InterPrivate III Financial Partners Inc. Elects Former BancOne Chairman and CEO John McCoy, Former Lucent Chairman & CEO Rich McGinn, Pine Brook Partners Chairman Howard Newman and Fintech Entrepreneur and Investor Gordy Holterman as Independent Directors

Rhea-AI Summary

On March 4, 2021, InterPrivate III Financial Partners Inc. (NYSE: IPVF.U) appointed John McCoy, Rich McGinn, Howard Newman, and Gordy Holterman to its board of directors as part of its initial public offering. The new independent directors bring extensive experience from various sectors, particularly in finance and technology. McCoy, former CEO of Bank One, and McGinn, ex-CEO of Lucent Technologies, lead a team expected to leverage strategic partnerships in the fintech space. The firm aims for business combinations with tech-focused financial services companies valued over $1 billion.

Positive

• Appointment of experienced independent directors may enhance corporate governance and strategic direction.
• Directors possess strong connections within the financial services industry, potentially aiding in future business combinations.
• Company focused on tech-enabled firms, aligning with market trends towards digital financial solutions.

Negative

• None.

NEW YORK, March 16, 2021 /PRNewswire/ -- InterPrivate III Financial Partners Inc. (NYSE: IPVF.U) (NYSE: IPVF) (NYSE: IPVF WS) (the "Company") announced today that John McCoy, Rich McGinn, Howard Newman and Gordy Holterman were appointed to the board of directors of the Company (the "Board") on March 4, 2021, in connection with the Company's initial public offering. Messrs. Holterman, McGinn, Newman and McCoy are independent directors. They join InterPrivate III Financial Partners Inc.'s team which is led by Chairman and CEO Ahmed Fattouh, Vice Chairman Sunil Kappagoda, President Nicholaos Krenteres, General Counsel Brandon Bentley, Senior Advisors Lex Sokolin and Jack Klinck, and Vice President Minesh Patel.  

John McCoy retired as Chairman and Chief Executive Officer of Bank One Corporation in December 1999, where he had been CEO since 1984. During his tenure as CEO, the company grew from $9.1 billion in assets to $269.4 billion, participating in more than 100 acquisitions of other financial institutions. Prior to moving to the parent company in 1983 as President and Chief Operating Officer, he was president of Bank One, Columbus, NA from 1977 until 1983, and of Bank One Trust Company, NA in 1981. He joined Bank One (then City National Bank & Trust Company) in 1970. Mr. McCoy is a director of Onex Corporation (OCX.SV on the Toronto Stock Exchange). He also serves on the holding company board of First Capital Bancshares, sits on the Advisory Board of Second Curve Capital, and is a member of the PGA TOUR First Tee Foundation Board of Governors. Mr. McCoy is a retired director of AT&T Inc. and Cardinal Health, Inc. and retired Chairman of the PGA TOUR Policy board and is former board chair and director of Battelle Memorial Institute. Mr. McCoy is a former member of the board of trustees of Williams College and of Stanford University and past chairman of the board of trustees of Kenyon College. He has served on the Advisory Council of the Graduate School of Business at Stanford University and the Advisory Board of FTV Capital.

Rich McGinn is a prominent leader in the global communication systems, networking, and technology industries, bringing more than 45 years of business management, financial and investment experience. Mr. McGinn currently serves as Chairman of Kaloom Inc., a data center software company, and he is a board member of Cushman Wakefield PLC. Previously, he was a cofounder and principal investor in Sky Capital from 2014 until it was acquired in 2016. Before Sky Capital, he served as Chairman, then CEO, of Verifone from 2011 to 2013. Mr. McGinn was a GP at RRE Ventures, a tech venture firm, from 2001 to 2010, and he served as President, then CEO and Chairman, of Lucent Technologies from 1996 to 2000. Before Lucent, Mr. McGinn held numerous managerial and executive positions at AT&T from 1969 to 1996, including President of Data Networking, EVP EMEA, EVP AsiaPac, and CEO of Western Electric. He has previously served on multiple boards including American Express, Oracle, Verifone, ViaSystems, Cyota, Broadsoft and Nexsan.

