Safe Harbor Financial Commences CEO Succession and Strategic Planning Initiative
Safe Harbor Financial (NASDAQ: SHFS) announced a CEO succession plan where current CEO Sundie Seefried will retire in 30 days. The company has appointed Terry Mendez as co-CEO under a three-year executive employment agreement, who will become CEO upon Seefried's retirement.
During the 30-day transition period, both will serve as co-CEOs, with Mendez focusing on innovation and growth opportunities while Seefried ensures operational continuity. After the transition, Seefried will remain on the Board of Directors.
Terry Mendez brings significant experience in strategic planning and operational transformation, particularly in IT and cannabis industries. He previously founded Amos Advisory Solutions, led cannabis operations, and served as VP of Finance and global chief accounting officer at Hitachi Vantara, overseeing operations in 52 countries.
Safe Harbor Financial (NASDAQ: SHFS) ha annunciato un piano di successione per il CEO, con l'attuale CEO Sundie Seefried che si ritirerà tra 30 giorni. L'azienda ha nominato Terry Mendez come co-CEO sotto un contratto di lavoro esecutivo della durata di tre anni, che diventerà CEO al momento del ritiro di Seefried.
Durante il periodo di transizione di 30 giorni, entrambi serviranno come co-CEO, con Mendez che si concentrerà su innovazione e opportunità di crescita, mentre Seefried garantirà la continuità operativa. Dopo la transizione, Seefried rimarrà nel Consiglio di Amministrazione.
Terry Mendez porta con sé una significativa esperienza nella pianificazione strategica e nella trasformazione operativa, in particolare nei settori IT e cannabis. In precedenza, ha fondato Amos Advisory Solutions, ha gestito operazioni nel settore cannabis e ha ricoperto il ruolo di VP della Finanza e chief accounting officer globale presso Hitachi Vantara, supervisionando operazioni in 52 paesi.
Safe Harbor Financial (NASDAQ: SHFS) anunció un plan de sucesión para el CEO, donde la actual CEO Sundie Seefried se retirará en 30 días. La empresa ha nombrado a Terry Mendez como co-CEO bajo un contrato de empleo ejecutivo de tres años, quien se convertirá en CEO tras la retirada de Seefried.
Durante el período de transición de 30 días, ambos actuarán como co-CEOs, con Mendez enfocado en la innovación y oportunidades de crecimiento, mientras que Seefried asegura la continuidad operativa. Después de la transición, Seefried permanecerá en la Junta Directiva.
Terry Mendez aporta una experiencia significativa en planificación estratégica y transformación operativa, particularmente en las industrias de TI y cannabis. Anteriormente, fundó Amos Advisory Solutions, lideró operaciones de cannabis y se desempeñó como VP de Finanzas y director contable global en Hitachi Vantara, supervisando operaciones en 52 países.
세이프 하버 파이낸셜 (NASDAQ: SHFS)는 현재 CEO인 sundie seefried가 30일 후 은퇴할 예정이라는 CEO 승계 계획을 발표했습니다. 이 회사는 테리 멘데즈를 3년 계약의 공동 CEO로 임명하였으며, seefried의 은퇴와 함께 CEO가 될 것입니다.
30일의 전환 기간 동안 두 사람은 공동 CEO로서, 멘데즈는 혁신과 성장 기회에 집중하고 seefried는 운영 연속성을 보장하는 역할을 맡습니다. 전환 후 seefried는 이사회에 남아 있을 것입니다.
테리 멘데즈는 정보 기술 및 대마초 산업에서 전략적 계획과 운영 변혁에 대한 상당한 경험을 가지고 있습니다. 그는 이전에 아모스 어드바이저리 솔루션을 설립하고 대마초 운영을 이끌었으며, 히타치 반타라의 재무 부사장 및 글로벌 최고 회계 책임자로 재직하며 52개국의 운영을 감독했습니다.
Safe Harbor Financial (NASDAQ: SHFS) a annoncé un plan de succession pour son CEO, avec Sundie Seefried, l'actuelle CEO, qui prendra sa retraite dans 30 jours. La société a nommé Terry Mendez comme co-CEO sous un contrat de travail exécutif de trois ans, qui deviendra CEO à la retraite de Seefried.
Au cours de la période de transition de 30 jours, tous deux serviront en tant que co-CEOs, Mendez se concentrant sur l'innovation et les opportunités de croissance, tandis que Seefried garantit la continuité opérationnelle. Après la transition, Seefried restera au conseil d'administration.
Terry Mendez apporte une expérience significative en planification stratégique et transformation opérationnelle, notamment dans les secteurs de l'informatique et du cannabis. Auparavant, il a fondé Amos Advisory Solutions, dirigé les opérations cannabis, et occupé le poste de VP Finance et directeur comptable mondial chez Hitachi Vantara, supervisant des opérations dans 52 pays.
Safe Harbor Financial (NASDAQ: SHFS) hat einen Nachfolgeplan für den CEO angekündigt, bei dem die derzeitige CEO Sundie Seefried in 30 Tagen in den Ruhestand geht. Das Unternehmen hat Terry Mendez unter einem dreijährigen Exekutivvertrag als Co-CEO ernannt, der nach Seefrieds Ruhestand CEO werden wird.
