On June 4, 2017, Excel Corporation announced that Thomas A. Hyde, Jr., the company's President and Chief Executive Officer, and Robert L. Winspear, the company's Chief Financial Officer, Vice President and Secretary were formally terminated from the company at a meeting of the Board. The company plans to shortly commence an executive search to locate and vet potential candidates to fill the positions of Chief Executive Officer and Chief Financial Officer. In the interim, Ruben Azrak, the company's Chairman of the Board, will perform certain management oversight functions of the Company.

Mr. Azrak will also be actively involved in the company's accelerated executive search process. On June 4, 2017, the Board also appointed current director Karl Power to serve as the company's interim Chief Executive Officer and Secretary. Mr. Power, 56, has served as a director of the company since November 2015, and was appointed as a director of the company in connection with the acquisition by the company of the U.S. assets of Calpian Inc. Mr. Power currently works as a consultant to a number of start-up entities.

From August 2011 until its sale in November 2016, Mr. Power was Chairman, CEO and CFO of Active In Home Therapy.