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SUBSEQUENT EVENTS
6 Months Ended
Sep. 30, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

(18)

SUBSEQUENT EVENTS

 

Change in Chief Executive Officer

 

On October 16, 2017, the company announced that Jeffrey M. Platt has resigned from his position as the company’s President and Chief Executive Officer and as a member of the company’s board of directors (the “Board”), effective October 15, 2017. Larry T. Rigdon, one of the company’s directors, will serve as the company’s President and Chief Executive Officer on an interim basis, effective October 16, 2017.

 

In addition to Mr. Platt’s $1.22 million payment in connection with his separation as previously disclosed, as a result of Mr. Platt’s retirement, he is expected to receive in April 2018 a $9.6 million lump sum distribution in settlement of his supplemental executive retirement plan obligation and an estimated $1.1 million distribution in settlement of his supplemental savings plan obligation. A settlement loss, which is currently estimated to be $0.5 million, will be recorded at the time of distribution.