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1847 Goedeker Strengthens Board by Appointing Two Highly-Qualified and Independent Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
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Rhea-AI Summary
1847 Goedeker Inc. has appointed Selim Bassoul and Alan Shaw to its Board of Directors as part of its board refresh process. This move follows a cooperation agreement with Kanen Wealth Management, which provided input on these changes. With this, nearly half of the board has been appointed within a year. Paul Froning will retire from the board, acknowledging that the company is entering a new phase post the Appliances Connection acquisition. This strategic decision aims to enhance operational expertise and support growth initiatives in the household appliances market.
Positive
Appointment of Selim Bassoul and Alan Shaw to the Board enhances operational and industry expertise.
Cooperation agreement with Kanen Wealth Management suggests constructive engagement with shareholders.
Negative
Paul Froning's retirement indicates ongoing changes in board dynamics, which may introduce uncertainty.
The need for board refresh reflects past governance challenges.
Highlights New Directors Selim Bassoul and Alan Shaw Collectively Possess Deep Experience in Durable Goods, Finance, Governance, Growth Initiatives and Supplier Relations
Reaches Cooperation Agreement with Kanen Wealth Management, Which Provided Constructive Input on Latest Stage of Company’s Board Refresh Process
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 two highly-qualified and independent individuals – Selim Bassoul and Alan Shaw– to the Company’s Board of Directors (the “Board”), effective immediately.
Today’s appointments, which are an output of Goedeker’s previously announced Board refresh process, reflect feedback and input from an array of stockholders, including Kanen Wealth Management, LLC (together with its affiliates, “Kanen”), with whom the Company has entered into a cooperation agreement (the “Cooperation Agreement”). Nearly half of the Company’s nine-member Board has now been appointed within the past 12 months.
In connection with the new appointments, Paul Froning has agreed to retire from the Board. The Company thanks Mr. Froning for his leadership during what was a transformative period for the business. His retirement is part of the gradual wind-down of Goedeker’s relationship with 1847 Holdings LLC.
Albert Fouerti, Goedeker’s Chief Executive and a Director, commented:
“We are pleased to advance our ongoing Board refresh by appointing Selim and Alan, who have impressive track records working at world-class companies. They have the right perspectives, skillsets and relationships to support our pursuit of pragmatic growth and long-term value. Selim’s stellar background as the chief executive and chairman of The Middleby Corporation will be a great asset to us, particularly as we work to expand our nationwide reach and seize greater market share. Alan, who possesses vast appliances and operational knowledge, will bring equally valuable c-level perspectives and strategic planning knowhow to the Board. After assessing the Company’s needs and engaging with a number of stockholders over the past two months, our Board leadership and Nominating and Governance Committee ran a thorough process to identify individuals who can support our goal of becoming the market leader in home appliances.”
Mr. Froning added:
“Now that the Appliances Connection acquisition is closed and the Company is entering a new phase of its life cycle, it is the right time to add more operational acumen and appliances industry expertise to the Board. I enjoyed working with all my fellow directors on the transaction and integration of the two businesses over the course of the past year. The Company has a bright future.”
David Kanen, Kanen’s Founder and Portfolio Manager, stated:
“We are pleased to have reached an amicable resolution that continues Goedeker’s Board refresh process and adds critical skillsets to the boardroom. We believe a solid foundation exists for the new appointees to work with the Board to execute new strategies as the Company strengthens its appliances industry position and we are hopeful these changes will lead to value creation for all stockholders.”
Pursuant to the Cooperation Agreement, Kanen has agreed to withdraw its director candidate nominations that were previously submitted to the Company and has also agreed to support the Board’s full slate of nominees at Goedeker’s 2021 Annual Meeting of Stockholders. In addition, Kanen has agreed to customary standstill and voting provisions. The complete Cooperation Agreement will be filed on Form 8-K with the U.S. Securities and Exchange Commission.
Selim Bassoul Biography
Mr. Bassoul possesses significant experience in corporate governance, finance, marketing, strategic transactions and other critical business areas. He was the Chief Executive Officer and Chairman at The Middleby Corporation (NASDAQ: MIDD) from January 2001 until his retirement in February 2019. He has served as a Director and the Non-Executive Chairman of the Board of Six Flags Entertainment Corporation (NYSE: SIX) since February 2020 and as the Director and the Non-Executive Chairman of the Board of Diversey Holdings, Ltd., a leading provider of hygiene, infection prevention and cleaning solutions, since February 2020. Mr. Bassoul previously served on the Boards of Directors of several other public and private entities. He holds a B.A. in Business Administration from the American University of Beirut and an MBA in Finance and Marketing from the Kellogg School of Management at Northwestern University.
Alan Shaw Biography
Mr. Shaw brings expansive appliances industry knowledge and valuable supplier relationships to Goedeker’s Board. He has been a leader in the industry for more than 20 years, beginning his career with Whirlpool and finishing it as the Chief Executive Officer of Electrolux’s North American business, a position he held from January 2016 until his retirement in January 2020. He has held President and c-level positions with several North American-based durable goods companies since 2003, including Char-Broil and Husqvarna Group. He holds a B.S. degree in Economics and Political Science from the University of Idaho and an MBA in Marketing from Indiana University.
About Goedeker
Goedeker is an industry leading e-commerce destination for appliances, furniture, and home goods. Through its June 2021 acquisition of Appliances Connection, Goedeker created one of the largest pure-play online retailers of household appliances in the United States. With warehouse fulfillment centers in the Northeast and Midwest, as well as showrooms in Brooklyn, New York, and St. Louis, Missouri, Goedeker offers one-stop shopping for national and global brands. We carry many household name-brands, including Bosch, Cafe, Frigidaire Pro, Whirlpool, LG, and Samsung, and also carry many major luxury appliance brands such as Miele, Thermador, La Cornue, Dacor, Ilve, Jenn-Air and Viking among others. We also sell furniture, fitness equipment, plumbing fixtures, televisions, outdoor appliances, and patio furniture, as well as commercial appliances for builder and business clients. Learn more at www.Goedekers.com.
Important Additional Information
The Company, its directors and certain of its executive officers will be deemed to be participants in the solicitation of proxies from the Company’s stockholders in connection with the Annual Meeting of Stockholders (the “Annual Meeting”). Information regarding the names of the Company’s directors and executive officers and their respective interests in the Company by security holdings or otherwise is set forth in the Company’s Form 1 Registration Statement, as amended (collectively, the “S-1”), initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 3, 2021, and amended on each of May 13, 2021, May 24, 2021 and May 25, 2021. To the extent holdings of the Company’s securities have changed since the amounts set forth in the Company’s S-1, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 or Annual Statement of Changes in Beneficial Ownership of Securities on Form 5 filed with the SEC. These documents are available free of charge at the SEC’s website at www.sec.gov. Information can also be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 on file with the SEC. The Company intends to file a definitive proxy statement and a BLUE proxy card with the SEC in connection with any such solicitation of proxies from the Company’s stockholders. STOCKHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT, ACCOMPANYING BLUE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION. The Company’s definitive proxy statement for the Annual Meeting will contain information regarding the direct and indirect interest, by securities holding or otherwise, of the Company’s directors and executive officers in the Company’s securities. If the holdings of the Company’s securities change from the amounts provided in the Company’s definitive proxy statement, then such changes will be set forth in SEC filings on Form 3, 4, and 5. Updated information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the definitive proxy statement and other materials to be filed with the SEC in connection with the Annual Meeting. Stockholders will be able to obtain the definitive proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC at no charge on the SEC’s website at www.sec.gov. Copies will also be available at no charge on the Company’s website at www.goedekers.com.
