On January 5, 2018, Kevin D. Bates announced that Nicholas Financial, Inc. that he will be resigning as a member of the company's Board of Directors effective as of January 8, 2018 to focus all of his efforts on the day to day operations of the business in his continuing role as the company's Senior Vice President - Branch Operations. Through his resignation, Mr. Bates accommodated the addition of Douglas Marohn, the company's President and CEO, to the Board in light of NASDAQ director independence standards. On January 5, 2018, the Board elected Mr. Marohn to fill the Board vacancy left by Mr. Bates effective as of the Effective Date.