Meta Financial Group, Inc.® (Nasdaq: CASH) (the “Company”) today
announced that Brad Hanson, President and CEO of the Company and
Co-President and CEO of the Company’s wholly-owned subsidiary
MetaBank®, N.A. (“MetaBank” together with the Company, “Meta”), has
informed the Company’s Board of Directors of his intention to focus
on entrepreneurial and philanthropic endeavors and retire from
Meta.
The Board of Directors has appointed Brett
Pharr, currently Co-President and Chief Operating Officer of
MetaBank, as incoming CEO of the Company and of MetaBank, N.A. He
will also be appointed as a member of the Boards of Directors of
the Company and MetaBank. Anthony Sharett, currently EVP and Chief
Legal & Compliance Officer, Corporate Secretary of the Company
and MetaBank, will step into the role of President of the Company
and MetaBank.
To help ensure a smooth transition, Mr. Hanson
will continue in his current position through September 30, 2021,
when his retirement will become effective, and he will remain on
the Company’s Board until the next annual stockholders’ meeting,
expected to take place in February 2022. He also will serve as a
Strategic Advisor to Meta and the Boards on industry and partner
relations until the end of 2022.
“On behalf of Meta’s Boards of Directors,
customers, employees and shareholders, we thank Brad for his
contributions over nearly twenty years, which helped to build
Meta’s leadership position in the financial services and payments
industries, and for his commitment to our mission of financial
inclusion for all®,” said Douglas J. Hajek, Chairman of Meta’s
Boards of Directors.
Mr. Hanson joined the Company in 2004 to found
Meta Payment Systems and served as President of that business until
2013, when he was named President of Meta Financial Group and
MetaBank. He was appointed Chief Executive Officer in October 2018.
Upon retirement, Mr. Hanson will, among other things, work on a
forthcoming initiative, in which Meta will be a partner through its
venture capital arm, to provide more efficient cross-border
remittance between the United States and Mexico for underbanked
customers.
“Meta has a deep bench of experienced and
highly-qualified senior-level executives, and we are pleased to
appoint Brett to the role of CEO and to our Boards,” Mr. Hajek
added. “We are highly confident in the company’s prospects, and in
Brett’s solid grasp of our unique business model and ability to
continue to execute our strategy to create value for all
stakeholders, as we profitably expand our businesses and execute
our ESG and DEI initiatives. Our confidence is further demonstrated
by the share repurchase program we announced today.”
Mr. Pharr was appointed Co-President and Chief
Operating Officer of MetaBank in June 2020 and, prior to that,
served as the EVP, Group Head of Governance, Risk, and Compliance
for the Company and Meta. A trusted and collaborative leader, Mr.
Pharr brings over 35 years of experience in large, complex
financial institutions to the CEO role, having held roles of
increasing responsibility at Bank of America and Citizens Bank. He
has led Commercial, Consumer and M&A operations, and is also a
recognized specialist in optimized risk management and regulatory
compliance frameworks.
“It is an honor to be appointed to lead Meta’s
growth at this significant time in our development,” said Mr.
Pharr. “Meta serves as the backbone for financial technology
companies and others offering innovative financial services, while
supporting established partners with their programs. Our pipeline
has never been stronger, and I look forward to working with our
nearly 1,200 employees to continue our growth trajectory.”
Mr. Sharett was appointed Chief Legal &
Compliance Officer, Corporate Secretary in June 2020 and, prior to
that, served as General Counsel of Meta. Mr. Sharett brings both
business leadership as well as risk and compliance expertise to the
President role. Before joining the Company, he held legal and
business unit leadership positions at Nationwide Mutual Insurance
Company. Previously, he was a partner at BakerHostetler where he
was the national co-leader of the firm’s Financial Services
Practice Group.
“Meta was founded in 1954 on the philosophy that
it must ‘take care of the people,’ and I look forward to working
with our talented leadership team and employees to continue
fulfilling that premise and our mission of financial inclusion for
all®,” Mr. Sharett said.
Mr. Hanson added: “I am proud of the Meta team,
our commitment to our customers and the role we have played in
advancing ‘Banking as a Service.’ It has been a privilege to serve
as Meta’s CEO, and I know Meta’s commitment to financial
empowerment will continue under Brett and Anthony’s
leadership.”
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements reflect our
current views with respect to, among other things, future events,
including those relating to the anticipated transition of the CEO
and President roles and the expectation that Mr. Hanson will work
with Meta’s venture capital arm on a forthcoming initiative. These
statements are often, but not always, made through the use of words
or phrases such as “may,” “might,” “should,” “could,” “predict,”
“potential,” “believe,” “expect,” “continue,” “will,” “anticipate,”
“seek,” “estimate,” “intend,” “plan,” “projection,” “would,”
“annualized” and “outlook,” or the negative version of those words
or other comparable words or phrases of a future or forward-looking
nature. Accordingly, we caution you that any such forward-looking
statements are not guarantees of future performance and are subject
to risks, assumptions, estimates and uncertainties that are
difficult to predict. Although we believe that the expectations
reflected in these forward-looking statements are reasonable as of
the date made, actual results may prove to be materially different
from the results expressed or implied by the forward-looking
statements as a result of various risks, uncertainties and other
factors. For a discussion of some of the risks and important
factors that could affect our future results and financial
condition, see our U.S. Securities and Exchange Commission filings,
including, but not limited to, our Annual Report on Form 10-K for
the fiscal year ended September 30, 2020. The Company expressly
disclaims any intent or obligation to update any forward-looking
statements, whether written or oral, that may be made from time to
time by or on behalf of the Company or its subsidiaries, whether as
a result of new information, changed circumstances or future
events, or for any other reason.
About Meta Financial Group,
Inc.®
Meta Financial Group, Inc.® (“Meta”) (Nasdaq:
CASH) is a South Dakota-based financial holding company. At Meta,
our mission is financial inclusion for all®. Through our
subsidiary, MetaBank®, N.A., we strive to remove barriers to
financial access and promote economic mobility by working with
third parties to provide responsible, secure, high quality
financial products that contribute to the social and economic
benefit of communities at the core of the real economy. Meta works
to increase financial availability, choice, and opportunity for
all. Additional information can be found by visiting
www.metafinancialgroup.com.
Investor Relations ContactBrittany Kelley
Elsasser605-362-2423 bkelley@metabank.com
Media Relations
Contactmediarelations@metabank.com
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