The FOXO/Sabes saga continues

As previously disclosed on Jan 29, 2023, Jon Sabes resigned as a member of the board of directors of FOXO Technologies . The company has since filed an amendment with the SEC on Feb 2, 2023 to add as an exhibit the letter from Sabes to Michael Will, the General Counsel of FOXO, which reads: “The email letter, from me, in response to the draft 8K you provided me does a poor job in explaining the fact I disagreed with Board’s statement in that I expressed the idea that I was the ONLY person capable of running FOXO. That is absurd. I am resigning from the Board due to the decision to summarily terminate my employment from FOXO.” 

Further, on Feb 3, 2023, FOXO announced that Taylor Fay has been promoted to COO of FOXO, effective immediately.

Prior to the promotion, Fay, age 38, served as FOXO’s VP of Product Operations since January 2022. From June 2018 until January 2022, Fay served as FOXO’s Senior Product Manager and Director of Product. Fay holds a Bachelor’s Degree in Geography and a Master’s Degree in Business Administration from the University of Minnesota. For the years ended December 31, 2022 and 2021, the annual base salary for Fay was $177,000 and $160,000, respectively. There have been no changes to date to Fay’s compensation in connection with his promotion to COO.

FOXO, which was formed in 2016, promises to provide life insurance that incorporates longevity science. However, its journey has been fraught with surprises, such as becoming a public company too soon, purchasing a life insurance carrier (Memorial Insurance Company of America) in 2021 only to sell it as we speak, and, of course, the November termination of former CEO Jon Sabes and former COO Steve Sabes.