Hilton Grand Vacations Inc. filed an 8-K on October 29, 2026, disclosing that Executive Vice President and Chief Sales and Marketing Officer Dustin Tonkin will separate from the company effective April 1, 2027, and that Michael Riley has been promoted to fill the role.

Key Highlights

  • Separation date: Dustin Tonkin's last day as EVP and Chief Sales and Marketing Officer is April 1, 2027.
  • Cash severance: Tonkin will receive a cash amount equal to two times the sum of his 2026 annual base salary and 2026 target short-term incentive cash bonus.
  • COBRA and life insurance: The company will cover monthly COBRA premiums for up to 18 months and basic life insurance costs for 12 months following the separation date.
  • Prorated 2027 bonus: Tonkin is entitled to a 2027 short-term incentive cash bonus prorated through the separation date based on actual performance.
  • Stock option extension: The company agreed to extend Tonkin's vested stock option exercise window to 24 months from the separation date.
  • Restrictive covenants: Non-competition and non-solicitation of employees covenants apply for two years following the separation date.
  • Successor named: Michael Riley has been appointed EVP and Chief Sales and Marketing Officer.

Tonkin Separation Terms and Riley Appointment at Hilton Grand Vacations

According to the filing, Hilton Grand Vacations Inc. (NYSE:HGV) and Dustin Tonkin entered into a separation agreement dated October 29, 2026. The agreement replaces and supersedes the severance agreement previously in place between the company and Tonkin. The company disclosed that the separation benefits are "substantially the same as the severance benefits to which Mr. Tonkin would have been entitled on the basis of a qualifying termination pursuant to the severance agreement previously entered into" and described in the company's proxy statement for the 2026 Annual Meeting of Stockholders, filed with the SEC on March 17, 2026.

The filing states that to support an orderly transition, Tonkin will remain employed until the April 1, 2027 separation date, continuing to receive his current base salary and remaining eligible for the 2026 annual short-term incentive plan. His existing equity awards will continue to vest in accordance with applicable award agreements, subject to any earlier termination. Receipt of all separation benefits is conditioned on Tonkin's compliance with the restrictive covenants and his execution, delivery, and non-revocation of a general release and waiver of claims against the company.

Separately, under Item 8.01, the filing disclosed that Michael Riley has been promoted and appointed as Executive Vice President and Chief Sales and Marketing Officer, with the announcement made in the same press release issued on October 29, 2026. The full text of the separation agreement was filed as Exhibit 10.1, and the press release was filed as Exhibit 99.1 to the Current Report.

What Was Disclosed

Hilton Grand Vacations disclosed the planned departure of EVP and Chief Sales and Marketing Officer Dustin Tonkin effective April 1, 2027, the key terms of his separation agreement, and the appointment of Michael Riley as his successor, all reported in an 8-K filed October 29, 2026.