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Nicholas Financial Inc. (NASDAQ: NICK) has tapped Mike Rost, a 20-year veteran of the Clearwater auto and consumer loan firm, to serve as interim CEO in the wake of Douglas Marohn’s resignation.
Rost, according to a news release, most recently served as vice president of branch operations.
“The board is excited to have Mike take over executive leadership on an interim basis," states Jeffrey Royal, chair of the board at Nicholas Financial, in the release. "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.”
Nicholas Financial specializes in acquiring and servicing auto loans, as well as originating direct consumer loans. Its gross revenue rose from $36.68 million in 2020 to $42.79 million in 2021, an increase of 16.7%.
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