Hilton Vacations axes CFO, citing behavior “not consistent” with the company

James Mikolaichik was named CFO in August 2016

Aug.August 10, 2018 06:31 PM

James E. Mikolaichik

UPDATED, Aug. 13, 10:10 a.m.: Hilton Grand Vacations fired its chief financial officer and executive vice president, James Mikolaichik, for “conduct and behavior not consistent with the company’s policies.”

The Orlando-based company said Mikolaichik’s termination was not related to any issues involving the company’s business, financial reporting or internal controls. It made the announcement late Friday afternoon.

Hilton Vacations named chief accounting officer Allen Klingsick its acting CFO and said it’s in the process of searching for a new CFO, according to the press release. The company reaffirmed its guidance and long-term growth objectives from its second quarter conference call on Aug. 2.

Mikolaichik held the position since August 2016. Prior to that, he was CFO of Manning & Napier Inc., an independent investment management firm. He also previously held positions at Old Mutual Asset Management and Deloitte & Touche LLP, according to the company’s most recent annual report.

Mikolaichik’s annual compensation was $450,000 in 2017 and he took home $657,394 with incentives, securities filings show.

The publicly traded timeshare company operates vacation ownership resorts for 295,000 club members. Hilton Worldwide spun off the company in January 2017.

A spokesperson for Hilton Grand Vacations did not immediately return a request for comment.

An earlier version of this story listed an incorrect title for Mikolaichik at his previous employer. 

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