eight to six members. This size reduction is implemented concurrently with the appointment of new leadership roles and committee compositions.