GEROVA Financial Group said that Marshall Manley, chief executive officer (CEO) and chairman of the board of directors of GEROVA, has resigned from all positions held with GEROVA. In addition, the company has also accepted the resignation of Tore Nag as chief operating officer.
The company has appointed Gary Hirst, currently president and a director, as the new chairman of the board. Stuart Solomons has been appointed as the new managing director and a member of the board. Mr Hirst and Mr Solomons have agreed to accept their respective positions on an interim basis until permanent candidates for these positions are appointed by the board.
In conjunction, GEROVA has entered into a separation agreement and release with Mr Manley and also entered into a share repurchase agreement with him and Marseilles Capital, an affiliate of Mr Manley, pursuant to which the company repurchased 5,333,333 ordinary shares from Marseilles. The two agreements were filed with the US securities and exchange commission as exhibits to a report on form 6-K.
Headquartered in Manchester, England, GEROVA Financial Group is a specialty reinsurance company. The company underwrites insurance risks and also seeks to enhance returns on equity by originating high-yield senior secured commercial loans to middle market companies in select industries.