Howard Newman is chairman and chief executive officer of Pine Brook Partners, an investment firm that manages more than $3 billion of limited partner commitments, and which he co-founded in 2006. He is also a member of the Pine Brook's Investment Committee. Mr. Newman currently represents Pine Brook on the boards of Elevation Resources Holdings, LLC and La Luna Energy Partners, LP. Over the course of his career, he has been a director or observer on the boards of more than 50 companies, including 20 public companies. Prior to co-founding Pine Brook, Mr. Newman was with Warburg Pincus for 22 years, most recently as vice chairman and senior advisor, and as a senior member of the Firm's management and investment committees. At Warburg Pincus, he led or co-led the energy, financial services, media, real estate and general investment practices, and was directly involved in investments in 47 companies. Before joining Warburg Pincus, Mr. Newman spent 10 years in energy and financial services investment banking at Morgan Stanley & Co. In addition to overseeing Pine Brook's portfolio, Mr. Newman is a Trustee of The Salk Institute for Biological Studies and serves on the board of the Tunisian American Enterprise Fund. During the term of Governor George Pataki of New York, Mr. Newman served as an advisor on energy policy and as a senior advisor to the Long Island Power Authority. Mr. Newman has served as a chairman of the Yale Alumni Fund and as a member of the Yale University Council and its Climate & Energy Institute Advisory Board.

Gordy Holterman is a successful investor, entrepreneur and senior bank executive and has over 30 years of experience in making investments and building and using technology for investment management. Mr. Holterman is Founder and CEO of Proelio Capital where he focuses on active investing in fintech companies, creating/growing businesses and building successful JV's, partnerships and acquisitions with major banks and asset managers. His primary area of focus is the fintech ecosystem, as well as proptech, insurtech and agtech. Mr. Holterman was previously CEO of Overland Advisors, a multi-asset relative value hedge fund, Head of Financial Products for Wells Fargo, and a partner and portfolio manager at Farallon Fixed Income. Mr. Holterman began his career as an M&A lawyer for Skadden Arps, and an options trader at O'Connor & Associates (now UBS). As an active fintech investor and advisor, he has invested and/or advised numerous fintech and proptech investments including Jaris, Payoneer, Roofstock, Linkly, LeapYear, Hearth, Zoe, CarIQ, and Vertis.ai, among others.

"We believe that one of the advantages InterPrivate III can deliver to fintech targets is strong connectivity to the world's most significant financial institutions who can become strategic partners.  John, Rich, Howard and Gordy exemplify the expertise and relationship capital we hope to bring to bear," said Ahmed Fattouh.

Mr. Holterman was appointed to the Board's Audit Committee, serving as chair of the Audit Committee, Messrs. McGinn and Newman were appointed to the Board's Compensation Committee, with Mr. McGinn serving as chair of the Compensation Committee and Messrs. Newman and McCoy were appointed to the Board's Nominating and Corporate Governance Committee, with Mr. Newman serving as chair of the Nominating and Corporate Governance Committee.

About InterPrivate III Financial Partners, Inc.
InterPrivate III Financial Partners Inc. is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue initial business combination targets in any industry, the Company expects to pursue targets in the financial services industry with a particular focus on tech-enabled companies, with a focus on target companies with an enterprise value of $1 billion or more.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the Company's search for an initial business combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement for the initial public offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Press Contact:
Charlotte Luer, Marketing
cluer@interprivate.com  

 

 

 

 

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SOURCE InterPrivate III Financial Partners Inc.

FAQ

Who are the newly appointed directors of InterPrivate III Financial Partners Inc. (IPVF.U)?

The newly appointed directors are John McCoy, Rich McGinn, Howard Newman, and Gordy Holterman.

What is the focus of InterPrivate III Financial Partners Inc. after its IPO?

InterPrivate III Financial Partners Inc. aims to pursue mergers with tech-enabled companies, particularly in the financial services sector.

When did InterPrivate III Financial Partners Inc. announce the appointment of new directors?

The announcement was made on March 16, 2021, regarding appointments that took place on March 4, 2021.

What is the market strategy of InterPrivate III Financial Partners Inc. (IPVF.U)?

The company plans to target businesses with an enterprise value of $1 billion or more, focusing on tech-enabled financial services.