As the year has come to a close, there have been a number of changes at automobile insurer First Acceptance.
On Dec. 14, CEO Stephen Harrison stepped down as the company’s CEO, handing the reins over to interim President Mark Kelly. Additionally, Harrison sold his 7 million shares back to the company.
Likewise, Harrison’s brother Tom, who co-founded the company and served as executive vice president and secretary until 2007, sold his 7 million shares of company stock. The purchasers in that sale were former chairman Gerald Ford’s Texas-based Hunter’s Glen/Ford investment group and director Rhodes Bobbitt.
Ford stepped aside as company chairman earlier this fall while his son Jeremy, CEO of Dallas-based Hilltop Holdings, was nominated to the board.
Between them, the two Fords now control 49.6 percent of First Acceptance stock, leaving some to wonder at what point they might have to purchase all the outstanding shares and take the company private, or if that’s even an option on the table.
NashvillePost.com attempted to contact First Acceptance for further details but had not heard back at the time of publication.
An overview of the company’s recent SEC filings can be found at this link.
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