People: First Acceptance Corporation (FAC)

FAC on New York Consolidated

1.96USD
9:38am EST
Price Change (% chg)

$-0.03 (-1.51%)
Prev Close
$1.99
Open
$1.97
Day's High
$1.97
Day's Low
$1.96
Volume
700
Avg. Vol
29,110
52-wk High
$3.20
52-wk Low
$1.66

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Summary

Name Age Since Current Position
Ford, Gerald 65 2002 Chairman of the Board
Harrison, Stephen 57 2008 Chief Executive Officer, Director
Pierce, Edward 52 2008 President
Cohn, Kevin 40 2008 Chief Financial Officer, Senior Vice President, Secretary
Walker, Daniel 46 2007 Senior Vice President - Operations
Bornemann, Keith 37 2008 Vice President, Corporate Controller
Cash, Harvey 71 1996 Director
Edwards, Donald 43 2004 Director
Bobbitt, Rhodes 64 2004 Director
Olson, Lyndon 62 2004 Director
Shipp, William 57 2004 Director
Harrison, Thomas 59 2007 Director
Nichols, Tom 62 2005 Director
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Biographies

Name Description
Ford, Gerald Mr. Gerald J. Ford has been Chairman of the Board of Directors and a director of First Acceptance Corporation since its formation in August 1996. Mr. Ford served as Chief Executive Officer from formation until July 2002. He currently is a private investor, and serves as Chairman of the Board of Trustees of Southern Methodist University and as a trustee of Southwestern Medical Foundation. Mr. Ford was the Chairman of the Board, Chief Executive Officer and a director of Golden State Bancorp Inc., a holding company whose primary asset was its indirect ownership of California Federal Bank, from September 1998 through November 2002. Mr. Ford is a director of Freeport-McMoRan Copper & Gold, McMoRan Exploration Co., Scientific Games Corporation and Hilltop Holdings, Inc.
Harrison, Stephen Mr. Stephen J. Harrison has served as Chief Executive Officer and a Director of First Acceptance Corporation since April 2004. Mr. Harrison served as President from April 2004 through February 2008. In 1995, Mr. Harrison co-founded USAuto Insurance Company, Inc., predecessor of USAuto Holdings, Inc. (“USAuto Holdings”), which the company acquired in April 2004. Mr. Harrison has over 30 years experience in insurance and related industries, including automobile insurance and insurance agency operations. From 1974 to 1991, he served in various capacities with the Harrison Insurance Agency, a family-owned multi-line insurance agency. From 1991 to 1993, Mr. Harrison served as President of Direct Insurance Company, a non-standard automobile insurance company.
Pierce, Edward Mr. Edward L. Pierce has served as President of First Acceptance Corporation since February 2008. Mr. Pierce served as Executive Vice President of the Company from August 2006 to February 2008 and Chief Financial Officer from October 2006 to February 2008. From May 2001 through February 2006, Mr. Pierce served as Executive Vice President and Chief Financial Officer and as a director of BindView Development Corporation, a publicly-traded network security software development company. From November 1994 through January 2001, Mr. Pierce held various financial management positions, including Executive Vice President and Chief Financial Officer, with Metamor Worldwide Corporation, a publicly-traded global information technology services company. Previously, Mr. Pierce was Corporate Controller of American Oil and Gas Corporation and a Senior Audit Manager at Arthur Andersen & Co.
Cohn, Kevin Mr. Kevin P. Cohn has served as Senior Vice President, Chief Financial Officer and Secretary of First Acceptance Corporation since February 2008. Mr. Cohn served as Chief Accounting Officer and Corporate Controller of the Company from October 2006 to February 2008. From May 2001 through May 2006, he served as Vice President, Chief Accounting Officer and Corporate Controller of BindView Development Corporation, a publicly-traded network security software development company. From December 1997 until February 2001, Mr. Cohn was employed by Metamor Worldwide Inc., a publicly-traded global information technology services company, where he was Vice President, Chief Accounting Officer and Corporate Controller. Before that, Mr. Cohn was employed with Ernst & Young LLP as an Audit Manager.
Walker, Daniel Mr. Daniel L. Walker has served as Senior Vice President — Operations of First Acceptance Corporation since October 2007 having responsibilities for both claims and underwriting. Mr. Walker served as Senior Vice President — Claims from July 2007 to October 2007 and Vice President — Claims from March 2007 to July 2007. He has over 20 years claims experience, and served as Chief Claim Officer for Canal Insurance Company from August 2002 to March 2007.
Bornemann, Keith Mr. Keith E. Bornemann has served as Vice President – Corporate Controller of First Acceptance Corporation, since November 2008 and Corporate Controller of the Company from February 2008 to November 2008. Mr. Bornemann served as Assistant Controller of the Company from January 2007 to February 2008. He has over 13 years of accounting, finance and internal audit experience, and was employed from January 2005 to January 2007 by Sachem, Inc., a privately-held global manufacturing company, where he was Manager of Finance and Internal Audit. From July 1995 to December 2004, Mr. Bornemann was employed with Ernst & Young LLP, most recently as an Audit Senior Manager.
Cash, Harvey Mr. Harvey B. Cash has served as a Director of First Acceptance Corporation since November 1996. Mr. Cash has been a general partner of InterWest Partners, a venture capital fund, since 1986. Mr. Cash is a director of Silicon Laboratories, Ciena Corporation, and Argo Group International Holdings, Ltd.
Edwards, Donald Mr. Donald J. Edwards has served as a Director of First Acceptance Corporation since July 2002. Mr. Edwards currently is the managing principal for Flexpoint Partners, LLC, a Chicago-based private equity firm, and served as President and Chief Executive Officer from July 2002 through April 2004. Prior to July 2002, Mr. Edwards served as a Principal in GTCR Golder Rauner, a Chicago-based private equity firm, for over five years.
Bobbitt, Rhodes Mr. Rhodes R. Bobbitt has served as a Director of First Acceptance Corporation since August 2004. From February 1987 until his retirement in June 2004, Mr. Bobbitt served as managing director and Dallas regional office manager of the Private Client Service Group — Credit Suisse First Boston and its predecessor, Donaldson, Lufkin & Jenrette. Prior to joining Donaldson, Lufkin & Jenrette, Mr. Bobbitt was vice president of security sales in the Dallas office of Goldman Sachs & Co. Mr. Bobbitt is a director of Hilltop Holdings, Inc.
Olson, Lyndon Mr. Lyndon L. Olson, Jr. has served as a Director of First Acceptance Corporation since August 2004. Mr. Olson has served as a senior advisor to Citigroup, Inc., serving as a consultant to senior management, since 2001. Mr. Olson served as United States Ambassador to Sweden from 1998 until 2001. From 1990 to 1998, Mr. Olson served with Citigroup as President and Chief Executive Officer of Travelers Insurance Holdings and the Associated Madison Companies. Prior to joining Citigroup, Mr. Olson served as President of the National Group Corporation and Chief Executive Officer of its National Group Insurance Company.
Shipp, William Mr. William A. Shipp, Jr. has served as a Director of First Acceptance Corporation since August 2004. Mr. Shipp has been principal of W.A. Shipp, Jr. & Co., a financial advisory firm, since July 1995 and has served as Treasurer/Secretary of the Jack C. Massey Foundation since July 1999. From December 1983 to June 1995, Mr. Shipp served as Vice President of Massey Investment Company. Prior to joining Massey Investment Company, Mr. Shipp worked for more than eight years in various audit and tax capacities for Ernst & Young LLP. Mr. Shipp is a certified public accountant.
Harrison, Thomas Mr. Thomas M. Harrison, Jr. has served as a Director of First Acceptance Corporation since April 2004. Mr. Harrison served as Executive Vice President and Secretary of the Company from April 2004 until December 2007. Mr. Harrison co-founded USAuto Insurance Company, Inc., predecessor to USAuto Holdings, in 1995 and served as Vice President and Secretary of USAuto Holdings from 1995 until December 2007.
Nichols, Tom Mr. Tom C. Nichols has served as a Director of First Acceptance Corporation since November 2005. Mr. Nichols has served as Investment Chief Executive Officer of Carlile Holdings, Inc., a bank holding company, since March 2008. Mr. Nichols served as President and a director of First United Bancorp and Chairman, President and Chief Executive Officer of State National Bancshares, Fort Worth from October 1996 to March 2008. Mr. Nichols previously served as President of Ford Bank Group.

