Impac CFO Todd Taylor leaves post abruptly

  • Push-out Score suggests push-out forces
  • After almost 10 years in the position
  • Praise, thanks and good wishes for Taylor
  • Brian Kuelbs taking over

(exechange) — Irvine, California, May 25, 2018 — Todd Taylor, finance chief of Impac, leaves the position. It is an abrupt change. As announced by Impac Mortgage Holdings, Inc. in a news release published on Monday, May 21, 2018 and in a regulatory filing published on Friday, May 25, 2018, Todd R. Taylor leaves his post as Chief Financial Officer at the provider of mortgage lending and warehouse lending solutions after almost 10 years in the position, effective immediately.

Taylor leaves the company effective June 30, 2018.

Taylor’s duties will be taken over by Brian P. Kuelbs, most recently Chief Investment Officer of Banc of California, Inc.

The fact that Taylor’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.

“To pursue other professional opportunities”

Taylor’s sudden departure from the CFO post is explained as follows. Impac said: “Chief Financial Officer Todd Taylor is stepping down to pursue other professional opportunities.”

The phrase “to pursue other professional opportunities” opens the door to speculation.

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

Alarm signal

Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the position abruptly and without a reasonable explanation.

“Stepping down”

Impac said: “On May 21, 2018, Todd Taylor notified Impac Mortgage Holdings, Inc. … that he will be stepping down as Chief Financial Officer effective that day.”

Share price decline

The change follows a decline in the share price of Impac Mortgage Holdings, Inc. since May 2017.

Chaired by Joseph R. Tomkinson

Impac Mortgage Holdings, Inc. is chaired by Joseph R. Tomkinson.

Joseph R. Tomkinson has been Chairman of the Board since April 1998 and Chief Executive Officer and a Director of the Company since its formation in August 1995.

In the position of CFO since 2008

Todd R. Taylor has been the Chief Financial Officer and Executive Vice President since November 2008.

From February 2008 until November 2008, Taylor was the Interim Chief Financial Officer.

Taylor joined IMH in October 2004 as the Senior Vice President, Controller and served in this position until he was promoted to Senior Vice President and Director of Accounting in June 2006.

Taylor served as the Senior Vice President and Director of Accounting until he was promoted to Chief Accounting Officer in October 2007 in which he served until he was appointed to the Interim Chief Financial Officer in February 2008.

Prior to joining IMH, Taylor served as the Chief Financial Officer and Secretary for Primal Solutions, Inc. from August 2003 until October 2004.

Taylor earned his B.A. degree in Business from California State University at Fullerton and is a certified public accountant.

Taylor will remain with the Company until June 30, 2018 in order to ensure a smooth transition of responsibilities.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Todd Taylor’s sudden 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 22.2018 ($).