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1847 Goedeker Inc. Appoints Jim Schneider to Board of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
1847 Goedeker Inc. (NYSE American: GOED) has appointed Jim Schneider to its Board of Directors, effective immediately. Schneider, an experienced leader with a strong background in accounting, capital markets, and strategic planning, fills the vacancy left by Selim Bassoul. CEO Albert Fouerti expressed confidence in Schneider's ability to add value, especially as the company focuses on optimizing its capital structure and pursuing long-term growth. Goedeker continues to expand as a significant player in the U.S. household appliances market with over $500 million in projected annual sales.
Positive
Jim Schneider's extensive experience in accounting and finance is expected to provide immediate value to Goedeker's capital structure optimization.
The departure of Selim Bassoul may raise concerns about continuity and experience on the Board.
With Schneider being a new member, there could be initial challenges in integrating him into the existing Board dynamics.
Highly-Qualified Corporate Leader Brings Decades of Accounting, Capital Markets, Finance and Strategic Planning Experience to the Company’s Board
ST. CHARLES, Mo.--(BUSINESS WIRE)--
1847 Goedeker Inc. (NYSE American: GOED) (“Goedeker” or the “Company”), one of the largest specialty ecommerce players in the U.S. household appliances market, today announced that it has appointed Jim Schneider to its Board of Directors (the “Board”), effective immediately. Mr. Schneider’s appointment, which is an output of the Company’s ongoing Board refresh, reflects feedback and input from an array of stockholders. He fills the Board vacancy created when Selim Bassoul, who is now Chief Executive Officer of Six Flags Entertainment Corporation, stepped down as a director due to emerging obligations.
Albert Fouerti, Chief Executive Officer and Director, commented:
"Our Board is very pleased to advance its ongoing director refresh process by appointing Jim, who brings decades of experience in accounting, capital markets, finance and strategic initiatives and transactions. His background as a Big Four accounting firm partner and chief financial officer will add immediate value to the business as management continues optimizing the capital structure and pursuing long-term growth. He is the ideal addition to the Board at this important point in the Company’s lifecycle.”
Jim Schneider Biography
Mr. Schneider possesses a vast background in capital allocation, corporate finance and strategic planning. He has served as the Chairman of Horizon Bank in Austin, TX since 2006 and as an Operating Partner of Lead Edge Capital, a private equity firm, since 2010. Mr. Schneider joined Dell in 1996 and served for 11 years as a Senior Vice President of Finance and then also as Chief Financial Officer. He previously was a Senior Vice President at MCI. Mr. Schneider began his career as an accountant at Price Waterhouse, where he served as a Partner and worked for 19 years. He holds a B.S. degree in Accounting from Carroll University. We believe Mr. Schneider is qualified to serve on our Board due to his extensive finance experience, his prior CFO experience at a public company and his background in accounting.
ABOUT GOEDEKER
Goedeker is a content-driven and technology-enabled shopping destination for appliances, furniture and home goods. Since its acquisition of Appliances Connection, Goedeker has evolved into a growth-oriented ecommerce platform with a distinct offering of core, premium, luxury and private label brands that can be accessed through a seamless point-and-click experience. The company's priorities include offering unmatched selection, high-touch product expertise and reliable shipping from its expanding, nationwide fulfillment network. With more than $500 million in projected annual sales in 2021, Goedeker is one of the fastest-growing pureplay ecommerce companies in home appliances. Learn more at www.Goedekers.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Forward-looking statements include, without limitation, any statement that predicts, forecasts, indicates or implies future results, performance, liquidity levels or achievements, and may contain the words “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” “will be,” “will likely continue,” “will likely result” or words or phrases of similar meaning.
Forward-looking statements in this press release are based on estimates and assumptions made by our management that, although believed by us to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties that may cause our business, strategy, or actual results to differ materially from the forward-looking statements. These risks and uncertainties include those discussed in greater detail in our filings with the Securities and Exchange Commission. We operate in a changing environment in which new risks can emerge from time to time. It is not possible for management to predict all of these risks, nor can it assess the extent to which any factor, or a combination of factors, may cause our business, strategy, or actual results to differ materially from those contained in forward-looking statements. Factors that may cause these difference include, among other things: pricing and product cost variability; volumes of product sold; changes in the prices, supply, and/or demand for products that we distribute; the cyclical nature of the industry in which we operate; housing market conditions; the COVID-19 pandemic and other contagious illness outbreaks and their potential effects on our industry; effective inventory management relative to our sales volume or the prices of the products we produce; information technology security risks and business interruption risks; increases in petroleum prices; consolidation among competitors, suppliers, and customers; disintermediation risk; loss of products or key suppliers and manufacturers; our dependence on international suppliers and manufacturers for certain products; business disruptions; exposure to product liability and other claims and legal proceedings related to our business and the products we distribute; natural disasters, catastrophes, fire, or other unexpected events; successful implementation of our strategy; wage increases or work stoppages by our union employees; costs imposed by federal, state, local, and other regulations; compliance costs associated with federal, state, and local environmental protection laws; our level of indebtedness and our ability to incur additional debt to fund future needs; the risk that our cash flows and capital resources may be insufficient to service our existing or future indebtedness; the covenants of the instruments governing our indebtedness limiting the discretion of our management in operating our business; the fact that we lease many of our distribution centers, and we would still be obligated under these leases even if we close a leased distribution center; changes in our product mix; shareholder activism; potential acquisitions and the integration and completion of such acquisitions; the possibility that the value of our deferred tax assets could become impaired; changes in our expected annual effective tax rate could be volatile; the costs and liabilities related to our participation in multi-employer pension plans could increase; the possibility that we could be the subject of securities class action litigation due to stock price volatility; and changes in, or interpretation of, accounting principles.
Given these risks and uncertainties, we caution you not to place undue reliance on forward-looking statements. We expressly disclaim any obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.
Who is Jim Schneider and what experience does he bring to Goedeker's Board?
Jim Schneider is a seasoned corporate leader with decades of experience in accounting, capital markets, and finance, previously serving as CFO at Dell and Chairman of Horizon Bank.
What prompted the appointment of Jim Schneider to Goedeker's Board?
Schneider was appointed as part of Goedeker's ongoing Board refresh process, which aimed to incorporate stockholder feedback.
What impact might Jim Schneider's appointment have on Goedeker (GOED)?
Schneider's financial expertise could enhance Goedeker's capital structure optimization and strategic planning, potentially benefiting long-term growth.
Why did Selim Bassoul leave Goedeker's Board?
Selim Bassoul stepped down from the Board due to new obligations as the CEO of Six Flags Entertainment Corporation.
