After nearly 30 years, Nicholas Financial founder and chairman Peter L. Vosotas has resigned from the company, the Clearwater-based auto financing company said Tuesday. "Mr. Vosotas' decision was based on personal reasons and was not the result of any disagreement with the company on any matters relating to the company's operations, policies or practices," according to a statement.
But the announcement of his departure comes on the same day that the company said it will continue to operate on its own and end its exploration to sell the company or pursue other strategic alternatives. Last month, Prospect Financial's planned purchase of Nicholas Financial was called off by the Clearwater business after the Securities and Exchange Commission required Prospect to change the way it accounts for companies it owns on its balance sheet.
Nicholas Financial's board also named Ralph T. Finkenbrink, president and CEO, to serve as chairman in place of Vosotas. The company's annual meeting, scheduled for July 30, will instead be held on Aug. 12.