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FARGO, ND – NI Holdings, Inc. (NASDAQ:NODK), a $290 million market cap company specializing in fire, marine, and casualty insurance, has appointed Matt Maki as its full-time Chief Financial Officer, effective March 1, 2025. This decision, announced by the Board of Directors, follows Maki’s interim CFO role which began on December 1, 2024. The appointment comes as the company faces challenging market conditions, with its stock trading near 52-week lows at $14.09, according to InvestingPro data.
Maki, 38, has been with NI Holdings since August 2020, initially serving as Vice President of Financial Planning and Analysis. Prior to his tenure at NI Holdings, he held the role of Vice President of Accounting and Treasurer at RAM Mutual Insurance Company and has also worked in finance at Travelers Companies (NYSE:TRV), Inc. His career started at Ernst & Young, and he is a Certified Public Accountant with a degree from the University of Wisconsin – Eau Claire.
As CFO, Maki’s annual compensation package includes a base salary of $435,000, a short-term incentive of up to 50% of his base salary, and a long-term incentive equal to 70% of his base salary. He joins at a critical time, with the company posting strong revenue growth of 23% over the last twelve months, despite current profitability challenges revealed by InvestingPro analysis. Additionally, he will receive a one-time cash bonus of $25,000 and a one-time grant of Restricted Stock Units valued at $70,000 under the company’s 2020 Stock and Incentive Plan. These units will vest over three years.
The Board’s Compensation Committee also anticipates finalizing an employment agreement with Maki, which is expected to feature standard provisions for executive officers, including participation in equity and short-term performance plans, paid vacation, employee benefit plans, and expense reimbursement.
In the event of termination without cause or resignation for a good reason, Maki will be entitled to a severance package that includes his annual base salary and target short-term incentive bonus, prorated for the remainder of the employment term, and continued health benefits.
There are no reported relationships or transactions between Maki and other company officers or directors that would require disclosure under SEC regulations.
NI Holdings’ formal disclosure of Maki’s appointment and compensatory arrangements will be included in the company’s upcoming Quarterly Report on Form 10-Q for the quarter ending March 31, 2025. This report is based on a press release statement. Investors seeking deeper insights into NI Holdings’ financial health and valuation metrics can access additional analysis through InvestingPro, which offers exclusive financial metrics and real-time alerts.
In other recent news, NI Holdings, Inc. announced that Stephen V. Marlow, a board member, has decided not to seek reelection at the upcoming annual meeting of stockholders. This decision was disclosed in a Form 8-K filing with the Securities and Exchange Commission. The company clarified that Marlow’s departure is not due to any disagreements with its operations, policies, or practices. However, NI Holdings did not specify a reason for his decision or identify any potential successors for his board position. Marlow’s term is set to conclude at the company’s 2025 annual stockholders meeting, though the exact date has not been disclosed. This change marks a shift in the composition of NI Holdings’ Board of Directors, but the company has not indicated any effects on its strategic direction or governance. Investors and market watchers may be looking for further announcements regarding the transition plan and its implications for the company’s leadership.
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