Photo: Elle Aon/Shutterstock.comHouston Health Care Firm Loses Chief Legal and Financial Officers Amid Stock Exchange Delisting
CLO Marissa Arreola and CFO Brandon Moreno have exited Nobilis Health Corp. as the company prepares to be removed from the NYSE American stock exchange for failing to file earnings reports.
September 10, 2019 at 03:32 PM
3 minute read
The original version of this story was published on Corporate Counsel
The chief legal officer and chief financial officer of Nobilis Health Corp. have resigned as the Houston-based health care company prepares to be removed from the New York Stock Exchange for failing to file earnings reports.
Nobilis notified the SEC on Monday that CLO Marissa Arreola and CFO Brandon Moreno had resigned days earlier Sept. 6. The filing did not explain why Arreola and Moreno headed for the exit and attempts to reach company representatives were unsuccessful. The Houston Business Journal first reported on the resignations.
Nobilis was founded in 2007 and has hospitals, surgery centers and other health care facilities throughout Texas and Arizona.
Arreola joined Nobilis in 2016 after serving as a partner at Baker, Donelson, Bearman, Caldwell & Berkowitz and Strasburger & Price. She also had a stint as director of legal services for the Houston Methodist Hospital System.
At Nobilis, Arreola oversaw the company's bundled payment services business, Concertis, which was launched months after she was hired. Arreola also co-founded and chaired Nobilis' women initiative, dubbed Motivating and Providing Women Resources.
In 2017, her base salary was $372,000 and she received $661,151 in total compensation, according to the company's April 2018 proxy statement, the most recent statement available from the Securities and Exchange Commission.
Moreno, who was promoted from senior vice president of finance to CFO in January, had a base salary of $300,000 and a bonus option of $120,000. He had been with Nobilis for five years, first as assistant VP of finance, according to his LinkedIn profile.
When Moreno was bumped up to CFO, Nobilis CEO James Springfield had praised him as being the "right person to lead the finance team."
The NYSE first told Nobilis in November 2018 that the company had fallen out of compliance for failing to file its quarterly report and had six months to correct the issue. The firm also was asked to come up with a compliance plan, which the NYSE accepted in May.
But Nobilis apparently missed an extended compliance deadline Aug. 31 and received notice from the NYSE on Sept. 3 that it was facing removal proceedings. Trading in the company's stock was suspended when the market closed that same day.
Nobilis told investors and the SEC it would not appeal the delisting action and expected that the NYSE would act to remove the company's stock as early as Wednesday. If that happens, the company will be delisted from the NYSE effective Sept. 23.
Nobilis wrote in its most recent SEC filing that it "expects that its common shares will become eligible for quotation on the over-the-counter markets, although there is no assurance as to when trading may commence or that an active market in the common shares will develop."
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