Creative Realities Announces Departure of Will Logan, Chief Financial Officer

Rhea-AI Summary

Creative Realities (NASDAQ: CREX) announced that CFO Will Logan will resign effective January 31st, 2025, to join Rough Country as Chief Financial Officer. Logan will continue serving as a Strategic Advisor through 2025. During his tenure since November 2017, Logan coordinated the company's NASDAQ uplisting and acquisitions of Allure Global Solutions (2018) and Reflect Systems (2022).

Current Controller Ryan Mudd, who has been with CRI for two years and previously worked with Logan at Ernst & Young LLP, will serve as Interim Chief Financial Officer. Mudd recently led the implementation of the company's NetSuite ERP system. The company is currently evaluating both internal and external candidates for the permanent CFO position.

Positive

• CFO will remain as Strategic Advisor through 2025, ensuring leadership continuity
• Internal succession plan in place with experienced Controller as Interim CFO
• Smooth transition expected due to existing working relationship between Logan and Mudd

Negative

• Loss of key executive who led major corporate initiatives including NASDAQ uplisting and acquisitions
• Uncertainty around permanent CFO replacement

Insights

Financial Analyst

The CFO departure at Creative Realities presents minimal operational risk given the structured transition plan and retention of Logan as a Strategic Advisor through 2025. The interim appointment of Ryan Mudd, who has a pre-existing working relationship with Logan from Ernst & Young and two years of experience as Controller at CRI, suggests continuity in financial operations and strategy implementation.

From a market perspective, while CFO departures can sometimes signal underlying issues, this case appears to be a natural career progression given Logan's move to a larger opportunity at Rough Country. His key achievements during his tenure - including the NASDAQ uplisting and successful acquisitions of Allure Global Solutions and Reflect Systems - demonstrate a track record of effective financial leadership that has positioned CRI well for future growth.

For a micro-cap company with a market cap of $26.6 million, maintaining strong financial leadership is crucial. The seamless transition plan and Mudd's familiarity with the company's recent NetSuite ERP implementation should help mitigate any short-term disruptions to financial operations and reporting processes.

LOUISVILLE, Ky., Jan. 03, 2025 (GLOBE NEWSWIRE) -- Creative Realities, Inc. (NASDAQ: CREX) (“CRI” or the “Company”), a leading provider of digital signage and media solutions, today announced that Will Logan has resigned as Chief Financial Officer, effective January 31^st, 2025, to become Chief Financial Officer at Rough Country, a major provider of performance-enhancing products and suspension systems to the truck, Jeep and UTV enthusiast market. He will serve as a Strategic Advisor to the Company minimally through the end of 2025, as CRI continues to make progress in accelerating growth and advancing its successful business strategy.

Rick Mills, CEO of Creative Realities, said “On behalf of the Board of Directors and our entire team, I want to thank Will for his many contributions to CRI. His vision as CFO has been integral to the Company’s transformation into an industry leader as a digital signage and media solutions provider that is well positioned for sustained growth and value creation. I want to thank Will for his leadership and friendship during a very productive working relationship. We wish him all the best as he begins this well-earned next chapter in his career with a terrific opportunity that I would not have him miss.”

Mr. Logan came to the company in November 2017, coordinating the company’s NASDAQ uplisting and subsequent acquisitions of Allure Global Solutions, Inc. and Reflect Systems, Inc. in 2018 and 2022, respectively.

The Company is evaluating internal and external candidates to succeed Mr. Logan; Ryan Mudd, MAcc, CPA, the Company’s current Controller, will serve as Interim Chief Financial Officer effective upon the departure of Mr. Logan. Mr. Mudd has been with CRI for two years, following Will Logan from Ernst & Young LLP, where they worked together from 2012 to 2017. As Controller, Mr. Mudd led the Company’s accounting function and recently spearheaded the adoption and implementation of its NetSuite ERP.

About Creative Realities, Inc.
Creative Realities helps clients use the latest omnichannel technologies to inspire better customer experiences. CRI designs, develops, and deploys consumer experiences for high-end enterprise-level networks, and is actively providing recurring SaaS and support services across diverse vertical markets, including but not limited to automotive, advertising networks, apparel & accessories, convenience stores, food service/QSR, gaming, theater, and stadium venues.

Contacts

Media Inquiries
Breanne Ngo
bngo@ideagrove.com

Investor Relations
Chris Witty
cwitty@darrowir.com
646-438-9385
ir@cri.com
https://investors.cri.com/

FAQ

When is Will Logan leaving his position as CFO of Creative Realities (CREX)?

Will Logan will resign as CFO of Creative Realities effective January 31st, 2025.

Who will serve as interim CFO of Creative Realities (CREX) after Will Logan's departure?

Ryan Mudd, the company's current Controller, will serve as Interim Chief Financial Officer.

What major achievements did Will Logan accomplish during his tenure at CREX?

Logan coordinated the company's NASDAQ uplisting and led acquisitions of Allure Global Solutions (2018) and Reflect Systems (2022).

Will Will Logan maintain any role with Creative Realities (CREX) after his departure?

Yes, Logan will serve as a Strategic Advisor to Creative Realities through the end of 2025.

What is Ryan Mudd's background before becoming interim CFO at CREX?

Ryan Mudd worked at Ernst & Young LLP with Will Logan from 2012 to 2017 and has served as CRI's Controller for two years.