Wingspan CEO and founder Steve Horne ousted After Failing To Make Debt Payments on Time
As HousingWire reported earlier this month, Steve Horne, the founder, CEO and president of Wingspan Portfolio Advisors, is no longer running the company he founded in 2008.
Sources first told HousingWire of Horne’s exit as president and CEO on October 2. Wingspan Senior Vice President of Marketing, Communications and Industry Relations Guy Davis officially denied the rumors of Horne’s removal as president at the time, and declined further comment despite repeated attempts — and even attempted to dissuade coverage from appearing in HousingWire.
When contacted last week about the rumors of Horne's ouster, Davis said, "The rumor is completely inaccurate and Steve Horne continues to lead the Wingspan organization."
Now, despite repeated denials to HousingWire, Wingspan has made the news official, and named Jason Spooner, Wingspan’s executive vice president of national operations, as the company’s new president.
According to Wingspan, Horne has been moved to a senior advisor position.
Wingspan also announced a “multi-million dollar capital infusion from its stockholder investor group,” and the “divestiture” of Dimont & Associates, which Dimont itselfannounced Thursday.
“We have just finalized a significant strategic transaction with an investor group and we are now debt free,” Horne said. “The transaction will give Wingspan a stronger financial foundation than we have ever had and further enhances our ability to deliver exceptional service to our clients."
When Wingspan purchased Dimont, a hazard insurance claims management company, in 2013, the deal required Wingspan to take on mezzanine debt, which was allegedly new to Wingspan’s operations, a source told HousingWire.
A source told HousingWire that Wingspan’s debt holders began to grow unsteady when Wingspan allegedly failed to pay even the first payment due. The source said that Dimont was allegedly divested from the company in order to satisfy the debt taken on for its very purchase.