News of NEXA Mortgage Co-founder and President Mat Grella's termination of employment was announced during the company's weekly Town Hall meeting on Tuesday.
According to statements provided by NEXA CEO and Co-Founder Mike Kortas, Grella had asked him for a buyout of his ownership interest in November 2023. Kortas said, as a courtesy, he then arranged to have Grella stay on as employed by NEXA as negotiations over the buyout continued.
"Unfortunately that arrangement became unworkable, and NEXA made the decision to terminate Mr. Grella’s employment," Kortas stated. "The negotiations regarding the buyout of Mr. Grella’s ownership interest shall continue."
Grella said he was not aware negotiations would continue regarding the buyout, and declined to give further comment on the matter.
One of NEXA’s cultural leaders, branch manager, and last year's top recruiter, Jason DuPont, believes Grella was looking for “other opportunities” while Kortas is and always was focused on the growth of NEXA.
“When I talk to Mike [Kortas] it’s all about adding 2,500 loan officers before the end of 2025,” DuPont said. “They’ve been partners forever, I know they didn’t always see things the same, but Mike [Kortas] is all about growth and that is what we’re focusing on.”
Partner of NEXA and first independent loan officer to join the company, Branden Himler, said he'd known Grella had requested to be bought out months ago, but not any specifics regarding his termination.
Michael Neill, strategic talent acquisition leader and director at AXEN Mortgage (dba NEXA Mortgage), said he is not aware of the reason behind Grella's termination, but was also not entirely shocked by the news since Grella's engagement allegedly fell off in recent months.
Regarding the dynamic between the two founders, Neill described Kortas as more of a visionary and Grella, being on the operations side, as more pragmatic. Together, he said they kept NEXA on a steady upward trajectory.
"Mike [Kortas] is always the wind, and Mat [Grella} is the rudder to stay on course," Neill said. "So, moving forward, it'll be about filling the position or dispersing responsibilities to keep the boat on course."
DuPont agreed with Neil that Kortas is a leader who focuses more on the big picture, more so than Grella. He added that Grella is a “big family guy” with a wife and kids, and may want to redirect his focus on his family, especially after the recent birth of his twins. “They’re just in different places in their lives,” DuPont said.
DuPont said he is unsure whether Grella played as active a role as Kortas in the company, though, he added that Kortas’s work ethic may be hard for anyone hard to compete with, claiming that Kortas will take calls almost any time of day. He recalls Grella once stating “Mike [Kortas], you are NEXA.”
NEXA has yet to make any announcement on filling Grella’s vacated role or how the company plans to distribute his responsibilities.
"The decision to terminate Mr. Grella’s employment was made for the best interest of the organization, all of the great Loan Officers and support staff of NEXA, and to preserve our future growth," Kortas stated.
The article will be updated as new information becomes available.
