Finance of America CFO Steps Down, Successor Announced

In an unexpected development, Finance of America Companies (FOA), the parent organization of industry giants Finance of America Reverse (FAR) and American Advisors Group (AAG), has confirmed the resignation of Chief Financial Officer Johan Gericke. Effective October 13, this departure leaves a notable vacancy within the company. While the reason for Gericke’s resignation remains undisclosed, FOA is swiftly implementing a succession plan.

The official announcement came through an 8-K filing with the Securities and Exchange Commission (SEC), dated September 26, 2023, revealing Johan Gericke’s decision to step down from his role as CFO.

Interim CFO and Incoming CFO

To maintain financial stability during this transitional period, Graham Fleming, FOA’s CEO, will assume the responsibilities of CFO until November 15, 2023. Subsequently, Matt Engel will officially take the reins as CFO of FOA.

Matt Engel brings a wealth of experience to his new role, having previously served as AAG’s CFO from 2014 to 2023. His professional journey includes senior positions in accounting and finance at prominent companies such as Newmark Knight Frank, H&R Block, Inc., and DST Systems, Inc.

FOA CEO Graham Fleming expressed enthusiasm about Engel’s appointment, emphasizing his profound knowledge of the reverse mortgage industry. Fleming stated, “Matt is a seasoned financial leader who brings deep reverse mortgage industry expertise that aligns with Finance of America’s focus on offering modern home equity retirement solutions for older Americans. We are excited to welcome him to the team.”

Johan Gericke’s Accomplishments

Before stepping into the role of CFO at FOA in 2021, Johan Gericke held various CFO positions at Capital One from 2011 until his departure a decade later. His financial career also encompassed senior roles at Wells Fargo for seven years, as well as finance and private equity positions at other firms from 1997 to 2003.

During his tenure as CFO at FOA, Gericke played a pivotal role in overseeing significant company transformations. This included the closure of FOA’s forward mortgage business, Finance of America Mortgage, and the strategic asset acquisition of AAG. These strategic moves catapulted FOA/FAR into a dominant position within the reverse mortgage industry.

While Johan Gericke’s resignation leaves big shoes to fill, the transition to Matt Engel as CFO signals continuity and a commitment to maintaining FOA’s prominence in the industry.

Disclaimer: This article is for informational purposes only and is not intended as financial or investment advice.