Sundie Seefried to retire, transitioning leadership to Terry Mendez as co-CEO and future CEO of Safe Harbor Financial.
Quiver AI Summary
Sundie Seefried will transition to co-CEO of SHF Holdings, Inc., d/b/a Safe Harbor Financial, for 30 days before retiring, while remaining on the Board of Directors. Terry Mendez has been appointed co-CEO and will become CEO upon Seefried's retirement. This leadership change is part of Safe Harbor's long-term growth strategy to enhance shareholder value and ensure operational continuity during the transition. Mendez, who has extensive experience in the cannabis and information technology sectors, will work on innovation and growth opportunities alongside Seefried. Both leaders emphasize their commitment to thoughtful succession planning and addressing the challenges in the cannabis industry.
Potential Positives
- Strategic leadership transition with the appointment of Terry Mendez as co-CEO ensures continuity and a focus on growth during a critical period.
- Sundie Seefried remains involved as a board member post-retirement, providing continuity in governance and strategic direction.
- Terry Mendez's extensive experience in business transformation and the cannabis industry positions the company for potential innovation and enhanced operational efficiency.
- The commitment to thoughtful succession planning reflects a proactive approach to maximizing shareholder value and ensuring long-term growth strategies.
Potential Negatives
- Immediate transition in leadership with Sundie Seefried retiring within 30 days may create uncertainty among employees and investors regarding the company's stability and future direction.
- The appointment of Terry Mendez as co-CEO, who has significant turnaround experience, hints at potential underlying challenges that may require transformative efforts to stabilize or improve operations.
- The reliance on a co-CEO structure during the transition may lead to potential conflicts or confusion in decision-making processes, impacting operational efficiency.
FAQ
Who is the new Co-CEO of Safe Harbor Financial?
Terry Mendez has been appointed as the new Co-CEO of Safe Harbor Financial.
What is Sundie Seefried's role after retirement?
After retirement, Sundie Seefried will continue to serve on the Board of Directors.
When is Sundie Seefried's retirement date?
Sundie Seefried plans to retire in 30 days from the announcement on January 29, 2025.
What is Terry Mendez's background?
Terry Mendez has extensive experience in strategic planning and operational transformation in the cannabis industry.
How does Safe Harbor Financial serve the cannabis industry?
Safe Harbor Financial provides traditional banking and financial services to cannabis and ancillary businesses while ensuring compliance.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$SHFS Hedge Fund Activity
We have seen 6 institutional investors add shares of $SHFS stock to their portfolio, and 8 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BLUE OWL CAPITAL HOLDINGS LP added 1,517,924 shares (+inf%) to their portfolio in Q3 2024, for an estimated $839,867
- GEODE CAPITAL MANAGEMENT, LLC added 48,144 shares (+25.0%) to their portfolio in Q3 2024, for an estimated $26,638
- RENAISSANCE TECHNOLOGIES LLC removed 47,070 shares (-62.2%) from their portfolio in Q3 2024, for an estimated $26,043
- CORIENT PRIVATE WEALTH LLC removed 40,000 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $22,132
- M3F, INC. added 28,596 shares (+0.5%) to their portfolio in Q3 2024, for an estimated $15,822
- VIRTU FINANCIAL LLC removed 15,949 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $8,824
- CITADEL ADVISORS LLC added 13,258 shares (+34.9%) to their portfolio in Q3 2024, for an estimated $7,335
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Sundie Seefried to Immediately Become Co-CEO and Retire in 30 Days; Will Remain on Board of Directors Post-Transition
Business Transformation Expert, Terry Mendez, Appointed Co-CEO; Will Become CEO Upon Retirement of Seefried
GOLDEN, Colo., Jan. 29, 2025 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a
Safe Harbor Financial
(“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a fintech leader in facilitating financial services and credit facilities to the regulated cannabis industry, announced today that its current CEO, Sundie Seefried, plans to retire in 30 days. Karl A. Racine, chair of the Safe Harbor’s Nominating and Governance Committee, has been overseeing due diligence activities and advising the executive team and the Governance Committee to evaluate both internal and external candidates as part of the process. This strategic approach and review are part of the Company’s long-term growth strategy, ensuring that Safe Harbor continues to maximize shareholder value and executes its strategic vision.
Sundie Seefried will serve as co-CEO throughout this transition period. The Company signed a three-year executive employment agreement with Terry Mendez to serve as co-CEO and will be appointed CEO upon Seefried’s retirement. Post-transition, Seefried will remain on the Board of Directors.
During the transition, Mendez will work closely with Safe Harbor’s leadership team and Board of Directors to capture opportunities for innovation and growth, while Seefried will focus on achieving operational continuity. Seefried and Mendez will be the key decision-makers, ensuring that all strategic recommendations are evaluated and presented to the Board, as needed, for approval.
“We remain committed to thoughtful succession planning and long-term strategic growth, with the goal of capitalizing on optimizing our market position,” said Sundie Seefried, co-CEO of Safe Harbor Financial. “Terry’s experience in business expansion, transformation and strategic advisory will provide a valuable perspective as we explore ways to enhance our operations and maximize shareholder value. I look forward to working closely with him.”
“At a time when most financial institutions were unwilling to work with the cannabis industry, Safe Harbor emerged as a pioneer, providing essential banking and financial services to the sector for the past decade. We are now looking at the challenges currently facing the industry and determining how we can leverage our people to develop technology that delivers trusted solutions to the marketplace,” said Terry Mendez, co-CEO of Safe Harbor Financial. “I look forward to diving into the business, learning from Sundie and partnering with my fellow operators to deliver value for our shareholders.”
Terry Mendez brings extensive experience in strategic planning and operational transformation within the information technology and cannabis industries. In his role as founder of Amos Advisory Solutions, Mr. Mendez served as the CEO of both single-state and multi-state cannabis operators successfully leading turnaround efforts. Terry began his career in public accounting with Arthur Andersen and Deloitte & Touche. Previously, he served as the vice president of Finance and global chief accounting officer for Hitachi Vantara, a subsidiary of Hitachi, overseeing 52 countries.
About Safe Harbor
Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past decade, Safe Harbor has facilitated more than $25 billion in deposit transactions for businesses with operations spanning over 41 states and US territories with regulated cannabis markets. For more information, visit
www.shfinancial.org
.
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that may be instituted against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Contact Information
Safe Harbor Investor Relations
[email protected]
KCSA Strategic Communications
Ellen Mellody
[email protected]