- SLR Business Capital Adds Mark J. Simshauser as Senior Vice President Supporting Growth in Northeast US
- Bob Seidenberger Joins Franklin Capital as VP of Sales
- SFNet’s DEI Committee Renamed to Inclusiveness Committee
- Faces of Freedom
- 5 Key Strategies for Building a Successful Factoring or ABL Platform
-
Interview with Jeff Dunlop and Maria McGuire of Goldberg Kohn, SFNet Past 40 Under 40 Award Recipients
Jun 5, 2024Earlier this year, Jeffrey B. Dunlop and Maria T. McGuire were named co-chairs of Goldberg Kohn’s Commercial Finance Practice Group. They succeed Michael Hainen, who completed his highly successful nine-year term as the practice group leader at the end of 2023.
-
Paul Hastings Adds Premier Restructuring and Private Credit Team, Further Strengthening Market-Leading Restructuring and Finance Platforms
Jun 3, 2024In a move that further strengthens its market-leading restructuring and global finance platforms, Paul Hastings LLP announced today that a team of top-tier restructuring, private credit and special situations lawyers has joined the firm across multiple locations.
-
Republic Launches Internal Field Examination Group, Hiring Tuyet-Van Nguyen as SVP, Head of Field Examination & Governance
May 28, 2024
As part of its 2024 growth strategy, Republic Business Credit is pleased to announce the addition of Tuyet-Van T. Nguyen to its New Orleans team. Nguyen assumes the role of Senior Vice President, Head of Field Examination & Governance, and will lead all third-party and internal field examination activities across the commercial finance portfolio.
-
SFNet’s Women in Secured Finance Conference to Focus on Expanding Influence
May 23, 2024SFNet’s Women in Secured Finance Conference will be held June 12-13, 2024 at Jay Suites Midtown East, New York, NY. An event designed to cultivate leadership skills and connect with fellow trailblazers, the Conference is geared to both aspiring leaders and seasoned professionals who are looking to make an impact and expand their sphere of influence.
-
Jeffery Wacker Joins Webster Bank’s Asset Based Lending Division
May 22, 2024Webster Bank today announced that Jeffery Wacker has joined the bank’s Asset Based Lending division as Managing Director of Large Corporate Asset Based Lending (ABL) Originations. In his role, Wacker will have geographic coverage responsibility for the entire United States market, focusing on the market for syndicated, large corporate ABL senior secured credit facilities.
-
Interview with Savi Hussain, Member of SFNet’s Diversity, Equity & Inclusiveness Committee
May 16, 2024Savitri Ramjohn Hussain (Savi) migrated from Guyana, South America in 1984. She is a mom of four children and has three amazing grandkids. Savi Hussain serves as the head of underwriting and senior VP at Iron Horse Credit. She comes with a wealth of industry knowledge and 25 years of experience in asset-based lending including accounts receivable finance, inventory finance, purchase order finance and supply chain finance. -
Who’s on First? The Rise of the First-Out ABL Product
May 13, 2024"Who's on First?" is a comedy routine made famous by American comedy duo Abbott and Costello. The premise of the sketch is Abbot comically trying to identify to Costello the names of players on a baseball team that simultaneously leads to misunderstanding and frustration between the two. Today, there are now enough ABL products to fill an infield with the latest one, First-Out ABL, being on first. The First-Out product is simply an asset-based loan within a term loan originated by a traditional cash flow lender. -
SFNet Partners with NYU Stern to Offer "Impactful Leadership for High Potentials" Course for a Second Year
May 9, 2024The Secured Finance Foundation has again joined forces with NYU Stern Executive Education to bring a multi-faceted learning experience taught by NYU Professor, Nathan Pettit coupled with real-world secured finance applications. This two-day course, held in person at NYU Stern, June 11-12, will introduce attendees to a variety of analytical frameworks while simultaneously modelling tactical approaches – all with the focus on developing leadership skills.
-
FTC Ban on Noncompete Agreements: What Do Employers Need to Know?
May 7, 2024On April 23, 2024, the Federal Trade Commission (“FTC”) voted 3-2 to finalize and issue a rule banning virtually all noncompete clauses in employment contracts with extremely limited exceptions. The rule is set to go into effect 120 days after its publication in the Federal Register, which is pending. However, as explained below, it is uncertain whether this rule will go into effect due to the ongoing legal challenges surrounding the rule.
