ORLANDO, FL—Hilton Grand Vacations Inc. (HGV) terminated James E. Mikolaichik as EVP/CFO, citing “conduct and behavior not consistent with the company’s policies.”
According to the company, Mikolaichik’s termination was not related to any issues involving the company’s business, strategy, operations, performance, financial reporting or internal controls.
“I’m confident in the quality and depth of talent in our finance and accounting teams and our experienced Chief Accounting Officer Allen Klingsick,” said Mark Wang, president/CEO, Hilton Grand Vacations. “They will ensure operational and financial reporting continuity until a new CFO is named.”
Mikolaichik joined HGV in August 2016 from Manning & Napier Inc., an approximately $37-billion investment management firm, where he was CFO. He was responsible for strategic and financial planning, financial reporting, tax, corporate development, investor relations, internal audit and human resources. Prior to Manning & Napier, he was with Old Mutual Asset Management as EVP, head of strategy and co-head of fund operations, as well as chief risk officer. Mikolaichik also worked for Deloitte LLP in various roles from 1993 to 2004.
In a recent earnings report, total revenues for HGV for the second quarter were $563 million, compared to $439 million for the second quarter in 2017.
“The solid execution of our teams in the U.S. and Japan has delivered consecutive quarters of strong operating performance, including contract sales, net owner growth and strategic deployment of capital,” said Wang in an earnings call. “As a result, we are raising guidance based on the momentum we’re experiencing across the company and from sales of our new Ocean Tower project, which demonstrates how the investments we’re making position us well to accelerate continued growth.”