Larry Willeford Appointed as First Acceptance Corporation CEO

Rhea-AI Summary

First Acceptance Corporation (OTCQX:FACO) has appointed Larry Willeford as the new President and CEO, succeeding Ken Russell, who will remain a strategic advisor and Board member. Willeford, previously the President and COO, led efforts to navigate the challenges posed by the COVID crisis. He expressed commitment to achieving the company's future goals with the executive team. Acceptance Insurance, headquartered in Nashville, operates 339 retail locations and provides non-standard personal automobile insurance across 17 states.

Positive

• Appointment of Larry Willeford as CEO may enhance leadership stability.
• Willeford's prior experience as President and COO could foster continuity in operations.
• Acknowledgment of successful navigation through COVID challenges indicates good management.

Negative

• None.

NASHVILLE, TN / ACCESSWIRE / November 2, 2021 / First Acceptance Corporation (OTCQX:FACO) today announced that its Board of Directors has appointed Larry Willeford as President and Chief Executive Officer. Mr. Willeford has served as the Company's President and Chief Operations Officer since September 2019 and had previously served as its Chief Claims Officer.

Mr. Willeford succeeds Ken Russell who will continue as both a strategic advisor to him and his team and as a member of the Board of Directors.

Mr. Russell commented, "Larry has skillfully lead Acceptance's operations over the past two years building and directing a strong executive team as well as navigating the Company through the unprecedented challenges of the COVID crisis. I believe that his leadership will continue to position Acceptance in achieving future growth and profitability."

"I am honored by this appointment and look forward to continuing to work with the Acceptance executive team to attain the goals we have established for the Company's future," said Willeford. "I also want to thank Ken for his contributions to Acceptance's success. His strong commitment on maintaining positive employee morale amid strategic change, enabled our Company to restore profitability when we were faced with significant operational challenges. I am also grateful that he will continue to be a part of the Acceptance team going forward in his new capacity."

About First Acceptance Corporation

We own and operate "Acceptance Insurance," an insurance agency headquartered in Nashville, Tennessee that sells insurance and related products underwritten and serviced by our own insurance companies (known as the First Acceptance Insurance Group) and through third-party carriers for which we receive a commission. Our operations generate revenue from sales in 17 states and from underwriting our own insurance company products in 15 of these states.

Acceptance Insurance primarily sells non-standard personal automobile insurance through our own insurance companies and third-party carriers. Non-standard personal automobile insurance is sought after by individuals because of their inability or unwillingness to obtain standard insurance coverage due to various factors including their payment preference, failure to have maintained continuous insurance coverage, or their driving record. We also offer a variety of other commissionable third-party products such as roadside assistance and in most states, we also sell an insurance product for renters that we underwrite. We believe that our agency-focused operations provide us with a variety of insurance alternatives for our core customers as well as the ability to provide products that suit other potential customers.

Acceptance Insurance currently leases and operates 339 retail locations staffed with employee-agents. In addition to our retail locations, we are able to complete sales over the phone through employee-agents in our call center or through our consumer-based website and mobile platform. On a limited basis, we also sell our products through selected retail locations operated by independent agents.

Additional information about First Acceptance Corporation can be found online at www.acceptance.com.

Forward-Looking Statements

This press release contains forward-looking statements. All statements made other than statements of historical fact are forward-looking statements. You can identify these statements from our use of the words "believe," "expect," "forward," "goals" or the negative of these objective terms and similar expressions. These statements, which have been included in reliance on the "safe harbor" provisions of the federal securities laws, involve risks and uncertainties. Investors are hereby cautioned that these statements may be affected by important factors, including, among others, the factors set forth under the caption "Risk Factors" in our Annual Report for the year ended December 31, 2020 filed by the Company with the OTCQX. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

INVESTOR RELATIONS CONTACT:

Michael J. Bodayle
615.844.2885

SOURCE: First Acceptance Corp.

View source version on accesswire.com:
https://www.accesswire.com/670838/Larry-Willeford-Appointed-as-First-Acceptance-Corporation-CEO

FAQ

Who is the new CEO of First Acceptance Corporation?

Larry Willeford has been appointed as the new CEO of First Acceptance Corporation.

What position did Larry Willeford hold before becoming CEO?

Larry Willeford served as the President and Chief Operations Officer before his appointment as CEO.

Who did Larry Willeford succeed as CEO?

Larry Willeford succeeded Ken Russell as CEO of First Acceptance Corporation.

What does First Acceptance Corporation primarily do?

First Acceptance Corporation primarily sells non-standard personal automobile insurance through its own insurance companies and third-party carriers.

How many retail locations does Acceptance Insurance operate?

Acceptance Insurance operates 339 retail locations.