CLEARWATER, Fla., Dec. 11, 2017 (GLOBE NEWSWIRE) -- On December 8, 2017, the Board of Nicholas Financial, Inc. (NASDAQ:NICK) appointed Douglas Marohn as President and Chief Executive Officer of the Company effective as of December 12, 2017.
“The Company is pleased to announce its new CEO, Doug Marohn. This is a return home for Doug, since he spent over a decade at the Company (1998-2011) in various roles but primarily as Senior Vice President and VP of Operations. As we move forward, the Company believes it has the leadership and aligned incentive system to increase value and adapt in the evolving and cyclical indirect subprime auto finance industry,” said Robin Hastings, Chairperson of the Board of Directors.
Mr. Marohn most recently served as President / CEO of ML Credit Group, LLC (dba Metrolina Credit Company) since January 2014. Metrolina Credit Company is a branch-based indirect subprime auto finance company doing business in the Carolinas. Previously Mr. Marohn was Senior Vice President at TMX Finance overseeing its consumer loan operations. Prior to TMX he spent 14 years with Nicholas Financial. He has a total of 25 years of experience in the subprime auto finance industry.
In connection with Mr. Marohn’s appointment as President and Chief Executive Officer, the Company and Mr. Marohn entered into an Employment Agreement dated as of December 12, 2017 (the “Employment Agreement”). The Employment Agreement includes the following material terms:
About Nicholas Financial
Nicholas Financial, Inc. is one of the largest publicly-traded specialty consumer finance companies in North America. The Company operates branch locations in both Southeastern and Midwestern U.S. states. For an index of Nicholas Financial, Inc.’s news releases or to obtain a specific release, visit our web site at www.nicholasfinancial.com.