On October 14, 2026, Silvia, Inc. filed a Current Report on Form 8-K announcing the mutual separation of three senior officers: Kyle Wood, Chief Legal Officer and Secretary; Megan Pacchia, Chief Operating Officer; and Renae Cormier, Chief Financial Officer.
The separations are effective as of a date determined by the mutual separation agreements, with a deadline of no later than October 21, 2026. The agreements require the officers to execute a general release of claims in favor of the Company to receive severance benefits.
Each officer will receive severance pay of $500,000, paid in equal monthly installments over six months. Additionally, they will receive vested shares under the ProCap Financial, Inc. 2025 Equity Incentive Plan. Mr. Wood will receive 258,317 shares, Ms. Pacchia will receive 366,392 shares, and Ms. Cormier will receive 194,495 shares, subject to the execution of an award agreement and Board approval.
In connection with these departures, the Company has appointed new leadership. Catalina Abbey has been named interim Chief Financial Officer, effective upon Ms. Cormier’s separation. Ms. Abbey will receive an annual base salary of $200,000 and is eligible for annual restricted stock unit grants valued at $200,000 per year, subject to vesting conditions.
Caroline Hennigar has been appointed Chief Operating Officer, effective upon Ms. Pacchia’s separation. Ms. Hennigar will receive an annual base salary of $250,000 and is eligible for annual restricted stock unit grants valued at $150,000 per year.
The Company also disclosed a cost-cutting initiative announced on October 20, 2026, which is expected to result in more than $10 million in annualized cost savings. The initiative includes personnel reductions and the addition of the new executive team members.
