CLEARWATER, Fla., May 10, 2022 (GLOBE NEWSWIRE) — Nicholas Financial, Inc. (NICK) today announced the appointment of Michael Rost as the Company’s interim Chief Executive Officer, effective May 9, 2022. Mr. Rost has been with 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 of Douglas Marohn as President and Chief Executive Officer of the Company.
Jeffrey Royal, Chairman of the Company’s Board of Directors, commented, “The Board is pleased that Mike is taking over as CEO on an interim basis. Mike has successfully managed branches for many years, growing new facilities while maintaining strict discipline on credit terms. We believe that Mike’s close involvement in the Company’s operations will position him to effectively lead the Company after Doug’s departure. The Board intends to begin a search for a permanent President and Chief Executive Officer shortly and expects Mike to be a candidate.”
About Nicholas Financial, Inc.
Nicholas Financial, Inc. (Nick, Financial) is a specialty consumer finance company with offices in both the Southeast and Midwest United States. The Company is principally engaged in the acquisition and servicing of auto finance installment contracts (“Contracts”) for the purchase of used and new automobiles and light commercial vehicles. Nicholas Financial also provides direct consumer lending (“Direct Lending”) and sells products related to consumer finance. For an index of new Nicholas Financial, Inc publications or to locate a specific publication, please visit our website at www.nicholasfinancial.com.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which reflect the Company’s current expectations or beliefs with respect to future events. Statements that are not historical facts and those identified by words such as “anticipate”, “estimate”, “intend”, “plan”, “expect”, “project”, “believe”, “may”, ” “will”, “should”, “would”, “could”, “likely” and any variations of the foregoing and similar expressions are forward-looking statements. By their nature, such forward-looking statements involve risks and uncertainties. The Company’s actual results and financial condition could differ materially from those projected in the forward-looking statements. Therefore, you should not rely on these forward-looking statements. Important factors that could cause actual results or performance to differ from those expressed or implied by such forward-looking statements include the following: the ongoing impact of the COVID-19 pandemic and government containment efforts and related issues impact on our financial condition, operations and liquidity, our customers, our employees and the broader economy; recent, proposed or future legislation and how it will be implemented; the Company’s success in finding a suitable permanent replacement for Mr. Marohn; changes in US tax law; The nature and scope of regulatory authority, including, but not limited to, discretionary powers that may be exercised by regulatory authorities, including but not limited to the Securities and Exchange Commission (SEC), the Department of Justice, the U.S. Consumer Financial Protection Bureau, and individual state regulators having jurisdiction over the Company; the unpredictability of regulatory processes and litigation; employee or third party misconduct; uncertainties related to management changes and the effective succession of senior management; media and public characterization of consumer installment loans; labor riots; the effects of changes in accounting rules and regulations, or the interpretation or application thereof, that could materially and adversely affect the Company’s reported consolidated financial statements or require 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 associated with the acquisition or sale of assets or businesses or other strategic initiatives, including increased loan arrears or net charge-offs, loss of key personnel, integration or migration issues, failure to achieve expected synergies, increased maintenance costs, incomplete records and customer retention; risks associated with lending, including repayment risks and the value of collateral; cybersecurity threats, including the potential misappropriation of assets or sensitive information, corruption of data or business disruption; our dependence on debt and the potential impact of restrictions on the Company’s modified revolving credit facility or other impact on the Company’s ability to borrow money on favorable terms or at all; the timing and amount of income that may be recognized by the Company; changes in current revenue and expense trends (including trends affecting arrears and charges); 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 contained in this document are based on information available to the Company as of the date of this document, and the Company undertakes no obligation to update any forward-looking statements or cautionary statements.
|Nicholas Financial, Inc.
2454 McMullen Booth Rd.
Building C, Suite 501
Clearwater, FL 33759
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