Meta Financial CEO Tyler Haahr leaves abruptly

  • Push-out Score suggests push-out forces
  • After around 13 years in the position
  • Praise and thanks for Haahr
  • Brad Hanson taking over
  • Haahr said 77 words

(exechange) — Sioux Falls, South Dakota, October 30, 2018 — Tyler Haahr, chief executive of Meta Financial, leaves — as “mutually determined.” It is an abrupt change. As announced by Meta Financial Group Inc. in a news release and in a regulatory filing published on Tuesday, October 30, 2018, J.Tyler Haahr leaves his post as Chief Executive Officer at the holding company for the financial services company MetaBank after around 13 years in the role, effective immediately.

It is the end of an era.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.1 years, according to data compiled by exechange. Only 36 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.

Tyler Haahr’s duties will be taken over by Bradley C. (Brad) Hanson, most recently President of Meta Financial Group, Inc.

“Now is the right time”

Tyler Haahr’s sudden departure from the CEO post is explained as follows. Frederick V. Moore, currently Lead Director and Vice Chairman, said: “Following the successful completion of the transformative Crestmark acquisition, Tyler and the Board have mutually determined that now is the right time for a new leader to guide Meta going forward. Because of the depth of our management team, we are confident Meta will continue its growth momentum and deliver value for shareholders under Brad’s leadership.”

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

“Stepped down”

Meta Financial said: “Hanson replaces J. Tyler Haahr, who has stepped down as Chief Executive Officer.”

Share price decline

The change follows a decline in the share price of Meta Financial Group, Inc. since June 2018.

In the position of CEO since 2005

Haahr has been the Chief Executive Officer of Meta Financial Group, Inc. since June 27, 2005.

Haahr has been Chairman of the Board and Chief Executive Officer of Meta Financial Group, Inc. and MetaBank.

He has been employed by Meta Financial and its affiliates since March 1997 and has been Chief Executive Officer since 2005.

The Board of Directors elected him to serve as its chairman effective October 1, 2011.

Previously, he was a partner with the law firm of Lewis and Roca LLP in Phoenix, Arizona.

He serves as the Secretary and a member of the Board of Directors of LifeScape.

In addition, he serves as a Director and is past Chairman of the Board of Directors for the Sioux Falls YMCA.

He received his B.S. degree in Accounting with honors from the University of South Dakota.

He graduated with honors from the Georgetown University Law Center in Washington, D.C.

It is expected that Haahr will remain Chairman of the Board and an employee through the Company’s Annual Meeting of Stockholders expected to be held in January 2019.

Frederick V. Moore, currently Lead Director and Vice Chairman, has been appointed to serve as Chairman effective following the date of the Annual Meeting.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Tyler Haahr’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 45.2018 ($).