About one year into his employment with Root Inc. and a week after he helped the company report fourth-quarter earnings, Chief Financial Officer Robert Bateman has been fired for violating company policies.
According to a filing with the U.S. Securities and Exchange Commission, Bateman was “terminated for cause” on March 1 from his position as CFO and treasurer. The move, Root said, 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, hired by Root on April 11, 2022, will not get any severance pay, Root said. The former CFO was hired from Ategrity Specialty Insurance Co., where he held the same position.
On Feb. 23 Bateman took part in a conference call with analysts to discuss the insurtech’s fourth quarter 2022 loss of $58.3 million.
Megan Binkley, previously Root’s deputy CFO, was appointed interim CFO and treasurer. She has been with the company since 2019.
This latest executive-level shake-up at Root Inc., the parent company of Root Insurance, comes about a month after the company filed suit against Brinson Caleb “BC” Silver, its former chief marketing officer. Root has accused Silver of a “brazen and sophisticated scheme” to steal nearly $10 million from the company. Root has alleged Silver paid an advertising firm millions of dollars for services never rendered, and had the firm transfer funds to a company owned by Silver, who then purchased luxury real estate in Florida and California.
Silver was employed by Root for a year – Nov. 8, 2021 to Nov. 9, 2022.