NI Holdings (NODK) Announces CEO Change

On August 13, 2024, Michael J. Alexander, President and Chief Executive Officer of NI Holdings (NASDAQ: NODK) and the Company agreed that Mr. Alexander’s last date of employment as Chief Executive Officer was August 13, 2024. Mr. Alexander also resigned as a member of the Company’s Board of Directors, and officer and director roles at various subsidiaries of the Company, effective August 13, 2024. Because Mr. Alexander’s departure is the result of a termination without cause as defined in his employment agreement, the Company expects to pay approximately $3.7M in severance payments to Mr. Alexander, subject to the Company and Mr. Alexander entering into a mutually agreeable separation agreement. In addition, the Company expects to continue to pay Mr. Alexander’s health benefits for 36 months or, in the alternative, pay to him an amount equal to the cost of obtaining such coverage.

On August 13, 2024, the Company determined to appoint Cindy L. Launer, a member of the Company’s Board of Directors, as the Company’s Interim Chief Executive Officer, effective August 26, 2024.
As the Interim Chief Executive Officer, Ms. Launer will function as the Company’s Principal Executive Officer for SEC reporting purposes. The Board of Directors is in the process of determining Ms. Launer’s compensation for her service as Interim Chief Executive Officer. Ms. Launer will continue to serve as a member of the Board of Directors and receive compensation for such service. The Company will immediately commence a search process for the position of Chief Executive Officer of the Company.

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