Nicholas Financial Announces Appointment of Interim CEO
10 Mayo 2022 - 4:25PM
Nicholas Financial, Inc. (NASDAQ: NICK) announced today the
appointment of Michael Rost as interim Chief Executive Officer of
the Company effective May 9, 2022. Mr. Rost has worked at the
Company for more than 20 years, most recently in the position of
Vice President of Branch Operations. The Board appointed Mr. Rost
in connection with the resignation by Douglas Marohn from his
position as the Company’s President and Chief Executive Officer.
Jeffrey Royal, the Chairman of the Company’s
Board of Directors, commented: “The Board is excited to have Mike
take over executive leadership on an interim basis. Mike has been
successfully managing branches for many years now, growing
originations while maintaining strict discipline on loan
terms. We believe that Mike’s close involvement with Company
operations positions him to lead the Company effectively following
Doug’s departure. The Board intends to begin a search for a
permanent President and Chief Executive Officer shortly, and
expects that Mike will be a candidate.”
About Nicholas Financial, Inc.
Nicholas Financial, Inc. (NASDAQ:NICK) is a
specialized consumer finance company, operating branch locations in
both Southeastern and Midwestern U.S. States. The Company engages
primarily in acquiring and servicing automobile finance installment
contracts (“Contracts”) for purchases of used and new automobiles
and light trucks. Additionally, Nicholas Financial originates
direct consumer loans (“Direct Loans”) and sells consumer-finance
related products. For an index of Nicholas Financial, Inc’s new
releases or to obtain a specific release, please visit our website
at www.nicholasfinancial.com.
Cautionary Note regarding Forward-Looking
Statements
This press release may contain various
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, that represent the
Company’s current expectations or beliefs concerning future events.
Statements other than those of historical fact, as well as those
identified by words such as “anticipate,” “estimate,” “intend,”
“plan,” “expect,” “project,” “believe,” “may,” “will,” “should,”
“would,” “could,” “probable” and any variation of the foregoing and
similar expressions are forward-looking statements. Such
forward-looking statements are inherently subject to risks and
uncertainties. The Company’s actual results and financial condition
may differ materially from those indicated in the forward-looking
statements. Therefore, you should not rely on any of these
forward-looking statements. Important factors that could cause
actual results or performance to differ from the expectations
expressed or implied in such forward-looking statements include the
following: the ongoing impact of the COVID-19 pandemic and the
mitigation efforts by governments and related effects on our
financial condition, business operations and liquidity, our
customers, our employees, and the overall economy; recently
enacted, proposed or future legislation and the manner in which it
is implemented; the Company’s success in finding a suitable
permanent replacement for Mr. Marohn; changes in the U.S. tax code;
the nature and scope of regulatory authority, particularly
discretionary authority, that may be exercised by regulators,
including, but not limited to, the Securities and Exchange
Commission (SEC), Department of Justice, U.S. Consumer Financial
Protection Bureau, and individual state regulators having
jurisdiction over the Company; the unpredictable nature of
regulatory proceedings and litigation; employee misconduct or
misconduct by third parties; uncertainties associated with
management turnover and the effective succession of senior
management; media and public characterization of consumer
installment loans; labor unrest; the impact of changes in
accounting rules and regulations, or their interpretation or
application, which could materially and adversely affect the
Company’s reported consolidated financial statements or necessitate
material delays or changes in the issuance of the Company’s audited
consolidated financial statements; the Company's assessment of its
internal control over financial reporting; changes in interest
rates; risks relating to the acquisition or sale of assets or
businesses or other strategic initiatives, including increased loan
delinquencies or net charge-offs, the loss of key personnel,
integration or migration issues, the failure to achieve anticipated
synergies, increased costs of servicing, incomplete records, and
retention of customers; risks inherent in making loans, including
repayment risks and value of collateral; cybersecurity threats,
including the potential misappropriation of assets or sensitive
information, corruption of data or operational disruption; our
dependence on debt and the potential impact of limitations in the
Company’s amended revolving credit facility or other impacts on the
Company's ability to borrow money on favorable terms, or at all;
the timing and amount of revenues that may be recognized by the
Company; changes in current revenue and expense trends (including
trends affecting delinquency and charge-offs); the impact of
extreme weather events and natural disasters; changes in the
Company’s markets and general changes in the economy (particularly
in the markets served by the Company). All forward-looking
statements and cautionary statements included in this document are
made as of the date hereof based on information available to the
Company as of the date hereof, and the Company assumes no
obligation to update any forward-looking statement or cautionary
statement.
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Contact: |
Irina Nashtatik |
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NASDAQ: NICK |
Nicholas Financial,
Inc.Corporate Headquarters2454 McMullen-Booth Rd.Building C, Suite
501Clearwater, FL 33759 |
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CFOPh # (727)-726-0763 |
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Web site:
www.nicholasfinancial.com |
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