-
SFNet's International Lending Conference Returns to London
May 6, 2024SFNet's International Lending Conference, now in its 18th year, will be held May 13-15, 2024, and will offer thought-provoking discussions led by experts who will explore the nuances of international transactions, and gain strategic intelligence on global economic trends. Issues surrounding private equity, private debt, syndications, restructurings, and technology in ABL will also be addressed. -
Gordon Brothers Welcomes Mark Bohntinsky as Global Head of Credit
May 2, 2024
As Gordon Brothers, the global asset experts, continues to expand its lending business, the firm has welcomed Mark Bohntinsky as Global Head of Credit.
Bohntinsky oversees Gordon Brothers’ credit quality, setting portfolio strategy and partnering with key lending stakeholders globally, including Kyle Shonak, Head of North America Lending, to expand the firm’s capital base and pursue a wider array of lending opportunities. Additionally, he is a member of the investment committee.
-
Navigating the Roadblocks: Challenges and Progress in the U.S. Electric Vehicle Revolution
May 1, 2024As the automotive industry moves toward electrification, lenders face an uncertain path forward. The successful transition to EVs will require substantial investment at all levels, from charging technology and coverage to dealership infrastructure. As the effect on total cost of ownership unfolds, the residual value models that underpin the entire industry will need to be redefined, impacting financing and leasing. Lenders to the mobility sector should be prepared for further disruption which will provide either opportunities or create credit challenges as companies navigate this dynamic landscape. -
Republic Business Credit Welcomes Brian Resutek as SVP, Southeast Regional Manager, Atlanta
May 1, 2024
Republic Business Credit is excited to announce the addition of Brian Resutek as Senior Vice President, Southeast Regional Manager. Resutek brings nearly two decades of experience in factoring, commercial finance, banking and business development. He joins a team at Republic that has grown by more than 20% in the first half of 2024 alone, adding seven key new hires in the past 90 days.
-
Armstrong Flooring Bankruptcy: The Alchemy of Creating Value from Accounts Receivable
Apr 25, 2024Finding the right combination of capital resources and strategic knowledge in the sale and restructuring of a business is complicated; but when it works, this seemingly magical process of transformation creates incremental value for all constituents involved in the bankruptcy process. Take the case of Armstrong Flooring, and three affiliated companies, that each filed petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under Chapter 11 on May 8, 2022. -
Factoring Sector Slightly More Optimistic as Industry Expects Better Business Conditions and Portfolio Performance
Apr 22, 2024While lenders experienced subdued demand for factoring in 2023, reflecting soft consumer retail spending and a cautious retailer approach to inventory management, the Secured Finance Network (SFNet) Year-End Factoring Survey found that overall factoring sentiment improved somewhat last year, up 6.0, to 64.8 where 50 indicates a neutral outlook.
-
Asset-based loan commitments grew in 2023, with fewer new clients, but larger deals
Apr 18, 2024Economic twists and turns marked 2023 but the asset-based lending market still saw growth in commitments of working capital, according to data released by the Secured Finance Network (SFNet). And while there were fewer new client deals last year than in 2022, the deals were larger in size.
-
A Unique Journey to Secured Finance: Interview with Jacob Shoihet and Peter Spradling of Marco Capital
Apr 18, 2024Marco's co-founders discuss their backgrounds, Marco's success to date and future goals. -
SFNet Launches IMPACT Awards to Celebrate Excellence in the Secured Finance Industry
Apr 15, 2024
SFNet is proud to unveil our new program to celebrate excellence in the secured finance industry: the SFNet IMPACT Awards. Created to honor innovation and leadership, these awards will demonstrate the crucial role that our SFNet community of members play in putting capital to work.
-
Wintrust Receivables Finance Announces Closing of $3M Line of Credit for Growing Third-Party Logistics Company
Apr 15, 2024Wintrust Receivables Finance (WRF) is happy to announce the closing of a new $3,000,000 account receivable line of credit for a Southwest-based third-party logistics company. The company provides a diversified mix of transportation solutions including truckload, LTL, intermodal, and expedited. These services are provided to a number of middle market companies throughout the country.
