Heritage CFO Steve Martindale leaves

  • Push-out Score suggests push-out forces
  • After less than two years in the position
  • Thanks for Martindale
  • Kirk Lusk taking over

(exechange) — Clearwater, Florida, February 2, 2018 — Steve Martindale, finance chief of Heritage, leaves. As announced by Heritage Insurance Holdings, Inc. in a news release and in a regulatory filing published on Friday, February 2, 2018, Steven (Steve) Martindale leaves his post as Chief Financial Officer at the property and casualty insurance holding company after less than two years in the position, effective April 28, 2018.

No company wants a CFO to flame out in the first years.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.1 years, according to data compiled by exechange. Only 19 percent of the CFOs who departed over the past 12 months left the position within two years, and 35 percent left the position within three years.

Martindale’s duties will be taken over by Kirk Lusk, most recently Chief Financial Officer at NBIC Holdings, Inc.

“He intends to pursue financial consulting opportunities”

Martindale’s departure from the CFO post is explained as follows. Heritage said: “Mr. Martindale’s contract expires on April 28, 2018, and he intends to pursue financial consulting opportunities.”

The phrase “he intends to pursue financial consulting opportunities” opens the door to speculation.

Precise information about Martindale’s future plans was not immediately available.


Heritage said: “Steven Martindale will depart from his position as Chief Financial Officer.”

Share price decline

The change follows a decline in the share price of Heritage Insurance Holdings, Inc. since July 2015.

Chaired by Bruce Lucas

Heritage Insurance Holdings, Inc. is chaired by Bruce Lucas.

Bruce Lucas has been the Chairman of the Board and Chief Executive Officer of Heritage Insurance Holdings, Inc. since August 2012 and since May 2014 respectively.

In the position of CFO since 2016

Steven Martindale has been Chief Financial Officer of Heritage Insurance Holdings, Inc. since May 2016.

Martindale joined Heritage Insurance in May 2016 bringing a wealth of knowledge in the insurance industry coupled with risk management expertise.

Prior to the move to Heritage, he served as Chief Financial Officer of People’s Trust Insurance, a rapidly growing private insurer of property and casualty insurance licensed in the State of Florida.

Martindale had several notable accomplishments while at People’s Trust including the development of an innovative reinsurance program.

Prior to working for People’s Trust, Martindale was the Chief Regulatory Officer for the Ohio Department of Insurance (ODI) where he led the agency’s solvency regulation functions, which included: risk assessment (financial regulation and market regulation), product regulation, actuarial services, fraud, enforcement, and agent licensing.

In addition to his experience as a chief insurance regulator, Martindale was a partner at FocusCFO, where he developed common sense solutions and created efficiencies for mid-size businesses.

His private sector experience also includes serving as Vice President of Corporate Governance with ProCentury Corporation, Audit Manager for KPMG, Investment Accounting Manager for Nationwide Insurance and Financial Reporting Manager for Motorists Mutual.

Additionally, as a senior regulatory consultant, he provided treasury, cash management and regulatory accounting expertise as a member of the receivership team that led the successful rehabilitation and ultimate sale of Shenandoah Life.

Martindale and his wife, Teresa, enjoy working out, entertaining visitors, and visiting their children and grandchildren in Ohio.

Martindale earned a BA degree in Accounting and Business Administration from Otterbein University and is a licensed Certified Public Accountant.

He is a member of the American Institute of Certified Public Accountants and the Ohio Society of Certified Public Accountants.

Martindale has agreed to remain involved with the Company and has been appointed to the Company’s Board of Directors.

At the time of Martindale’s appointment as Chief Financial Officer at Heritage, Bruce Lucas, Heritage’s Chairman and CEO, had said: “We are excited to welcome Steven Martindale to his new role as CFO. Steven has a long tenure in the insurance industry and brings with him a thorough understanding of financial reporting, statutory accounting practices and risk assessment. He is known as a strategic thinker and the entire team is enthusiastic for Mr. Martindale to come aboard.”

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Steve Martindale’s move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 6.2018 ($).