On October 19, 2016, Joseph Borbely resigned as President and Chief Executive Officer of the First Acceptance Corp. effective immediately. The Board of Directors of the company has appointed Kenneth D. Russell, a director of the company since May 2014, to serve as interim President and Chief Executive Officer of the company.

Mr. Russell is a Principal of Ford Financial Fund II, L.P. Most recently, Mr. Russell served as President and Chief Executive Officer of Mechanics Bank from June 2015 until October 1, 2016.