May 10, 2022 – Clearwater, Florida – 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.”