-
Citigroup’s Shapleigh Smith Retiring; Shane Azzara to Head Asset-Based and Transitional Finance
Apr 11, 2024
Shane Azzara is taking over as head of asset-based and transitional finance at Citigroup Inc., succeeding Shapleigh Smith who is retiring as of May 1.
-
Interview with Jeff Dunlop and Maria McGuire of Goldberg Kohn, SFNet Past 40 Under 40 Award Recipients
Jun 5, 2024Earlier this year, Jeffrey B. Dunlop and Maria T. McGuire were named co-chairs of Goldberg Kohn’s Commercial Finance Practice Group. They succeed Michael Hainen, who completed his highly successful nine-year term as the practice group leader at the end of 2023.
-
Paul Hastings Adds Premier Restructuring and Private Credit Team, Further Strengthening Market-Leading Restructuring and Finance Platforms
Jun 3, 2024In a move that further strengthens its market-leading restructuring and global finance platforms, Paul Hastings LLP announced today that a team of top-tier restructuring, private credit and special situations lawyers has joined the firm across multiple locations.
-
Republic Launches Internal Field Examination Group, Hiring Tuyet-Van Nguyen as SVP, Head of Field Examination & Governance
May 28, 2024
As part of its 2024 growth strategy, Republic Business Credit is pleased to announce the addition of Tuyet-Van T. Nguyen to its New Orleans team. Nguyen assumes the role of Senior Vice President, Head of Field Examination & Governance, and will lead all third-party and internal field examination activities across the commercial finance portfolio.
-
SFNet’s Women in Secured Finance Conference to Focus on Expanding Influence
May 23, 2024SFNet’s Women in Secured Finance Conference will be held June 12-13, 2024 at Jay Suites Midtown East, New York, NY. An event designed to cultivate leadership skills and connect with fellow trailblazers, the Conference is geared to both aspiring leaders and seasoned professionals who are looking to make an impact and expand their sphere of influence.
-
Jeffery Wacker Joins Webster Bank’s Asset Based Lending Division
May 22, 2024Webster Bank today announced that Jeffery Wacker has joined the bank’s Asset Based Lending division as Managing Director of Large Corporate Asset Based Lending (ABL) Originations. In his role, Wacker will have geographic coverage responsibility for the entire United States market, focusing on the market for syndicated, large corporate ABL senior secured credit facilities.
-
Interview with Savi Hussain, Member of SFNet’s Diversity, Equity & Inclusiveness Committee
May 16, 2024Savitri Ramjohn Hussain (Savi) migrated from Guyana, South America in 1984. She is a mom of four children and has three amazing grandkids. Savi Hussain serves as the head of underwriting and senior VP at Iron Horse Credit. She comes with a wealth of industry knowledge and 25 years of experience in asset-based lending including accounts receivable finance, inventory finance, purchase order finance and supply chain finance.
-
Who’s on First? The Rise of the First-Out ABL Product
May 13, 2024"Who's on First?" is a comedy routine made famous by American comedy duo Abbott and Costello. The premise of the sketch is Abbot comically trying to identify to Costello the names of players on a baseball team that simultaneously leads to misunderstanding and frustration between the two. Today, there are now enough ABL products to fill an infield with the latest one, First-Out ABL, being on first. The First-Out product is simply an asset-based loan within a term loan originated by a traditional cash flow lender.
-
SFNet Partners with NYU Stern to Offer "Impactful Leadership for High Potentials" Course for a Second Year
May 9, 2024
The Secured Finance Foundation has again joined forces with NYU Stern Executive Education to bring a multi-faceted learning experience taught by NYU Professor, Nathan Pettit coupled with real-world secured finance applications. This two-day course, held in person at NYU Stern, June 11-12, will introduce attendees to a variety of analytical frameworks while simultaneously modelling tactical approaches – all with the focus on developing leadership skills.
-
FTC Ban on Noncompete Agreements: What Do Employers Need to Know?
May 7, 2024On April 23, 2024, the Federal Trade Commission (“FTC”) voted 3-2 to finalize and issue a rule banning virtually all noncompete clauses in employment contracts with extremely limited exceptions. The rule is set to go into effect 120 days after its publication in the Federal Register, which is pending. However, as explained below, it is uncertain whether this rule will go into effect due to the ongoing legal challenges surrounding the rule.
