CFO Ward Lyke Jr. to Depart September 25; Controller Kevin Guptar Named Successor
MAYS sits 21% above its 52-week low of $32.32 on light trading volume (0.1× avg).
Summary
J.W. Mays, Inc. announced that CFO Ward Lyke Jr. will resign effective September 25, 2026, under a transition agreement. Controller Kevin Guptar will assume the principal financial and accounting officer roles. The company will pay Lyke his $316,000 salary through separation, plus a $36,461.54 severance, a vehicle, and a phone.
Key Events · Executive and Board Changes · MAYS
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CFO Departure Announced
Ward Lyke Jr., Vice President, CFO, and Treasurer, will step down on September 25, 2026, under a transition agreement. The company states the departure is not due to any disagreements.
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Successor Named
Controller Kevin Guptar will become Principal Financial Officer and Principal Accounting Officer immediately upon Lyke's separation, ensuring continuity in financial reporting.
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Transition Financial Terms
Lyke will receive his $316,000 annual base salary through the separation date, plus a $36,461.54 severance payment (6 weeks' salary), a 2021 Ford Escape, and a company cellphone, contingent on signing a release.
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Context of Recent Losses
The CFO change comes after the company reported a net loss of $(216,863) in Q3 and $(1,059,850) for the nine months ended April 30, 2026, with declining revenues.
Analysis · MAYS · Real Estate & Construction
A small-cap company already posting losses now faces a CFO departure. Though the transition is described as amicable and free of disagreements, the timing—amid declining revenues and a net loss—raises questions about the stability of financial leadership. The transition agreement lays out a clear succession plan, with Controller Kevin Guptar stepping in, but the market may still react to the loss of a key financial officer during a challenging period.
At the time of this filing, MAYS was trading at $39.00 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $78.6M. The 52-week trading range was $32.32 to $61.99. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.