SHERMAN OAKS, Calif - Signature Group Holdings, Inc., a diversified enterprise with current principal activities in industrial supply and special situations finance, announces today that Mr. Craig Noell has reached an agreement with the company to resign as Chief Executive Officer pursuant to the terms of a Separation Agreement and General Release. Mr. Chris Colville, Chairman of the Board of Directors, will immediately assume the responsibilities of Chief Executive Officer.
Speaking on behalf of the board of directors, Philip Tinkler, a director of Signature and Chief Operating and Financial Officer at Equity Group Investments, stated, “We are extremely fortunate to have someone of Chris’ experience available to step in and provide the leadership needed to execute our growth strategies, in particular meaningful acquisitions. With a background that includes over 100 transactions, as well as financings to support mergers and acquisitions and other corporate activities, the Board is highly confident about Signature’s future under Chris’ direction.”
About Signature Group Holdings, Inc.
Signature is a diversified enterprise with current principal activities in industrial supply and special situations finance. Signature has significant capital resources and is actively seeking additional acquisitions as well as growth opportunities for its existing businesses. At December 31, 2012, Signature had federal net operating loss tax carryforwards of approximately $886.9 million. For more information about Signature, visit its corporate website at www.signaturegroupholdings.com.