-
SFNet's International Lending Conference Returns to London
May 6, 2024SFNet's International Lending Conference, now in its 18th year, will be held May 13-15, 2024, and will offer thought-provoking discussions led by experts who will explore the nuances of international transactions, and gain strategic intelligence on global economic trends. Issues surrounding private equity, private debt, syndications, restructurings, and technology in ABL will also be addressed.
-
Gordon Brothers Welcomes Mark Bohntinsky as Global Head of Credit
May 2, 2024
As Gordon Brothers, the global asset experts, continues to expand its lending business, the firm has welcomed Mark Bohntinsky as Global Head of Credit.
Bohntinsky oversees Gordon Brothers’ credit quality, setting portfolio strategy and partnering with key lending stakeholders globally, including Kyle Shonak, Head of North America Lending, to expand the firm’s capital base and pursue a wider array of lending opportunities. Additionally, he is a member of the investment committee.
-
Navigating the Roadblocks: Challenges and Progress in the U.S. Electric Vehicle Revolution
May 1, 2024As the automotive industry moves toward electrification, lenders face an uncertain path forward. The successful transition to EVs will require substantial investment at all levels, from charging technology and coverage to dealership infrastructure. As the effect on total cost of ownership unfolds, the residual value models that underpin the entire industry will need to be redefined, impacting financing and leasing. Lenders to the mobility sector should be prepared for further disruption which will provide either opportunities or create credit challenges as companies navigate this dynamic landscape.
-
Republic Business Credit Welcomes Brian Resutek as SVP, Southeast Regional Manager, Atlanta
May 1, 2024
Republic Business Credit is excited to announce the addition of Brian Resutek as Senior Vice President, Southeast Regional Manager. Resutek brings nearly two decades of experience in factoring, commercial finance, banking and business development. He joins a team at Republic that has grown by more than 20% in the first half of 2024 alone, adding seven key new hires in the past 90 days.
-
Armstrong Flooring Bankruptcy: The Alchemy of Creating Value from Accounts Receivable
Apr 25, 2024Finding the right combination of capital resources and strategic knowledge in the sale and restructuring of a business is complicated; but when it works, this seemingly magical process of transformation creates incremental value for all constituents involved in the bankruptcy process. Take the case of Armstrong Flooring, and three affiliated companies, that each filed petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under Chapter 11 on May 8, 2022.
-
Factoring Sector Slightly More Optimistic as Industry Expects Better Business Conditions and Portfolio Performance
Apr 22, 2024While lenders experienced subdued demand for factoring in 2023, reflecting soft consumer retail spending and a cautious retailer approach to inventory management, the Secured Finance Network (SFNet) Year-End Factoring Survey found that overall factoring sentiment improved somewhat last year, up 6.0, to 64.8 where 50 indicates a neutral outlook.
-
Asset-based loan commitments grew in 2023, with fewer new clients, but larger deals
Apr 18, 2024Economic twists and turns marked 2023 but the asset-based lending market still saw growth in commitments of working capital, according to data released by the Secured Finance Network (SFNet). And while there were fewer new client deals last year than in 2022, the deals were larger in size.
-
A Unique Journey to Secured Finance: Interview with Jacob Shoihet and Peter Spradling of Marco Capital
Apr 18, 2024Marco's co-founders discuss their backgrounds, Marco's success to date and future goals.
-
SFNet Launches IMPACT Awards to Celebrate Excellence in the Secured Finance Industry
Apr 15, 2024
SFNet is proud to unveil our new program to celebrate excellence in the secured finance industry: the SFNet IMPACT Awards. Created to honor innovation and leadership, these awards will demonstrate the crucial role that our SFNet community of members play in putting capital to work.
-
Wintrust Receivables Finance Announces Closing of $3M Line of Credit for Growing Third-Party Logistics Company
Apr 15, 2024Wintrust Receivables Finance (WRF) is happy to announce the closing of a new $3,000,000 account receivable line of credit for a Southwest-based third-party logistics company. The company provides a diversified mix of transportation solutions including truckload, LTL, intermodal, and expedited. These services are provided to a number of middle market companies throughout the country.
-
Citigroup’s Shapleigh Smith Retiring; Shane Azzara to Head Asset-Based and Transitional Finance
Apr 11, 2024
Shane Azzara is taking over as head of asset-based and transitional finance at Citigroup Inc., succeeding Shapleigh Smith who is retiring as of May 1.