Basic Compensation

Name Fiscal Year Total
Ford, Gerald --
Harrison, Stephen 847,305
Pierce, Edward 1,806,300
Cohn, Kevin 634,784
Walker, Daniel 358,722
Bornemann, Keith 226,432
Cash, Harvey --
Edwards, Donald 3,226,880
Bobbitt, Rhodes --
Olson, Lyndon --
Shipp, William --
Harrison, Thomas 449,311
Nichols, Tom --
As Of 29 Jun 2009

Options Compensation

Name Options Value
Ford, Gerald 0 0
Harrison, Stephen 100,000 514,000
Pierce, Edward 0 0
Cohn, Kevin 0 0
Walker, Daniel 0 0
Bornemann, Keith 0 0
Cash, Harvey 0 0
Edwards, Donald 6,023,585 26,075,301
Bobbitt, Rhodes 0 0
Olson, Lyndon 0 0
Shipp, William 0 0
Harrison, Thomas 100,000 514,000
Nichols, Tom 0 0

Insider Trading

Name Shares Traded Price
PIERCE EDWARD L 65,837 $0.00
BORNEMANN KEITH E 3,140 $0.00
HARRISON STEPHEN JOE 22,827 $0.00
COHN KEVIN P 27,847 $0.00
OLSON LYNDON L JR 1,000 $0.00
SHIPP WILLIAM A JR 1,000 $0.00
NICHOLS TOM C 1,000 $0.00
BOBBITT RHODES R 1,000 $0.00
CASH HARVEY BERRY 1,000 $0.00
SHIPP WILLIAM A JR 5,000 $2.04
SHIPP WILLIAM A JR 600 $2.03
SHIPP WILLIAM A JR 4,400 $2.07
HARRISON STEPHEN JOE 900 $2.25
HARRISON STEPHEN JOE 14,603 $2.30
SHIPP WILLIAM A JR 6,501 $2.15
BORNEMANN KEITH E 13,866 $0.00
HARRISON STEPHEN JOE 17,537 $0.00
WALKER DANIEL L 34,667 $0.00
OLSON LYNDON L JR 14,489 $2.32
OLSON LYNDON L JR 3,500 $2.71
OLSON LYNDON L JR 3,011 $3.02
OLSON LYNDON L JR 1,000 $0.00
NICHOLS TOM C 1,000 $0.00
BOBBITT RHODES R 1,000 $0.00
CASH HARVEY BERRY 1,000 $0.00
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