Kaspien Promotes CFO and Goldman Sachs Veteran Brock Kowalchuk to Interim CEO

Rhea-AI Summary

Kaspien Holdings Inc. (NASDAQ: KSPN) announced the promotion of Brock Kowalchuk to interim Chief Executive Officer, effective March 11, 2022. Kowalchuk joined Kaspien in 2018 as Senior Vice President of Finance and later became Chief Financial Officer. The Board expressed confidence in his leadership, noting his deep understanding of the company and its partners. Kowalchuk emphasized Kaspien's strong heritage and commitment to leveraging its talented workforce and sales data to enhance growth. For further details, refer to the Form 8-K filed on the same date.

Positive

• Brock Kowalchuk's promotion may signal stability and continuity in leadership.
• Kowalchuk has extensive experience, having spent 7 years at Goldman Sachs and previously served as Kaspien's CFO.

Negative

• Transition to an interim CEO may introduce uncertainty among investors regarding leadership direction.
• -

SPOKANE, Wash., March 14, 2022 /PRNewswire/ -- Kaspien Holdings Inc. (NASDAQ: KSPN) ("Kaspien" or the "Company"), a leading e-commerce marketplace growth platform, announced that the Company has promoted senior finance executive and organizational leader Brock Kowalchuk to the position of interim Chief Executive Officer, effective March 11, 2022.

Kowalchuk joined Kaspien in September of 2018 as the Senior Vice President of Finance before being promoted a year later to Chief Financial Officer of Kaspien, Inc. Prior to Kaspien, Kowalchuk spent 7 years at Goldman Sachs in roles of increasing responsibility.

"I have full faith in Brock's stewardship abilities to lead the company," said Kaspien Board member and Company Co-Founder Tom Simpson. "Brock knows Kaspien and our partners inside and out, and his financial and operational acumen are unmatched. Over the last four years, he has earned and maintained the respect from employees throughout the organization. Brock brings the right combination of vision, pragmatism, and humanity needed to drive a relationship-centric business such as ours." 

Kowalchuk added: "I'm honored to be entrusted with this responsibility and believe fully in Kaspien's value to our partners because of our incredibly talented people. Kaspien has a strong and proud heritage. We have the right team, tools, and over a decade of sales data to take the company to the next level. I'm looking forward to sharing more about our updated strategic focuses in the near future."  

For additional details, please reference the Form 8-K filed with the U.S. Securities and Exchange Commission on March 11, 2022, which can also be found in the Investor Relations section of the Company's website.

About Kaspien 
Kaspien Holdings Inc. (f/k/a Trans World Entertainment Corporation) (NASDAQ: KSPN) is a leading-edge global e-commerce growth platform that helps brands sell more effectively online. The Company deploys AI-driven software and end-to-end services to optimize and expand brands' presence on Amazon, Walmart, Target, eBay, and other online marketplaces. Rebranded as Kaspien in 2020, the Company has spent more than a decade developing proprietary technologies for supply chain resilience, marketing, brand control, and predictive analytics. Serving thousands of brands, distributors, agencies, and FBA aggregators, Kaspien accelerates growth by tailoring its extensive suite of seller services to partners' dynamic e-commerce needs. The Company has a long track record of success in its mission to become number one in GMV for marketplace services. Kaspien's mastery of the e-commerce space and commitment to rapid innovation has earned the trust of partners such as 3M, Strider Bikes, and UNFI. For more information, visit kaspien.com.

Company Contact 
Matthew Boardman 
B2B Marketing Manager 
MatthewB@kaspien.com

Media Contact 
Gateway Group 
Ryan Deloney
(949) 574-3860 
Ryan@gatewayir.com

Investor Relations Contact
Gateway Investor Relations
Matt Glover and Tom Colton
(949) 574-3860
KSPN@gatewayir.com

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SOURCE Kaspien Holdings Inc.

FAQ

Who is the new CEO of Kaspien Holdings Inc.?

Brock Kowalchuk has been appointed as the interim Chief Executive Officer of Kaspien Holdings Inc.

When did Kaspien announce the leadership change?

Kaspien announced the leadership change on March 14, 2022.

What experience does Brock Kowalchuk have?

Brock Kowalchuk has experience as the Chief Financial Officer at Kaspien and previously worked for Goldman Sachs for 7 years.

What is Kaspien Holdings Inc.'s stock symbol?

The stock symbol for Kaspien Holdings Inc. is KSPN.