Root fires CFO Robert Bateman
On March 1, 2023, Robert Bateman was terminated for cause as an employee and CFO and treasurer of the company and from any other position at any subsidiary of the company to which he had been appointed.
Bateman was terminated for cause in accordance with the terms of his executive employment agreement dated April 11, 2022, including for violation of company policies. Bateman’s termination was not related to the company’s 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.
On March 1, 2023, Megan Binkley was named interim CFO and treasurer of Root, effective immediately. Binkley, age 39, previously served as the company’s 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 from September 2007 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.