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Liberty Tax is seeking a new CEO  following the resignation of Nicole Ossenfort, who has held the job since February 2018. Ossenfort is returning to operate Liberty franchises in South Dakota.  The company also announced results that revenue and tax returns prepared for fiscal 2019 plunged.

She is being replaced by Brent Turner, who has been a consulting to the company since September, as interim CEO. Turner will earn $41,667 per month while the tax services company searches for a successor. The company is also exploring strategic alternatives, including an unsolicited, non-binding proposal from Vintage Capital Management, to explore a recapitalization transaction.

Revenue for the year ended April 30 was $132.5 million, down 24.2 percent from $174.9 million for fiscal 2018. The. number of U.S. offices, 2,836, was 15.2-percent lower than 3,343 in the prior year. The number of U.S. tax returns fell to 1.33 million for the year, down 12 percent from 1.33 million. There were 390,000 Canadian returns for 2019, an increase of 2.6 percen the prior year.

Turner was founder and CEO of Specialty Consulting Services, from July 2012 until the company was purchased by MetaBank December 2016. He remained with the bank as EVP and head of consumer lending until September 2018. He then founded Modus Advisors.

Ossenfort replaced Ed Brunot as CEO after he was fired. i Brunot, who joined as COO on June 1,  became CEO in September 2017 after founder and CEO John Hewitt was fired.


Last modified on Monday, 10 June 2019
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