Shares of Bermuda-based Gerova Financial Group (GFC) lost almost a third of their value in New York trading yesterday after the man the firm chose to become its CEO and chairman turned down the job.Dennis Pelino decided not to accept the job because he had been unable to agree to terms with GFC, a statement from the reinsurer revealed.GFC is pursuing other qualified candidates for the position, and the company is being managed by CFO Michael Hlavsa and its board in the interim.GFC’s shares plunged $2.91, or 31 percent, to close on $6.39 yesterday. The shares have fallen almost 78 percent so far this year.The company was plunged into disarray last week when four of its directors resigned. They were Joseph Bianco, Keith Laslop, Arie Bos and Leonard de Waal. Gary Hirst also quit as chairman and president and the company had earlier accepted the resignation of Joseph Bianco as acting CEO.GFC moved its domicile to Bermuda from the Cayman Islands last year.Gerova Reinsurance Ltd. was awarded a licence in June last year by regulator the Bermuda Monetary Authority to operate as a life reinsurer out of offices in Cumberland House, in Victoria Street.