Green Hills-based auto insurer First Acceptance has promoted its top marketing executive to president, a title that had been held by interim CEO Mark Kelly.
Senior Vice President of Sales and Marketing Joe Borbely has been with First Acceptance since July of last year, having joined after stints as president of payday loan provider EZMoney and as executive vice president of similar venture Allied Cash Holdings. Borbely also has been active in specialty retail, where he held senior positions at Hancock Fabrics and Hollywood Video, among others.
In a filing with regulators, First Acceptance said Kelly — who was named to the president and CEO posts last March and December, respectively — resigned the interim president title last Monday. Borbely, 55, will be paid a base salary of $300,000 per year in his new role.
Treasurer Mike Bodayle said Borbely's appointment is a reflection of the work he has done in the year since he joined — including the launch last week of online policy sales — and lets Kelly get out of some of the day-to-day operations to focus more on the company's overall vision.
"Joe has done a great job refocusing our sales efforts and rebranding our products," Bodayle said.
Shares of First Acceptance (Ticker: FAC) are flat in Monday trading at $1.15. They've fallen about 15 percent so far this year.
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