Verra Mobility has named Matthew Kvarda interim chief financial officer, effective November 5, as Craig Conti prepares to leave the role on November 4. The company is also bringing in Kvarda’s employer, Alvarez & Marsal, for financial advisory work while it searches for a permanent CFO.
The appointment is temporary, and the board is working with executive-search firm Spencer Stuart to find a permanent successor.
Key details
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Kvarda’s background: He is a managing director at Alvarez & Marsal, where he has worked since 2004. He has served in interim finance and senior management roles at companies including Jacuzzi Brands, TEAM Inc., Revlon and 23andMe. Earlier in his career, he worked at KPMG, Arthur Andersen and Bank of America.
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Advisory work: Before Kvarda takes over as interim CFO, Alvarez & Marsal will advise Verra Mobility on liquidity, its business plan and financial reporting. That work is directed by the company’s CEO and is scheduled to end when Kvarda’s CFO service begins.
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Fees: Verra Mobility will pay Alvarez & Marsal a monthly rate of $150,000 through April 30, 2027, rising to $165,000 from May through October 2027 and $180,000 a month thereafter. The rates cover the advisory work and Kvarda’s interim CFO services, with partial months prorated. Fees through October 31, 2027 are capped at $1.89 million, excluding expenses, unless the company gives prior written consent.
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Other costs and employment arrangements: The company will reimburse reasonable documented expenses, pay a 2.5% administrative charge on fees for Kvarda’s services and provide a $150,000 retainer that will be credited against amounts due at the end of the engagement. Kvarda remains an Alvarez & Marsal employee and will not receive compensation or benefits directly from Verra Mobility.
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End of engagement: Verra Mobility can end the arrangement immediately. Alvarez & Marsal can terminate it without cause on 15 days’ notice, or immediately for a specified reason under the agreement.
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Protection for the interim CFO: Verra Mobility intends to enter its standard indemnity agreement with Kvarda, and he will be covered by the company’s directors’ and officers’ liability insurance.
What changes
Verra Mobility is arranging outside support for finance and liquidity matters during the transition, while placing an Alvarez & Marsal executive in the CFO seat on an interim basis. The arrangement is paid to Alvarez & Marsal rather than directly to Kvarda, and it is designed to continue at stepped-up monthly rates if the interim period extends beyond April 2027.