Während der 30-tägigen Übergangszeit werden beide als Co-CEOs tätig sein, wobei sich Mendez auf Innovation und Wachstumschancen konzentriert, während Seefried die operative Kontinuität sichert. Nach der Übergangszeit wird Seefried im Vorstand bleiben.
Terry Mendez bringt bedeutende Erfahrung in strategischer Planung und operativer Transformation mit, insbesondere in der IT- und Cannabisbranche. Zuvor gründete er Amos Advisory Solutions, leitete Cannabis-Operationen und war VP Finance sowie globaler Chief Accounting Officer bei Hitachi Vantara, wo er die Operationen in 52 Ländern überwachte.
- Structured leadership transition plan with 30-day overlap period
- New co-CEO brings extensive experience in cannabis industry operations and financial management
- Former CEO remains on Board of Directors ensuring continuity
- Three-year commitment from new leadership
- Departure of founding CEO could create operational uncertainty
- Leadership change may result in strategy shifts affecting current business model
Insights
The leadership transition at Safe Harbor Financial marks a pivotal moment for this $20.8M market cap cannabis banking solutions provider. The appointment of Terry Mendez as incoming CEO signals a potential strategic transformation, particularly noteworthy given his dual expertise in both information technology and cannabis operations.
Several key aspects deserve attention:
- The timing of this transition coincides with significant challenges in the cannabis banking sector, suggesting a deliberate move to bring in transformation expertise when the industry faces headwinds
- Mendez's background at Hitachi Vantara, overseeing operations in 52 countries, indicates potential for international expansion and sophisticated technological integration
- The structured transition approach, with a 30-day co-CEO period and Seefried remaining on the board, helps maintain institutional knowledge while enabling fresh strategic direction
- His experience in turnaround efforts for cannabis operators could prove important as Safe Harbor seeks to optimize its market position and enhance shareholder value
This leadership change appears strategically timed to address industry challenges through technological innovation and operational efficiency. Mendez's appointment suggests a shift from Safe Harbor's pioneering phase under Seefried to a more technologically-driven growth phase, potentially focusing on scalable solutions and market expansion.
The retention of Seefried on the board maintains valuable industry relationships and institutional knowledge while allowing for fresh operational perspectives. This balanced approach to leadership transition could help Safe Harbor navigate the complex regulatory and operational landscape of cannabis banking while pursuing technological advancement and market expansion.
Sundie Seefried to Immediately Become Co-CEO and Retire in 30 Days; Will Remain on Board of Directors Post-Transition
Business Transformation Expert, Terry Mendez, Appointed Co-CEO; Will Become CEO Upon Retirement of Seefried
GOLDEN, Colo., Jan. 29, 2025 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a fintech leader in facilitating financial services and credit facilities to the regulated cannabis industry, announced today that its current CEO, Sundie Seefried, plans to retire in 30 days. Karl A. Racine, chair of the Safe Harbor’s Nominating and Governance Committee, has been overseeing due diligence activities and advising the executive team and the Governance Committee to evaluate both internal and external candidates as part of the process. This strategic approach and review are part of the Company’s long-term growth strategy, ensuring that Safe Harbor continues to maximize shareholder value and executes its strategic vision.
Sundie Seefried will serve as co-CEO throughout this transition period. The Company signed a three-year executive employment agreement with Terry Mendez to serve as co-CEO and will be appointed CEO upon Seefried’s retirement. Post-transition, Seefried will remain on the Board of Directors.
During the transition, Mendez will work closely with Safe Harbor’s leadership team and Board of Directors to capture opportunities for innovation and growth, while Seefried will focus on achieving operational continuity. Seefried and Mendez will be the key decision-makers, ensuring that all strategic recommendations are evaluated and presented to the Board, as needed, for approval.
“We remain committed to thoughtful succession planning and long-term strategic growth, with the goal of capitalizing on optimizing our market position,” said Sundie Seefried, co-CEO of Safe Harbor Financial. “Terry’s experience in business expansion, transformation and strategic advisory will provide a valuable perspective as we explore ways to enhance our operations and maximize shareholder value. I look forward to working closely with him.”
“At a time when most financial institutions were unwilling to work with the cannabis industry, Safe Harbor emerged as a pioneer, providing essential banking and financial services to the sector for the past decade. We are now looking at the challenges currently facing the industry and determining how we can leverage our people to develop technology that delivers trusted solutions to the marketplace,” said Terry Mendez, co-CEO of Safe Harbor Financial. “I look forward to diving into the business, learning from Sundie and partnering with my fellow operators to deliver value for our shareholders.”
Terry Mendez brings extensive experience in strategic planning and operational transformation within the information technology and cannabis industries. In his role as founder of Amos Advisory Solutions, Mr. Mendez served as the CEO of both single-state and multi-state cannabis operators successfully leading turnaround efforts. Terry began his career in public accounting with Arthur Andersen and Deloitte & Touche. Previously, he served as the vice president of Finance and global chief accounting officer for Hitachi Vantara, a subsidiary of Hitachi, overseeing 52 countries.
About Safe Harbor
Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past decade, Safe Harbor has facilitated more than
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that may be instituted against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Contact Information
Safe Harbor Investor Relations
ir@SHFinancial.org
KCSA Strategic Communications
Ellen Mellody
safeharbor@kcsa.com
FAQ
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