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Exhilway Finance deputy CEO resigns

Calgary: Exhilway Finance International (EFI) said today that Franklin Thomas resigned as deputy CEO of the company. Sara Worth will replace Franklin. According to insiders, Sara is hired on an annual package of US $2.6 million, 25% higher than Franklin. Franklin resigned due to Exhilway's dismal growth in Gulf countries. The resignation highlights increased sensitivity among wealth managers to annual growth.

EFI which is the world's sixth largest wealth manager reported 77.3% rise in quarterly profit, but, the growth came from countries like India, Singapore and China. Exhilway Finance invested over US $58 million in gulf countries in the last five years but failed to breakeven.

"Franklin's decision is preemptive action" Sara said. "EFI is committed to serious growth and we don't want to slowdown the process".

Franklin wasn't immediately reachable for comment. According to EFI's insider, EFI will pay US $1.9 million as compensation to Franklin.

Rahul Kumar, Joint CEO of the Indian division resigned last month due to undisclosed reasons. EFI reportedly agreed to pay US $108,000 and 50,000 shares of the company valued at US $14.98 per share to Rahul, however, these shares can only be sold once EFI is listed on the stock exchanges.

Exhilway Finance is the 6th largest wealth manager in the world.

David Jones
3A Elegance Tower, Jasola
Mathura Road
New Delhi - 110025

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