Bridgford Foods Corporation (Nasdaq BRID) Announces Changes in Principal Officers

Rhea-AI Summary

Bridgford Foods Corporation (Nasdaq: BRID) announced recent management changes. Effective October 29, 2022, Raymond F. Lancy will reduce his work schedule to three days a week and plans to retire on February 1, 2023. Cindy Matthews-Morales will replace Lancy as Chief Financial Officer and join the Executive Committee. Lancy will take on the role of Vice President and Treasurer until his retirement, after which he will continue to serve on the Board of Directors. A consulting agreement will be executed for Lancy's services if needed.

Positive

• Cindy Matthews-Morales appointed as Chief Financial Officer may bring new perspectives.
• Transition plan in place with consulting agreement for Lancy ensures continuity.

Negative

• Raymond F. Lancy's reduced schedule could impact financial oversight during transition.
• Leadership transition may cause uncertainty among investors.

DALLAS, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Bridgford Foods Corporation (Nasdaq: BRID) today announced that effective October 29, 2022, Raymond F. Lancy, Chief Financial Officer, Executive Vice President, Treasurer and Member of the Executive Committee will reduce his work schedule to 3 days a week. Mr. Lancy plans to fully retire on February 1, 2023. Cindy Matthews-Morales will be appointed Chief Financial Officer and member of the Executive Committee effective October 29, 2022. Mr. Lancy will become Vice President and Treasurer until February 1, 2023. The Company will execute a consulting agreement with Mr. Lancy in case there is a need for his services or for special projects. Mr. Lancy will remain on the Board of Directors for the upcoming term in 2023.

CONTACT:		Bridgford Foods Corporation Cindy Matthews-Morales, 714/526-5533

 

FAQ

What changes did Bridgford Foods announce regarding its CFO?

Bridgford Foods announced the appointment of Cindy Matthews-Morales as CFO effective October 29, 2022, as Raymond F. Lancy reduces his work schedule and plans to retire on February 1, 2023.

When will Raymond F. Lancy retire from Bridgford Foods?

Raymond F. Lancy is scheduled to fully retire on February 1, 2023.

What role will Raymond F. Lancy take before his retirement?

Before his retirement, Raymond F. Lancy will serve as Vice President and Treasurer until February 1, 2023.

What is the significance of the consulting agreement for Lancy?

The consulting agreement allows Lancy to provide services or assist with special projects post-retirement if needed.