- After about four years in the position
- Bill Foley taking over
- Massey will remain as Vice Chairman of the Board at Cannae
(exechange) — Las Vegas, Nevada, February 12, 2024 — Rick Massey, chief executive of Cannae, leaves his position. As announced by Cannae Holdings Inc. in a news release on Monday, February 12, 2024, Richard N. (Rick) Massey leaves his post as chief executive officer at the investment firm, after about four years in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Rick Massey’s duties as CEO will be taken over by William P. (Bill) Foley, most recently Chairman at Cannae Holdings Inc.
No reason given
In the announcement, Cannae did not explicitly explain the reason for the move.
Massey will remain as Vice Chairman of the Board at Cannae
Cannae stated: “Cannae Holdings, Inc. (NYSE: CNNE) (“Cannae” or the “Company”) today announced that it has appointed Chairman William P. Foley II as Chief Executive Officer of the Company and Richard Massey as Vice Chairman of the Board.”
Share price decline since February 2021
The announcement follows a decline in Cannae Holdings Inc.’s share price of 46% since February 2021.
In the position of CEO since 2019
Rick Massey became CEO of the Company in 2019.
Massey will continue to work with Foley on investment opportunities.
Massey has served as Chief Executive Officer of Cannae since November 2019 and has served on the Cannae board of directors since June 2018.
Rick Massey serves as Vice Chairman of the Board. Most recently, Massey served as Chief Executive Officer of Cannae Holdings, Inc. and, previously, Massey was a partner of Westrock Capital Partners and Bear State Advisors, both multifamily investment offices.
Massey was Chief Strategy Officer and General Counsel of Alltel Corporation from January 2006 to January 2009, the fifth-largest wireless carrier in the United States, before being sold for approximately $29 billion in 2009.
Previously, from 2000 until 2006, Massey served as Managing Director of Stephens Inc., a private investment bank, during which time his financial advisory practice focused on software and information technology companies.
Massey also serves as a director on the boards of Dun & Bradstreet Corporation, Alight, Inc. and System1, Inc., which are Cannae portfolio companies.
Massey formerly served as a director of Fidelity National Financial, Inc., Black Knight, Inc., Fidelity National Information Systems, and FGL Holdings.
He is also a director of the Oxford American Literary Project and the Arkansas Razorback Foundation.
Massey is a Senior Managing Director of Trasimene Capital Management, LLC, a privately held company, which provides certain management services to Cannae, since November 2019.
Massey is also a longtime partner of Westrock Capital Partners and Bear State Advisors, both privately held multi-family investment partnerships.
Massey was Chief Strategy Officer and General Counsel of Alltel Corporation from January 2006 to January 2009.
From 2000 until 2006, Massey served as Managing Director of Stephens Inc., a private investment bank, during which time his financial advisory practice focused on software and information technology companies.
Massey formerly served as Chairman of Bear State Financial, Inc., and as a director of FNF, Black Knight, FGL Holdings and FIS.
He also serves as a director of the Oxford American Literary Project, and as Chairman of the Board of the Arkansas Razorback Foundation.
No statement by Rick Massey
The announcement of his departure as CEO does not include a statement by Rick Massey.
Push-out Score for Rick Massey’s move determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Rick Massey’s move on a scale of 0 to 10.
Read the full story in the exechange report 8.2024 ($).