Franchise Group, Inc. Announces the Election of Two New Independent Directors
Franchise Group, Inc. (NASDAQ: FRG) announced the election of Nanhi Singh and Gary S. Rich to its Board of Directors. Singh will join the Audit Committee, while Rich will serve on the Compensation Committee. This expansion brings the Board to seven directors, six of whom are independent. Board Chairman Matthew Avril emphasized the importance of diverse skills for growth and overseeing the business. Franchise Group operates over 3,000 locations across various brands, focusing on cash flow generation for shareholders.
- Addition of experienced board members enhances governance.
- Board now consists of six independent directors, promoting objectivity.
- None.
DELAWARE, Ohio, May 17, 2022 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”) today announced that its shareholders elected Nanhi Singh and Gary S. Rich to its Board of Directors (“Board”). Ms. Singh will serve on the Audit Committee and Mr. Rich will serve on the Compensation Committee. Following the appointments of Ms. Singh and Mr. Rich, the Board will comprise seven directors, six of whom are independent.
“We are very pleased to enhance the breadth of experience that Nanhi and Gary will add to our Board of Directors,” said Matthew Avril, the Company’s Board Chairman. "Our Board regularly evaluates its composition to ensure it includes the diverse skills, experience and perspectives necessary to drive growth and oversee the business. The addition of Nanhi and Gary reflect that commitment as we continue to grow our business and enhance value for our shareholders."
About Nanhi Singh.
Ms. Singh is currently the Chief Customer Officer at Imperva, Inc. ("Imperva"), a cyber security technology company based in San Mateo, California. Ms. Singh has been with Imperva since January 2020 and is on the executive management team with direct responsibilities for all post-sales customer facing functions, including technical support, managed services, consulting and professional services, customer success management and renewal sales. Ms. Singh has over 30 years of experience in software and technology companies, where she has held various leadership positions, including at Symantec Corporation and Blue Coat Systems. Ms. Singh's extensive career in technology provides substantial additional expertise to the Board. Ms. Singh received her Bachelor's degree in Business at Delhi University.
About Gary S. Rich
Mr. Rich is the founder of Rich Leadership, a leadership advisory firm since 2007, where he provides counsel to CEO's and their Boards on issues of leadership development and organization performance management. Mr. Rich is also a director of Stingray Group, Mercon Coffee Group (International Coffee Producers and Traders) and Menai Financial Group. Mr. Rich has served in many executive roles over his career including President of QSP, a division of The Readers Digest Association, Chief Human Resources Officer at The Readers Digest Association and ACNielsen, as well as various executive positions at American Express. Mr. Rich’s management background provides substantial additional expertise to the Board. Mr. Rich holds a master’s degree in Organizational Psychology from Columbia University.
About Franchise Group, Inc.
Franchise Group is an owner and operator of franchised and franchisable businesses that continually looks to grow its portfolio of brands while utilizing its operating and capital allocation philosophy to generate strong cash flow for its shareholders. Franchise Group’s business lines include Pet Supplies Plus, American Freight, The Vitamin Shoppe, Badcock Home Furniture & more, Buddy’s Home Furnishings and Sylvan Learning. On a combined basis, Franchise Group currently operates over 3,000 locations predominantly located in the U.S. that are either Company-run or operated pursuant to franchising and dealer agreements.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, projections, predictions, expectations, or beliefs about future events or results and are not statements of historical fact. Such forward-looking statements are based on various assumptions as of the time they are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are often accompanied by words that convey projected future events or outcomes such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” “intend,” “will,” “may,” “view,” “opportunity,” “potential,” or words of similar meaning or other statements concerning opinions or judgment of the Company or its management about future events. Although the Company believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of the Company will not differ materially from any projected future results, performance or achievements expressed or implied by such forward-looking statements. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, many of which are beyond the control of the Company. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K for the period ended December 25, 2021, and comparable sections of the Company’s Quarterly Reports on Form 10-Q and other filings, which have been filed with the SEC and are available on the SEC’s website at www.sec.gov. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or its business or operations. Readers are cautioned not to rely on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made and the Company does not undertake any obligation to update, revise or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.
INVESTOR RELATIONS CONTACT:
Andrew F. Kaminsky
EVP & Chief Administrative Officer
Franchise Group, Inc.
akaminsky@franchisegrp.com
(914) 939-5161
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