Insurtech Root fires CFO of less than a year for ‘violation’ with no severance pay

US-based auto insurtech  Root has fired its chief financial officer (CFO) for “violation” less than a year after he joined the company.

The employment of Robert Bateman, who joined Root last April, was terminated on March 1 as CFO and treasurer of the company and from any other position at any subsidiary of the company to which he had been appointed.

Root claimed “violation of company policies” as cause for dismissal in a US Securities and Exchange Commission filing. The company, however, insisted that the termination was not related to its “financial or operating results or to any disagreements or concerns regarding the company’s financial or reporting practices.”

Bateman will not be entitled to any severance payment in connection with the termination of his employment. He will receive salary and benefits earned through March 1, 2023, Root stated.

The Columbus, Ohio-based insurer has appointed Megan Binkley as interim chief financial officer and treasurer, effective immediately. Binkley previously served as its deputy CFO, effective November 2022 and chief accounting officer from April 2019 to November 2022, and has served as the company’s principal accounting officer since April 2019.

Prior to joining Root, Binkley held roles of increasing responsibility at KPMG until March 2019, at which time she was a senior manager.

As interim CFO, Binkley will serve as the company’s principal financial officer and also will continue to serve as the company’s principal accounting officer.

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