first marblehead corp/the (FMD) Key Developments
The First Marblehead Corporation Announces Management Changes, with Effective from August 4, 2014
Jul 2 14
The First Marblehead Corporation announced the appointment of Alan G. Breitman as the Chief Financial Officer of the company, on June 30, 2014, Richard Neely resigned from his position as Interim Chief Financial Officer, effective as of August 4, 2014. On June 30, 2014, the Board of Directors of the corporation appointed Alan G. Breitman as the corporation's Chief Financial Officer, Chief Accounting Officer and Managing Director, effective as of August 4, 2014. Mr. Breitman, who was also designated an executive officer of the corporation, will serve as the corporation's Chief Financial Officer, Chief Accounting Officer and Managing Director until his successor has been duly elected and qualified or until his earlier resignation or removal. Mr. Breitman, 44, has served as a Managing Director of Corporate Fuel Advisors, LLC.
The First Marblehead Corporation(NYSE:FMD) dropped from Russell 2000 Index
Jun 30 14
The First Marblehead Corporation will be removed from the Russell 2000 Index.
The First Marblehead Corporation(NYSE:FMD) dropped from Russell 3000 Index
Jun 30 14
The First Marblehead Corporation will be removed from the Russell 3000 Index.
The First Marblehead Corporation Enter into Amendment to its Loan Program Agreement with SunTrust Bank
Jun 2 14
The First Marblehead Corporation announced that it has entered into an amendment to its loan program agreement with SunTrust Bank. The amendment extends the term of the loan program agreement through September 30, 2017 while reducing the company's funding requirements for credit enhancement on both a historical and prospective basis to approximately 50% of the amount required before the amendment was executed. The reduction in the level of credit enhancement will also lower the amount of administrative fee income to be received by the company.
The First Marblehead Corporation Announces Changes in Management Team, Effective May 29, 2014
May 8 14
Richard Neely was appointed interim CFO to succeed Kenneth Klipper. First Marblehead Corp.'s board on May 5, 2014 accepted the resignation of Kenneth Klipper from all of his positions at the company and its subsidiaries, including as CFO and managing director of First Marblehead, effective May 29, 2014. Klipper indicated that his resignation is not due to any disagreement with the company on any matter relating to its operations, policies or practices. Also, the board on May 5 appointed Richard Neely as interim CFO, effective May 30, to succeed Klipper. Neely, who was also designated an executive officer of the company, has served as managing director of finance of First Marblehead since November 2008 and as treasurer since April 2011.