FOA - Finance of America names new CEO president after closing acquisition

2023-04-03 07:24:46 ET

• Finance of America ( NYSE: FOA ) on Monday named Graham A. Fleming CEO and promoted Kristen Sieffert to president, both effective April 5, 2023, after the company closed on its acquisition of direct-to-consumer reverse mortgage lender American Advisors Group.
• The transaction underscore's Finance of America's ( FOA ) vision to provide financing products for retirement and aging in place.
• Fleming, who has 25 years of experience in the mortgage industry, joined FOA in 2013 and served as president from late 2020 until he was named interim CEO in 2022.
• Sieffert, with almost 20 years experience in the reverse mortgage business, has served as president of Finance of America Reverse since 2015.
• The acquisition of American Advisors Group assets is expected to be immediately accretive to tangible book value and earnings. The transaction adds a direct-to-consumer retail channel that has advertising reaching more than 10M consumers annually.
• The company announced in December the agreement to acquire Amerian Advisors Group. Financial terms of the deal weren't disclosed. In February, FOA agreed to sell its commercial lending business to Roc Capital for up to $30M.

For further details see: