Exec will leave the company following buyout dispute
NEXA Mortgage co-founder and president Mat Grella has been terminated following a buyout disagreement.
News of the termination was announced at the company’s weekly town hall meeting on Tuesday, according to a report from National Mortgage Professional.
NEXA co-founder and CEO Mike Kortas said that Grella had asked him for a buyout of his ownership interest in November. Kortas said that as a courtesy, he agreed for Grella to remain employed by NEXA during the subsequent buyout negotiations.
“Unfortunately that arrangement became unworkable, and NEXA made the decision to terminate Mr. Grella’s employment,” Kortas said. “The negotiations regarding the buyout of Mr. Grella’s ownership interest shall continue.”
Grella said he wasn’t aware that buyout negotiations would continue, but declined to comment further.
NEXA has not made any announcement regarding Grella’s replacement.
“The decision to terminate Mr. Grella’s employment was made for the best interest of the organization, all of the great Loan Officers and support staff of NEXA, and to preserve our future growth,” Kortas said in his statement.
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