- Push-out Score determined
- After almost 16 years in the position
- Praise, thanks and good wishes for Falcone
- Gary Mentesana taking over in the interim
- Search for a successor
- Falcone said 67 words
(exechange) — Baltimore, Maryland, August 17, 2020 — Mike Falcone, chief executive of MMA Capital, leaves. As announced by MMA Capital Holdings Inc. in a news release and in a regulatory filing published on Monday, August 17, 2020, Michael L. (Mike) Falcone has left his post as chief executive officer at the infrastructure-related investment company after almost 16 years in the role, effective August 12, 2020.
It is the end of an era.
MMA Capital will undertake a search for a successor.
Mike Falcone’s duties as CEO will be taken over in the interim by Gary A. Mentesana, most recently President of MMA Capital Holdings Inc., as interim Chief Executive Officer.
“It is time for me to step down”
Mike Falcone’s departure from the CEO post is explained as follows. Falcone said: “After nearly 37 years of being associated with MMA and related businesses, it is time for me to step down.”
Precise information regarding Mike Falcone’s future plans was not immediately available.
“Resignation”
MMA Capital said: “MMA Capital Holdings, Inc. (Nasdaq: MMAC) (“MMA Capital” or the “Company”) today announced the resignation of Mr. Michael Falcone as Chief Executive Officer.”
MMA Capital further said: “Michael Falcone resigned his position as Chief Executive Officer of the Company, effective August 12, 2020.”
Share price increase since August 2015
The announcement follows an increase in MMA Capital Holdings Inc.’s share price of 113% since August 2015.
Chaired by Frank Gallagher
Frank Gallagher serves as Chairman of MMA Capital Holdings Inc.
Francis Gallagher was appointed as a director of MMA Capital Holdings in February 2012.
In the position of CEO since 2005
Mike Falcone became CEO of the Company in 2005.
Falcone will remain a member of the Company’s Board of Directors.
Falcone also resigned all of his positions with the Manager and with Hunt Companies, Inc., the parent company of the Manager.
Michael L. Falcone has been a member of the Company’s Board since 1999.
He has been the Chief Executive Officer (“CEO”) of the Company since January 1, 2005 and, in addition to being the Company’s CEO, served as the Chief Operating Officer of Hunt Capital Holdings, LLC, an affiliate of the Company’s External Manager.
Prior to his appointment as the Company’s CEO, he served as Chief Operating Officer since 1997.
Prior to joining MMA, he was a Senior Vice President of Shelter Development Corporation, where he was employed from 1983 to 1996.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to MMA Capital and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 34.2020 ($).