-
Interview with Jeff Dunlop and Maria McGuire of Goldberg Kohn, SFNet Past 40 Under 40 Award Recipients
Jun 5, 2024Earlier this year, Jeffrey B. Dunlop and Maria T. McGuire were named co-chairs of Goldberg Kohn’s Commercial Finance Practice Group. They succeed Michael Hainen, who completed his highly successful nine-year term as the practice group leader at the end of 2023.
-
Paul Hastings Adds Premier Restructuring and Private Credit Team, Further Strengthening Market-Leading Restructuring and Finance Platforms
Jun 3, 2024In a move that further strengthens its market-leading restructuring and global finance platforms, Paul Hastings LLP announced today that a team of top-tier restructuring, private credit and special situations lawyers has joined the firm across multiple locations.
-
Republic Launches Internal Field Examination Group, Hiring Tuyet-Van Nguyen as SVP, Head of Field Examination & Governance
May 28, 2024
As part of its 2024 growth strategy, Republic Business Credit is pleased to announce the addition of Tuyet-Van T. Nguyen to its New Orleans team. Nguyen assumes the role of Senior Vice President, Head of Field Examination & Governance, and will lead all third-party and internal field examination activities across the commercial finance portfolio.
-
SFNet’s Women in Secured Finance Conference to Focus on Expanding Influence
May 23, 2024SFNet’s Women in Secured Finance Conference will be held June 12-13, 2024 at Jay Suites Midtown East, New York, NY. An event designed to cultivate leadership skills and connect with fellow trailblazers, the Conference is geared to both aspiring leaders and seasoned professionals who are looking to make an impact and expand their sphere of influence.
-
Jeffery Wacker Joins Webster Bank’s Asset Based Lending Division
May 22, 2024Webster Bank today announced that Jeffery Wacker has joined the bank’s Asset Based Lending division as Managing Director of Large Corporate Asset Based Lending (ABL) Originations. In his role, Wacker will have geographic coverage responsibility for the entire United States market, focusing on the market for syndicated, large corporate ABL senior secured credit facilities.
-
Interview with Savi Hussain, Member of SFNet’s Diversity, Equity & Inclusiveness Committee
May 16, 2024Savitri Ramjohn Hussain (Savi) migrated from Guyana, South America in 1984. She is a mom of four children and has three amazing grandkids. Savi Hussain serves as the head of underwriting and senior VP at Iron Horse Credit. She comes with a wealth of industry knowledge and 25 years of experience in asset-based lending including accounts receivable finance, inventory finance, purchase order finance and supply chain finance.
-
Who’s on First? The Rise of the First-Out ABL Product
May 13, 2024"Who's on First?" is a comedy routine made famous by American comedy duo Abbott and Costello. The premise of the sketch is Abbot comically trying to identify to Costello the names of players on a baseball team that simultaneously leads to misunderstanding and frustration between the two. Today, there are now enough ABL products to fill an infield with the latest one, First-Out ABL, being on first. The First-Out product is simply an asset-based loan within a term loan originated by a traditional cash flow lender.
-
SFNet Partners with NYU Stern to Offer "Impactful Leadership for High Potentials" Course for a Second Year
May 9, 2024
The Secured Finance Foundation has again joined forces with NYU Stern Executive Education to bring a multi-faceted learning experience taught by NYU Professor, Nathan Pettit coupled with real-world secured finance applications. This two-day course, held in person at NYU Stern, June 11-12, will introduce attendees to a variety of analytical frameworks while simultaneously modelling tactical approaches – all with the focus on developing leadership skills.
-
FTC Ban on Noncompete Agreements: What Do Employers Need to Know?
May 7, 2024On April 23, 2024, the Federal Trade Commission (“FTC”) voted 3-2 to finalize and issue a rule banning virtually all noncompete clauses in employment contracts with extremely limited exceptions. The rule is set to go into effect 120 days after its publication in the Federal Register, which is pending. However, as explained below, it is uncertain whether this rule will go into effect due to the ongoing legal challenges surrounding the rule.
