– USA, CA – PICO Holdings, Inc. (NASDAQ:PICO) today announced that its board of directors has terminated John R. Hart as CEO of the Company, and as CEO of Vidler Water Company, effective immediately. In connection with his termination, Mr. Hart will receive severance benefits in accordance with his Amended and Restated Employment Agreement dated March 11, 2016. Raymond Marino, Chair of PICO’s board of directors, indicated, “The decision to terminate Mr. Hart was in the best interest of the Company and its shareholders.”
Mr. Hart was not contractually obligated to resign from the PICO or UCP, Inc. (NYSE:UCP) boards of directors upon the termination of his employment, and he currently remains a director of both companies. The independent directors of PICO are currently evaluating a range of options with respect to the removal of Mr. Hart from these director roles as soon as possible.
In connection with this change, the PICO board appointed:
Maxim C. W. Webb, Chief Financial Officer and Treasurer since 2001, as PICO’s new Chief Executive Officer, effective immediately. Mr. Webb was also appointed as a director on the PICO board. Mr. Webb served in various capacities with the Global Equity Corporation group of companies since 1993, including Vice President, Investments of Forbes Ceylon Limited from 1994 through 1996. Mr. Webb became an officer of Global Equity Corporation in November 1997 and Vice President, Investments of PICO in November 1998. The board determined Mr. Webb’s depth of experience at PICO made him an excellent choice to succeed Mr. Hart as CEO of PICO.
John T. Perri, Vice President and Chief Accounting Officer since 2010, as PICO’s new Chief Financial Officer and Treasurer, effective immediately. Mr. Perri has served in various capacities since joining the Company in 1998, including Financial Reporting Manager, Corporate Controller and Vice President, Controller from 2003 to 2010. The board determined Mr. Perri’s many years of experience at PICO made him a highly qualified successor to Mr. Webb.
Dorothy Timian-Palmer, P.E., President and Chief Operating Officer of Vidler Water Company, a wholly owned subsidiary of PICO, as Vidler’s new Chief Executive Officer, effective immediately. Ms. Timian-Palmer has over 25 years of experience within the water resource field in the southwest United States. She joined Vidler in December 1997 as its Chief Operating Officer and was promoted to President in April 2006. Ms. Timian-Palmer will continue to oversee the day-to-day operations, and work closely with Mr. Webb to set the strategic direction of Vidler. Prior to joining Vidler, she held the position of Utilities Director for Carson City, Nevada, having started as its Water Engineer in 1988. Previously, Ms. Timian-Palmer worked for the USDA Soil Conservation Service. The PICO board determined Ms. Timian-Palmer’s wealth of experience and accomplishments at Vidler made her an excellent choice to succeed Mr. Hart as CEO of Vidler.
Mr. Marino emphasized, “the independent directors of the PICO board unanimously supports these appointments, and strongly believes each of these individuals have the abilities and commitment to execute the Company’s strategy.”
About PICO Holdings
PICO Holdings, Inc. is a diversified holding company that seeks to maximize long-term shareholder value. As previously announced, PICO’s current business plan contemplates that, as assets are monetized, rather than reinvest the proceeds, PICO intends to return capital to shareholders through a stock repurchase program or by other means such as special dividends.
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