ZAIS Group Holdings, Inc. announced today that Michael Szymanski has tendered his resignation as Chief Executive Officer, President and a Director and that the ZGH Board of Directors has elected Daniel Curry to succeed Mr. Szymanski in these positions. Mr. Szymanski's resignation is effective as of the close of business on January 5, 2018and the election of Mr. Curry is effective as of January 8, 2018.
In a letter of resignation submitted to the ZGH Board of Directors, Mr. Szymanski stated that his decision was in light of the Company's previously announced decision to pursue discussions with Christian Zugel which would result in taking the Company private through a proposed cash merger. The Company stated that such discussions between Mr. Zugel and the Special Committee of the Board of Directors are continuing. There is no assurance that an agreement to take the Company private will be reached.
Mr. Curry previously served as President and CEO of DBRS Group, an independent, privately held, credit rating agency. Prior to his service at DBRS, Mr. Curry served as a Managing Director at Moody's on the Corporate Ratings team. Mr. Curry is a member of Z Acquisition LLC, the entity formed by Christian Zugel for purposes of his offer to take the Company private.
Mr. Szymanski stated: "I fully support the ongoing efforts to reach agreement on a going private transaction and I feel this is the right time for me to move on. It has been a privilege to have served the Company as it achieved a number of milestones for our clients, shareholders and employees. I especially want to thank Christian Zugel, as well as our Board of Directors, for their support over the years."
Mr. Zugel stated: "We thank Mike for his service and his contributions and wish him well. We look forward to working with Dan Curry, who brings great leadership skills and experience to ZAIS as we move to our next phase."
ABOUT ZAIS GROUP HOLDINGS, INC.
ZAIS (NASDAQ: ZAIS) owns a majority interest in, and is the managing member of ZAIS Group Parent, LLC ("ZGP"). ZGP is the sole member of ZAIS Group, an investment advisory and asset management firm focused on specialized credit strategies with approximately$4.144 billion of assets under management as of September 30, 2017. Based in Red Bank, New Jersey with operations in London, ZAIS Group employs professionals across investment management, client relations, information technology, analytics, finance, law, compliance, risk management and operations. To learn more, visit www.zaisgroupholdings.com.