LINCOLN, Neb., Nov. 22, 2021 /PRNewswire/ -- Midwest
Holding Inc ("Midwest") (NASDAQ: MDWT) today announced that A.
Michael Salem, one of the company's
Co-Chief Executive Officers, has resigned as an officer and
director and will leave the company, effective
immediately.
Georgette C. Nicholas was
appointed as Chief Executive Officer and a member of Midwest's
board of directors (the "Board"). Ms. Nicholas was previously
the company's President and Chief Financial Officer. Ms. Nicholas
will continue as interim Chief Financial Officer until the company
hires a replacement. Mike Minnich
was named President and will no longer serve as Co-Chief Executive
Officer. He will continue as the Chief Investment Officer.
Independent director John T.
Hompe was appointed as Non-Executive Chair of the Board.
"On behalf of the Board, we thank Michael for his dedication to
Midwest and for the valuable contributions he has made since 2018 –
we wish him well for the future," Hompe said. "He has led the
company through a period of growth and innovation and leaves
Midwest in a position to build upon. We are very pleased
that Georgette has agreed to serve as the new Chief Executive
Officer. She brings more than 30 years' experience in the global
financial services industry including insurance, reinsurance and
capital markets experience. Ms. Nicholas has leveraged her
business and financial acumen to drive strategy and results that
the Board believes are important to Midwest's success as we
navigate the next few years to drive the Company forward.
These changes will allow Mike to focus on key operational and
investment initiatives, while Georgette will focus on the execution
of the company's focused strategy. With Georgette, Mike and
the rest of the team, the Board is confident the company will be
able to capitalize on its strengths and work to increase
shareholder value."
"I have the utmost confidence in the future of Midwest under
Georgette's leadership. She is the leader we need for this
next stage of Midwest. Michael has been a tremendous partner
and incredible innovator. We built this business model from
the ground up together and I am sad to see him go. As we move
forward, we will be focused on execution and Georgette has my full
support," remarked Minnich.
Nicholas said, "I am excited to take on the role of Chief
Executive Officer of Midwest. We have a strong team and will
remain focused on our priorities to build shareholder value.
The business is strongly capitalized, and we will work to improve
our performance and build on the foundation in place. I look
forward to working with the Board and team as we maintain our focus
on creating value for all our stakeholders."
Ms. Nicholas brings public company experience as the previous
CEO and Managing Director for Genworth Mortgage Insurance
Australia, a publicly listed ASX company in Sydney, Australia along with various roles at
Genworth Financial, Inc. in investor relations, and chief financial
officer roles. Ms. Nicholas also worked in public accounting,
including as a firm director with Deloitte.
Hompe was the Managing Partner and co-founder of J.P. Charter
Oak Advisors LLC, a private investment firm focused on the
financial services industry from 2012 to 2019. Mr. Hompe has worked
in the financial services sector for more than 35 years. He has
held numerous board positions with insurance companies during his
career.
About Midwest Holding Inc.
Midwest Holding Inc. is a technology-enabled, services-oriented
annuity platform. Midwest designs and develops in-demand life and
annuity products that are distributed through independent
distribution channels, to a large and growing demographic of U.S.
retirees. Midwest originates, manages and transfers these annuities
through reinsurance arrangements to asset managers and other
third-party investors, who are actively seeking these financially
attractive products. Midwest also provides the operational and
regulatory infrastructure and expertise to enable asset managers
and third-party investors to form, capitalize and manage their own
reinsurance capital vehicles.
SPECIAL CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this release constitute
forward-looking statements. These statements are based on
management's expectations, estimates, projections and assumptions.
In some cases, you can identify forward-looking statements by
terminology including "could," "may," "will," "should," "expect,"
"plan," "anticipate," "believe," "estimate," "predict,"
"potential," "intend," or "continue," the negative of these terms,
or other comparable terminology used in connection with any
discussion of future operating results or financial performance.
These statements are only predictions and reflect our management's
good faith present expectation of future events and are subject to
a number of important factors and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. Factors that may cause our actual
results to differ materially from those contemplated in such
forward-looking statements include among others, the following:
- the success of the changes in our executive leadership;
- our business plan, particularly including our reinsurance
strategy, may not prove to be successful;
- our reliance on third-party insurance marketing organizations
to market and sell our annuity insurance products through a network
of independent agents;
- failure to maintain adequate reinsurance;
- our inability to expand our insurance operations outside the 22
states and District of Columbia in
which we are currently licensed;
- our annuity products may not achieve significant market
acceptance;
- failure to obtain new customers, retain existing customers, or
reductions in policies in force by existing customers; and
- higher service, administrative, or general expense due to the
implementation of our business plan.
Readers are cautioned against placing undue reliance on any such
forward-looking statements. For details on factors that could
affect these expectations, see also the risk factors and other
cautionary language included in Midwest's filings with the SEC,
which can be obtained online at the website of the U.S. Securities
and Exchange Commission at http://www.sec.gov or on
Midwest's website at http://www.midwestholding.com. Except as
required by law, Midwest does not undertake to update
forward-looking statements contained in this release.
For more information, please
visit www.midwestholding.com
Investor contact: ir@midwestholding.com
Media inquiries: press@midwestholding.com
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SOURCE Midwest Holding Inc.