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CLEARWATER — Peter Vosotas, the founder and chairman of Nicholas Financial Inc., has resigned from the company. Vosotas' decision was based on personal reasons, according to a press release issued by Nicholas Financial, and was not the result of any disagreement with the company on any matters relating to the company's operations, policies or practices.
The Clearwater financial firm's board of directors has promoted its president and CEO, Ralph Finkenbrink, to also serve as chairman of the board. Kevin Bates, the company's senior vice president of branch operations, was also elected as a director to fill the vacancy on the board.
At the same time, Nicholas Financial's board announced it would stop exploring strategic alternatives (sale, acquisition or debit/equity financing) for the company. Instead it says it was in the shareholders' best interests that the company focus on operating as a stand-alone entity. That decision comes nearly a month after Nicholas Financial's canceled its planned $326 million sale after Prospect Capital Corp. missed a final deadline to close.
The annual shareholders meeting has been rescheduled from July 30 to Aug. 12.
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