By Kelly Cloonan

FlexShopper has terminated H. Russell Heiser Jr., its chief executive officer and chief financial officer.

The alternative payment solutions company said Tuesday Heiser's employment ended on Aug. 6, effective immediately. It did not disclose the reason for his termination.

FlexShopper suspended Heiser on July 31. At the time the company said several of its previously issued financial statements should no longer be relied upon after consultation with an independent forensic investigations firm.

The Boca Raton, Fla., company engaged the firm in June to review allegations of potentially forged documents and other misrepresentations by certain officers and employees of the company.

President and Chief Operating Officer John Davis has assumed the duties of principal executive officer, the company said.

FlexShopper said it has engaged North Country Capital to provide interim management and restructuring advisory services. Under the engagement, North Country Capital's President Matthew Doheny will take on the role of chief restructuring officer at FlexShopper.

Doheny has nearly three decades of financial and restructuring expertise, as well as experience leading numerous financial and operational restructurings, the company said.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

August 12, 2025 18:03 ET (22:03 GMT)

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