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Trump Media COO Andrew Northwall is resigning, according to SEC filings

Trump Media and Technology Group (TMTG) chief operating officer Andrew Northwall is resigning, according to a Securities and Exchange Commission filing.

TMTG said Northwall stepped down from his role at the company effective September 28. No immediate replacement was announced. However, the company said it plans to “transfer its duties internally.”

In a statement posted on Truth Social, Northwall said he plans 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. Before working at TMTG, he briefly advised the right-wing social media site Parler, according to his LinkedIn page. Parler was booted from the internet when Amazon stripped its site of web services in early 2021 following the events of January 6. Before working at Parler, Northwall held various roles in Republican politics.

As of December 2021, Northwall has been part of TMTG, serving as COO throughout his tenure with the company. As an executive director, Northwall received both a salary and stock options in TMTG. Like others in the company, he was subject to a lock-up 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 share price of $16.17, those shares are currently worth $323,000. Northwall’s compensation also includes a retention bonus of $365,000 and a retainer bonus of $600,000.

While those parts 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 share of the promissory note was worth $200,000, according to SEC filings. However, as part of the deal, he gave up 50,000 units of restricted stock for which he would have been eligible.

On Thursday, the day of Northwall’s departure, TMTG shares closed up 2.3%. It’s worth noting that Northwall’s resignation was announced as the market closed.

Updated to include a response from a TMTG spokesperson and a social media post from Northwall announcing his resignation.

This story was originally featured on Fortune.com

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