Hallmark Financial Announces Resignation of Chief Financial Officer

Rhea-AI Summary

Hallmark Financial Services, Inc. (NASDAQ: HALL) announced the resignation of CFO Jeff Passmore, effective October 9, 2020, after 18 years with the company. The firm is currently searching for a new CFO while Christopher Kenney, Chief Accounting Officer, will serve as the interim principal financial officer. CEO Naveen Anand acknowledged Passmore's contributions and emphasized the company's commitment to strengthening its executive team. Hallmark is a specialty property and casualty insurance company with a diverse product portfolio across the U.S.

Positive

• The search for a new CFO may lead to fresh perspectives and strengthened leadership.
• Christopher Kenney will ensure continuity in financial oversight as interim CFO.

Negative

• The resignation of a long-term CFO could raise concerns about management continuity and experience gaps during the transition.

DALLAS, Sept. 21, 2020 (GLOBE NEWSWIRE) -- Hallmark Financial Services, Inc. (“Hallmark Financial” or “Company”) (NASDAQ: HALL), a specialty property and casualty insurance company, today announced that on September 15, 2020, Jeff Passmore, Chief Financial Officer, submitted his resignation. Mr. Passmore will remain with the Company through October 9, 2020, to facilitate an orderly transition.

Naveen Anand, President & Chief Executive Officer, stated “On behalf of Hallmark, we want to thank Jeff for his contributions to the organization over the past 18 years, and we wish him well as he pursues a new opportunity.”

The Company has commenced a search for a new CFO. “We are taking this opportunity to conduct a formal search for a new CFO and to continue to expand the depth of our executive bench strength,” explains Mr. Anand.

In the Interim, Christopher Kenney, SVP and Chief Accounting Officer, will serve as the Company’s principal financial officer.

About Hallmark Financial
Hallmark Financial is a specialty property and casualty insurance company with a diversified portfolio of insurance products written on a national platform. With six insurance subsidiaries and offices in Dallas-Fort Worth, Atlanta, Chicago, and Jersey City, Hallmark Financial markets, underwrites and services commercial and personal insurance policies in select niche markets. Hallmark Financial is headquartered in Dallas, Texas and its common stock is listed on NASDAQ under the symbol "HALL".

Forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that actual results may differ materially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, continued acceptance of the Company’s products and services in the marketplace, competitive factors, interest rate trends, general economic conditions, the availability of financing, underwriting loss experience, timing of run-off, changes in policy rates, terms, conditions and limits, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission.

Investor Contact:
David Webb
Senior Vice President, Corporate Development & Strategy
dwebb@hallmarkgrp.com
817-348-1600

FAQ

Who is the new CFO of Hallmark Financial after Jeff Passmore's resignation?

Hallmark Financial is currently searching for a new CFO, with Christopher Kenney serving as interim CFO.

When did Jeff Passmore resign from Hallmark Financial?

Jeff Passmore submitted his resignation on September 15, 2020.

What impact does Jeff Passmore's resignation have on Hallmark Financial?

His resignation may raise concerns about management continuity and could affect investor confidence.

Who is leading Hallmark Financial while searching for a new CFO?

Christopher Kenney, the Chief Accounting Officer, will serve as the principal financial officer temporarily.