AmTrust CFO Ron Pipoly leaves post abruptly

  • Signs for push-out forces
  • After twelve years on the job
  • Praise and thanks for Pipoly
  • Adam Karkowsky taking over
  • Pipoly will remain as employee at AmTrust

(exechange) — New York, June 05, 2017 — Ron Pipoly, finance chief of AmTrust, leaves the position. It is an abrupt change. As announced by AmTrust Financial Services, Inc. in a news release and in a regulatory filing published on Monday, June 05, 2017, Ronald E. (Ron) Pipoly leaves the post as Chief Financial Officer at the insurance holding company in a surprising move after twelve years on the job, effective immediately.

It is the end of an era.

Pipoly’s move comes 13 months after Barry Zyskind took over as chairman of AmTrust Financial Services, Inc.

Pipoly’s duties are taken over by Adam Karkowsky, most recently Executive Vice President, Strategic Development and Mergers & Acquisitions at AmTrust Financial Services, Inc.

No reason given

In the announcement, AmTrust did not explicitly explain the obviously compelling reason for Pipoly’s sudden move, leaving room for speculation.

Pipoly will remain as employee at AmTrust

“Ronald Pipoly, the Company’s Chief Financial Officer since 2005, will remain with the Company and work with Mr. Karkowsky to transition responsibilities,” AmTrust said.

Alarm signal

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


AmTrust said: “[E]ffective June 5, 2017, the position of Executive Vice President – Chief Financial Officer of the Company will transition from Ronald Pipoly to Adam Karkowsky.”

Share price decline

The change follows a sharp decline in the share price of AmTrust Financial Services, Inc. since February 2017.

Chaired by Barry Zyskind

AmTrust Financial Services, Inc. is chaired by Barry Zyskind.

Barry Zyskind joined AmTrust in 1998 and has held several leadership positions during his time with the company. Since May 2016 he has been Chairman of the board, adding to his roles as Chief Executive Officer and President that he has held since 2000.

On the job as CFO since 2005

Ronald Pipoly, Jr. joined AmTrust in 2001 and was appointed Chief Financial Officer in 2005.

From 1993 to 2001, Pipoly served as Financial Analyst, Assistant Controller, and ultimately, Controller at PRS Group, Inc., a property and casualty insurance holding company in Beachwood, Ohio.

Pipoly began his career at Coopers and Lybrand, an accounting firm, where he worked from 1988 through 1993.

Signs for push-out forces

It is not completely certain what forces eventually triggered Ron Pipoly’s sudden move.

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

Read the full story in the exechange report 24.2017 ($).