Timothy M. Shanahan

Tim Shanahan is the Founder and Chief Executive Officer of VentureSpring, an operational and advisory firm he founded in 2004 that provides interim leadership to companies addressing business disruptions ranging from cash crises to transformative growth opportunities. Mr. Shanahan returned to VentureSpring in May 2024 after most recently serving as Global Chief Financial Officer of Vice Media, where he oversaw financial operations across 113 legal entities and five business units in 13 countries. Prior to that he was Chief Executive Officer and a board member, and earlier Chief Financial Officer of Vision Media. Earlier in his career, Mr. Shanahan held senior strategic-planning and corporate-development roles at Mattel and the Bradford Exchange, and was a Vice President at Water Tower Capital. He is a recipient of the Global M&A Network's Restructuring of the Year award.

“Boards must ensure that value creation strategies are grounded in a clear understanding of core competencies and the realities of the markets they serve. In cyclical or consumer sectors, companies that will succeed must be disciplined in capital allocation, and able to pivot and act decisively - transforming chaos into opportunity.”

Mr. Shanahan has distinguished himself in his career by taking a bottom-up, fundamental approach. He has the ability to dig into the details and ask the right questions but also is able to step back and understand how those details inform the larger, strategic picture. Medallion is confronting precisely the kinds of challenges Mr. Shanahan has spent his career resolving — strained cash position, increasing leverage, declining core business returns, lack of revenue diversification, and capital allocation choices that have failed to create enterprise value or generate sustainable investor returns. He brings hands-on operating expertise, with a keen eye for financial analytics and asset valuations, and he has a demonstrated ability to reposition underperforming businesses toward higher-return operating models.

Why we nominated him

1. He has financial-diligence expertise

Medallion has a history of asset-valuation and credit-risk failures that have hurt stockholders. The SEC enforcement action against the Company and Andrew Murstein, settled in May 2025, alleged Bank fair-value overstatements approaching $110 million at year-end 2016 and approximately $85 million at year-end 2017. The commercial lending segment has had non-performing loans near 20% over the last year. The Recreation portfolio is 63% of loans and has hit a 16-year high charge-off rate. The Board is responsible for overall risk management, and that is where Mr. Shanahan adds tremendous value. In one engagement, he had to step into a CFO role at a distressed $300 million revenue company and had to quickly understand the financial picture while simultaneously restoring lender confidence. His efforts allowed the company breathing room to execute on its strategy.

2. He understands how to make operations more efficient

As Global Chief Financial Officer of Vice Media, Mr. Shanahan oversaw financial operations across 113 legal entities and five business units in 13 countries. He successfully reduced annual operating costs by more than $30 million through staff reductions, divestitures and renegotiation of vendor contracts. He restructured the accounting and FP&A organizations to cut staff by 40% and costs by 33% while also improving reporting accuracy. These were radical changes that required resolve. Operating efficiency is non-negotiable in a competitive industry. Medallion's consumer business operates in a commoditized world that is becoming increasingly so. Operational execution is where it must distinguish itself.

3. He has successfully guided multiple businesses through transformative change

As Chief Executive Officer of Vision Media, he led a strategic pivot to a higher-margin business line and grew secure-streaming revenue approximately 110% year-over-year while improving EBITDA. He pursued the divestiture of the legacy third-party logistics business in a manner that converted anticipated shutdown costs into positive cash flow available to reduce debt and fund the new growth platform. This was not easy. Legacy business lines and incumbent employees often resist change, even when it is clearly needed. Mr. Shanahan used persuasion and the data to ensure buy-in.

Career highlights

Education

• M.B.A. with Distinction, University of Michigan, Ross School of Business
• B.S., Mechanical Engineering, University of Michigan, School of Engineering

Independence

Mr. Shanahan is independent of Medallion Financial Corp, BIMIZCI Fund LLC and its affiliates, and the Murstein family. He does not own any securities of the Company and has not entered into any transactions in the securities of the Company during the past two years. He has no business relationship with Medallion and would qualify as independent under the corporate governance standards of NASDAQ.