Mark C. Biderman, executive vice president and chief financial officer of National Financial Partners Corp., has been promoted to the newly created position of vice chairman. As a result, the company, which announced a series of promotions and management changes, has launched a search for a new CFO.
Biderman has served as CFO since 1999 and will continue in the role while the company searches for his replacement, which it said will probably be completed by the end of the summer. In his new position, Biderman will focus on acquisition and operational structuring and will continue to oversee the company’s technology function. He also serves on the Mergers & Acquisitions Commitments, Operating and Disclosure Committees.
“The creation of the vice chairman function is indicative of the growth of NFP,” says Jessica Bibliowicz, chairman, president and chief executive officer. “Mark’s diverse background, strong contribution to NFP for nearly a decade, and intimate knowledge of the company makes him ideal for the position.”
National Financial Partners is a national network of independent financial advisors specializing in life insurance and wealth transfer, corporate and executive benefits, and financial planning and investment advisory services. The company generates $1.2 billion in sales annually. Its gross profit margin was $224 million in 2007, up 48 percent since 2003. That is offset by $123 million in expenses for 2007, which are also up by 48 percent since 2003.
In 2004, several of the company’s firms received subpoenas and other information requests from government authorities, including the New York Attorney General’s Office. According to the company, government officials sought information related to compensation arrangements, any evidence of bid rigging, and related matters.
Further, in March 2006, the company received another subpoena from the New York Attorney General’s office seeking information related to life insurance settlement transactions. The company has cooperated and will continue to cooperate fully with the government agencies, it said in a regulatory filing.
Both investigations are ongoing, however management believes the subpoenas will not have a material adverse impact on the company’s financial results.