8-K: NewtekOne Appoints Frank M. DeMaria as Chief Accounting Officer, Nicholas Leger Transitions to Treasurer

NewtekOne, Inc. has appointed Frank M. DeMaria as its new Executive Vice President, Chief Accounting Officer, effective March 29, 2024, while Nicholas Leger transitions to Senior Vice President, Treasurer.

Summary

• NewtekOne, Inc. announced the appointment of Frank M. DeMaria as Executive Vice President, Chief Accounting Officer, effective March 29, 2024.
• The former Chief Accounting Officer, Nicholas Leger, has been moved to the role of Senior Vice President, Treasurer of the Company and its bank subsidiary, Newtek Bank, N.A., also effective March 29, 2024.
• Mr. DeMaria joined the company in May 2023 and previously served as Senior Vice President of Finance and Accounting.
• Prior to joining NewtekOne, Mr. DeMaria held senior positions at Flagstar Bank, N.A. and Amalgamated Financial Corp.
• Mr. DeMaria's employment agreement includes an annual base salary of $360,000 and a $250,000 stock award under the company's 2023 Stock Incentive Plan.
• The agreement also includes standard benefits, severance provisions, and a change in control agreement.

Sentiment

Score: 7

Explanation: The document reflects a routine management change with no indication of negative issues. The appointment of a new Chief Accounting Officer and the transition of the former one are standard business practices.

Positives

• The appointment of Frank M. DeMaria brings a seasoned financial professional with experience at other financial institutions.
• The transition of Nicholas Leger to Treasurer allows the company to leverage his experience in a different capacity.
• The employment agreement with Mr. DeMaria includes standard benefits and severance provisions, providing stability and security.

Risks

• The transition of key personnel could create temporary disruptions in accounting and financial reporting processes.
• The company will need to ensure a smooth handover of responsibilities between the outgoing and incoming officers.

Future Outlook

The company has not provided any specific forward-looking statements in this filing.

Management Comments

• The filing includes the formal announcement of the appointment and transition of key personnel.
• There are no direct quotes from management in this filing.

Industry Context

Changes in key financial roles are common in the financial services industry, and this announcement reflects NewtekOne's ongoing management of its personnel.

Comparison to Industry Standards

• The compensation package for the new Chief Accounting Officer, including base salary and stock awards, appears to be within the typical range for similar roles in the financial services industry.
• The transition of the former Chief Accounting Officer to Treasurer is a common practice to retain experienced personnel within the company.

Management Changes

Stakeholder Impact

• Shareholders may view the management changes as a normal course of business.
• Employees may experience some changes in reporting structures.
• Customers and suppliers are unlikely to be directly impacted by these changes.

Next Steps

• The company will file the Employment Agreement as an exhibit to its next Quarterly Report on Form 10-Q.
• The company will continue to integrate the new Chief Accounting Officer into his role.

Key Dates

Keywords

Chief Accounting Officer, Executive Vice President, Treasurer, Financial Officer, Accounting, NewtekOne, Management Change, Corporate Governance