Adam JacksonSafe Harbor Financial (NASDAQ: SHFS) announced Wednesday morning its CEO Sundie Seefried will step down next month, with Terry Mendez named as her successor at the cannabis banking services provider.
Seefried will serve as co-CEO for a 30-day transition period before retiring from her executive role, though she will remain on the board of directors, according to the company.
“We remain committed to thoughtful succession planning and long-term strategic growth,” Seefried said in a statement.
Mendez joins Safe Harbor after leading turnaround efforts for cannabis operators through his firm Amos Advisory Solutions, according to the announcement. His previous experience includes serving as vice president of finance and global chief accounting officer at Hitachi Vantara, where he oversaw operations in 52 countries.
The company said it signed a three-year employment agreement with Mendez. Karl A. Racine, chair of Safe Harbor’s nominating and governance committee, is overseeing the succession planning process.
“At a time when most financial institutions were unwilling to work with the cannabis industry, Safe Harbor emerged as a pioneer,” Mendez said. “We are now looking at the challenges currently facing the industry and determining how we can leverage our people to develop technology that delivers trusted solutions to the marketplace.”
