Former Bear Stearns banker named CFO at Alico

FORT MYERS — Citrus giant Alico named former Bear Stearns investment banker John Kiernan chief financial officer.

Kiernan replaces Mark Humphrey, who resigned for undisclosed reasons. Humphrey will receive a consulting fee of $350,000 for one year, plus a onetime lump-sum payment of $100,000 in cash, according to a filing with the U.S. Securities and Exchange Commission.

Kiernan started his career as an investment banker with Bear Stearns, rising to managing director. He was at Bear Stearns, which failed in 2008 during the global financial crisis, for 11 years. Kiernan has held various titles since 2007, including senior vice president and global treasurer for Global Crossing through its sale to Level 3 Communications in 2011. Kiernan most recently served as managing director and chief financial officer for Greenwich Associates, a financial-services advisory firm.

“John's background in finance and hands-on business experience will add significant value to our efforts as we move forward with future targeted business opportunities at Alico and will be instrumental in our work of increasing shareholder value,” says Alico CEO Clay Wilson, in a statement.

According to the terms of his employment filed with the SEC, Kiernan will earn a base salary of $325,000, a target bonus of 50% of his salary and 8,000 shares of Alico stock that vest over time.

You can read a recent story about Fort Myers-based Alico's business strategy in the Business Observer by clicking here.