-
SFNet's International Lending Conference Returns to London
May 6, 2024SFNet's International Lending Conference, now in its 18th year, will be held May 13-15, 2024, and will offer thought-provoking discussions led by experts who will explore the nuances of international transactions, and gain strategic intelligence on global economic trends. Issues surrounding private equity, private debt, syndications, restructurings, and technology in ABL will also be addressed.
-
Gordon Brothers Welcomes Mark Bohntinsky as Global Head of Credit
May 2, 2024
As Gordon Brothers, the global asset experts, continues to expand its lending business, the firm has welcomed Mark Bohntinsky as Global Head of Credit.
Bohntinsky oversees Gordon Brothers’ credit quality, setting portfolio strategy and partnering with key lending stakeholders globally, including Kyle Shonak, Head of North America Lending, to expand the firm’s capital base and pursue a wider array of lending opportunities. Additionally, he is a member of the investment committee.
-
Navigating the Roadblocks: Challenges and Progress in the U.S. Electric Vehicle Revolution
May 1, 2024As the automotive industry moves toward electrification, lenders face an uncertain path forward. The successful transition to EVs will require substantial investment at all levels, from charging technology and coverage to dealership infrastructure. As the effect on total cost of ownership unfolds, the residual value models that underpin the entire industry will need to be redefined, impacting financing and leasing. Lenders to the mobility sector should be prepared for further disruption which will provide either opportunities or create credit challenges as companies navigate this dynamic landscape.
-
Republic Business Credit Welcomes Brian Resutek as SVP, Southeast Regional Manager, Atlanta
May 1, 2024
Republic Business Credit is excited to announce the addition of Brian Resutek as Senior Vice President, Southeast Regional Manager. Resutek brings nearly two decades of experience in factoring, commercial finance, banking and business development. He joins a team at Republic that has grown by more than 20% in the first half of 2024 alone, adding seven key new hires in the past 90 days.
-
Armstrong Flooring Bankruptcy: The Alchemy of Creating Value from Accounts Receivable
Apr 25, 2024Finding the right combination of capital resources and strategic knowledge in the sale and restructuring of a business is complicated; but when it works, this seemingly magical process of transformation creates incremental value for all constituents involved in the bankruptcy process. Take the case of Armstrong Flooring, and three affiliated companies, that each filed petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under Chapter 11 on May 8, 2022.
-
Factoring Sector Slightly More Optimistic as Industry Expects Better Business Conditions and Portfolio Performance
Apr 22, 2024While lenders experienced subdued demand for factoring in 2023, reflecting soft consumer retail spending and a cautious retailer approach to inventory management, the Secured Finance Network (SFNet) Year-End Factoring Survey found that overall factoring sentiment improved somewhat last year, up 6.0, to 64.8 where 50 indicates a neutral outlook.
-
Asset-based loan commitments grew in 2023, with fewer new clients, but larger deals
Apr 18, 2024Economic twists and turns marked 2023 but the asset-based lending market still saw growth in commitments of working capital, according to data released by the Secured Finance Network (SFNet). And while there were fewer new client deals last year than in 2022, the deals were larger in size.
-
A Unique Journey to Secured Finance: Interview with Jacob Shoihet and Peter Spradling of Marco Capital
Apr 18, 2024Marco's co-founders discuss their backgrounds, Marco's success to date and future goals.
-
SFNet Launches IMPACT Awards to Celebrate Excellence in the Secured Finance Industry
Apr 15, 2024
SFNet is proud to unveil our new program to celebrate excellence in the secured finance industry: the SFNet IMPACT Awards. Created to honor innovation and leadership, these awards will demonstrate the crucial role that our SFNet community of members play in putting capital to work.
-
Wintrust Receivables Finance Announces Closing of $3M Line of Credit for Growing Third-Party Logistics Company
Apr 15, 2024Wintrust Receivables Finance (WRF) is happy to announce the closing of a new $3,000,000 account receivable line of credit for a Southwest-based third-party logistics company. The company provides a diversified mix of transportation solutions including truckload, LTL, intermodal, and expedited. These services are provided to a number of middle market companies throughout the country.
-
Citigroup’s Shapleigh Smith Retiring; Shane Azzara to Head Asset-Based and Transitional Finance
Apr 11, 2024
Shane Azzara is taking over as head of asset-based and transitional finance at Citigroup Inc., succeeding Shapleigh Smith who is retiring as of May 1.