Envela Welcomes Richard Schepp to Board of Directors

Rhea-AI Summary

Envela Corporation (NYSE American: ELA) announced the appointment of Richard D. Schepp, former Chief Administrative Officer of Kohl's, to its Board of Directors as an independent member. This addition aims to leverage Schepp's extensive experience in growing retail and e-commerce businesses. With over 20 years in various boardroom roles, he brings crucial skills in M&A, strategic planning, and customer experience enhancement. Schepp's past achievements include navigating digital transformation and optimizing store operations at Kohl's, projected to positively impact Envela's growth strategy.

Positive

• Appointment of Richard D. Schepp as an independent board member enhances Envela's leadership.
• Schepp's experience in e-commerce and retail growth is expected to benefit Envela's business strategies.
• His background in M&A and strategic planning could lead to valuable insights and opportunities.

Negative

• None.

DALLAS, TX / ACCESSWIRE / December 7, 2021 / Envela Corporation (NYSE American:ELA) ("Envela" or the "Company") announced today that Richard D. Schepp, former Chief Administrative Officer of Kohl's Corporation (NYSE:KSS), will be appointed to Envela's Board of Directors as an independent member.

"I am delighted to welcome Rick Schepp to Envela's Board," said John Loftus, Chairman and CEO of Envela. "Rick's deep knowledge of growing both brick-and-mortar and e-commerce businesses and enhancing customer experience will be invaluable to Envela as we continue growing our business. And with over two decades of boardroom experience with Fortune 500 companies, plus expertise in M&A, real estate, legal, human resources, strategic planning, marketing, and sales, Rick will doubtless make an immediate contribution to our company," added Loftus.

Before retiring from Kohl's Corp. in 2018, Rick served in numerous roles during his 18-year career with the Menomonee Falls-based retailer, spanning the operational and commercial sides of the business. He played a vital role in successfully positioning the company to navigate the challenges related to digital transformation of its e-commerce and omnichannel customer experiences. And he's credited with helping the company grow from less than 300 stores to an omnichannel retailer with more than 1,100 stores. Rick was also a key architect of two of Kohl's key initiatives: store optimization, and the company's partnership with Amazon.

Rick's business acumen is broad based, having had direct responsibility for Kohl's human resources, legal, business development, real estate, and corporate governance & compliance, among other areas. He was a key leader of the retailer's successful post-2014 revitalization campaign, driving the company's strategies to re-imagine Kohl's merchandise offerings, store experience through new in-store design, omnichannel initiatives, customer personalization, elevating its value proposition and increasing associate engagement to the top decile of its peers. These efforts have enabled Kohl's to capitalize on consumer's ongoing shifts in shopping and engaging with retailers.

About Envela

Envela and its subsidiaries engage in diverse business activities within the recommerce sector. These include recommercializing luxury hard assets, consumer electronics and IT equipment; and end-of-life recycling solutions. Envela assesses its inventory of recommerce purchases for their potential to be refurbished and resold as whole goods, or to be recycled for component parts or precious-metal value. Envela also offers comprehensive recycling solutions for a variety of other companies seeking responsibly to dispose of end-of-life products. Envela operates primarily via two recommerce business segments. Through DGSE, LLC the Company recommercializes luxury hard assets via Dallas Gold and Silver Exchange, Charleston Gold & Diamond Exchange, and Bullion Express brands. Through ECHG, LLC, the Company operates Echo Environmental Holdings, ITAD USA Holdings, and Teladvance, which recommercialize primarily consumer electronics and IT equipment, and provide end-of-life recycling services for various companies across many industries. Envela conducts its recommerce operations at retail and wholesale levels, through distributors, resellers, dedicated stores and online. The Company also owns and operates other businesses and brands engaged in a variety of activities. Envela is a Nevada corporation, headquartered in Dallas, Texas.

Additional information about Envela is available at its investor-relations site, Envela.com.

Forward-Looking Statements

This press release includes statements that may constitute "forward-looking" statements, including statements regarding the potential future success of the Company, acquisitions, Board-member contributions, and its business lines and strategies. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, market conditions and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law.

Investor Relations Contact:

Nathan Jiang
Investor Relations
1901 Gateway Drive | Irving, TX 75038
investorrelations@envela.com

SOURCE: Envela Corporation

View source version on accesswire.com:
https://www.accesswire.com/676311/Envela-Welcomes-Richard-Schepp-to-Board-of-Directors

FAQ

What is the significance of Richard D. Schepp's appointment to Envela's board?

Richard D. Schepp's appointment is significant as he brings extensive experience in retail and e-commerce, which can enhance Envela's business strategies and growth.

How might Richard D. Schepp impact Envela Corporation?

Schepp may impact Envela by leveraging his skills in customer experience enhancement and strategic planning, which are crucial for the company's expansion.

When was Richard D. Schepp appointed to Envela's Board of Directors?

Richard D. Schepp was appointed to Envela's Board of Directors on December 7, 2021.

What experience does Richard D. Schepp bring to Envela?

Schepp brings over 20 years of experience in growing retail businesses, particularly in navigating digital transformation and optimizing operations.

What was Richard D. Schepp's role at Kohl's Corporation?

Richard D. Schepp served as the Chief Administrative Officer at Kohl's Corporation, responsible for various operational aspects and strategic initiatives.