Current CFO (the one who isn’t a CPA) is OUT. They’ll probably spin it as a mutual agreement. The dominos keep falling. We will be in receivership by Labor Day. Nice knowing you all.
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The new CEO was the prior CEO of Mutual of America Capital Management (the biggest, most profitable, and most important subsidiary of Mutual of America Life Insurance Company). So, while he certainly is "learning on the job" as any good executive would, he isn't green. Also, he spent his career analyzing managements of other companies. To act like he is some listless newbie who is not up for the task is ridiculous.
Is there a new CFO !
Did the Board ask the CEO to let the CFO go or ask the CEO to let the CFO know her services were no longer appreciated or needed ? This saga should be in Chapter 13 in Promises to Keep 2: Rich's Greed & Greed's Rich.
We also need a CEO who isn’t learning on the job.
It’s worth asking how many EVPs in this company are doing the same—coasting while taking credit for others’ work.
How many clients has Severin picked off so far and isn't his non compete up by now ?
Once has got to believe she was under a lot of pressure. Long hours. 1 hour commutes each way every day. Working weekends. Too much time away from home and family. Even $500K is not enough. She has a bright future. The CFO job at Mutual was a great on the job learning and baptism by fire but it is not just a role playing exercise. It is serious business. The CFO must have received much pressure and even though it was termed a "voluntary resignation" when someone is asked to resign that is how a corporation spins it if they like the person. If they didn't like her, they would have sent out messaging that "she is no longer with the firm and we wish her well."
The Board of Directors are cowards. With a big change like the CFO leaving, the Board members should be available and give a statement and a Q&A with employees and make themselves available or at least provide the number to the company's EAP.
Evil creep Festog was the CFO who led the collapse of the company. His hand picked replacement FAILED to bring the company out of its tailspin, continuing to lose hundreds of millions of dollars. Does anyone on earth belive she really left on her own valition a week after a Board Meeting? Walking away from an extremely high paying C-suite job she was never qualified for in the first place? Come on.
Everyone knows the Board wasn't happy with the financial results and that falls squarely on the CFO--right or wrong. The Board clearly was concerned and wants to pilot a new direction. On the brightside, by jettisoning the existing CFO, the company saves itself $500K right then and there. More money to devote to the Executive Pay Packages, or to the Boca property or to paying to bring in more consultants like Accenture, Bain, or waste the money on CX.
I miss Bill Flynn and Tom Moran.
Several internal sources confirmed today that the CFO is out. Board wants new leadership. For those on this Board who said the CFO was not out, stop your gaslighting. Transparency and Truth.
What's the CFO's official last days before she moves on to a new role playing exercise ?
BQS should just be named "BS" as that is really what BQS was all about. Goon. Aka Ivan Drago.
We can confirm there was a Board Meeting last week so if there is any knowledge of what happened behind closed doors with the CF0, we would appreciate that info. I do know a couple of things before I was let go in December. In a speech she gave earlier in 2024, she stated that plan terminations were slowing down when in fact they were accelerating. She also stated that the company was getting out of the condo building business down in Boca, but earlier this year, the company went in front of Boca planning commission to double down on the development plans. Towards the end of last year, she was feverishly trying to cut the budget by focusing on marginal and petty items like expense accounts, corporate credit cards, mileage, and chump change. A real CFO knows you have to cut the Big Fat. Cut Ex Vps, Senior VPs, VPs, and their special perks like the two hush hush and secret deferred comp plans; massive overspending on real estate holdings; and mismanagement and positioning of the reinsurance contracts and the general account. Maybe she is not to blame for the mess, but unfortunately under her watch, the losses keep accelerating. It is a no win situation. The Firm Needs to bring in a seasoned Heavy Hitter in the CFO role with REAL CREDENTIALS and who also is a CPA. Just my humblest of strong opinions.
Can someone confirm the the Board is replacing the existing CFO with someone else ? I guess employees will find out if it is true eventually but it would be nice to know before the NY Times finds out or Wikileaks
Maybe she’ll go work at that hot new scheme: BQS. I hear she’s got a serious “in” with the founder.
With a $140M loss in 2024, what type of bonus did the CFO take home two weeks ago. I heard something like: $600,000 x .15 x .9 = $81,000. I heard $81,000 plus additional shares in the special deferred comp plan taking the total to ~ $150K.
Is the CFO still employed or what is the status ?
Controller has nothing to do with assets leaving. Clients leave from lack of service and products. Shouldn’t that be Paces job?
Whoever from HR is posting on here. Leave. Pay more attention to Glassdoor. That is where the real damage is being done. Fix Glassdoor. Don't take your eyes off of it. You are being head faked by "the layoff." To paraphrase James Carrville: "It's Glassdoor--Stupid."
The Board of Directors should make themselves available for a 2 hour question session for policyholders, clients, and employees. We need to hear from them directly instead of then hiding behind their $300,000.00 a year honorarias.
Could someone confirm if the CFO resigned, was let go, was asked to resign, or was fired OR none of the above. We need FACTS and Evidence
One of the previous posters said the "controller is doing a fine job of controlling assets." Yes that's right. Such a great job of a controlled release of assets leaving the company. Flood gates are wide open.
If the CFO was indeed fired, the Firm would never admit it. They would keep her active on the payroll and pay out severance. As a policyholder for many years, we may never know whats going on as there is no read out or print out of Board minutes. Would the Controller who actually does have a CPA take over ? They need DOGE to run things. A heavy hitter. I heard Andrew Cuomo is running for Mayor of NYC !
I was told that the CFO was originally hired because her father had a connection to Ben and Jack’s, a steakhouse Moran liked.
Not a CPA.
ChatGPT-
When a CPA is Not Necessary for a CFO:
• Strategy-Focused CFO Roles: In larger companies where accounting functions are handled by controllers or accounting teams, the CFO’s role is more focused on financial strategy, growth, and investor relations.
Last I knew she led financial planning and analysis and was a deputy treasurer.
The company needs more strategy and planning than a CPA. The controller does a fine job at controlling the assets.
The huge loss was due to PRIOR leadership and their decisions. The company is trying to rebound from YEARS of losing money.
The decisions prior leadership made to move to Omni is what ki-led us. Losing way more clients than planned.
Not sure who your source is but you have been wrong on many things.
Trolls gonna hate!
The plan asset retention is like 90%. Way down. 2000 plans have left in last 3 yrs. Total active participant count down to 300K.
Question: Is the current CFO actually holding a CPA designation ? Did they serve as a CFO at another company before coming to Mutual of America ? Is it true that since she took over the company suffered its worst loss ever--$140M or was that all on Festog ? Just curious but with a $140M loss, why did she take home over $100K in Incentive compensation ?
For the poster that posted "Wow!" Please answer the questions or you are just a gaslighter.
The last few annual reports have all emphasized how successful the "digital transformation" has been. Historically, Annual Reports are full of fluff. Mutual's Annual Reports have bordered on Fake News.
Wow! You were either the bully in middle school who stayed a bully or you were made fun of and like to get back at people. Who grows up to be an adult and spread misinformation and rumors?
Learn to fact check before you post nonsense and also learn to respect people. It would go a long way in learning to like yourself more.
Grow up.
The CFO was not fired.
Any idea when the Annual Report will come out and what it might look like? It used to come out in March, then under Greed it came out much later. I think an honest assessment would be the best approach, even if it's largely embarrassing.
Will the Company admit that the last few Annual Reports have been full of lies, such as 500,000+ participants, 96% client retention percentage, the technology platform has been successful, etc?