Mark Jundt, Dan Philp to serve as Co-Chief Executive Officers of Lendway, Inc.

Rhea-AI Summary

Lendway (NASDAQ: LDWY) has announced that Mark J. Jundt and Daniel C. Philp will become Co-Chief Executive Officers, effective July 1, 2024. This leadership change follows the resignation of current CEO Randy D. Uglem. Jundt, who has been with Lendway's Board since November 2022 and served as its Chair since August 2023, brings extensive experience in corporate governance, mergers, acquisitions, and litigation. Philp, also a Board member since November 2022, has been with Air T since 2014 and played a key role in the acquisition of Bloomia, B.V. The Board believes that the dual leadership will enhance strategic initiatives, administration, and corporate governance.

Positive

• Mark Jundt and Daniel Philp bring extensive experience in corporate governance and mergers and acquisitions.
• The new Co-CEOs have already served on Lendway's Board since November 2022, ensuring continuity.
• Daniel Philp was instrumental in the acquisition of Bloomia, which shows his capability in strategic initiatives.
• The Board aims to align leadership skills with corporate requirements for growth and strategic initiatives.

Negative

• Current CEO Randy D. Uglem's resignation may create transitional challenges.
• The effectiveness of the Co-CEO model remains to be proven in practice.

MINNEAPOLIS, MN / ACCESSWIRE / June 11, 2024 / Lendway, Inc. (NASDAQ:LDWY) ("Lendway"), a leading specialty ag and finance company (www.lendway.com), today announced the appointments of Mark R. Jundt and Daniel C. Philp as Co-Chief Executive Officers effective July 1, 2024.

"We are pleased that Mark and Dan have agreed to step into the Co-CEO role" said Nick Swenson, a Board member and representative of a group of Lendway stockholders. "Bloomia, the Company's majority-owned subsidiary, is being run by its able CEO and 18% minority owner. We believe he is doing a spectacular job of running the underlying business. The Board believes that at the corporate level, Lendway's leaders need to focus on administration, corporate governance, and new strategic initiatives. Having two very experienced mergers and acquisitions executives take on this shared role aligns skills with requirements. The Board is very excited to have Mark and Dan lead us into the future."

Mr. Jundt has served as a member of our Board of Directors since November 2022 and as its Chair from August 2023. He has also served as General Counsel & Corporate Secretary of Air T, Inc. since 2008. Mr. Jundt has extensive experience in corporate governance, mergers and acquisitions, and litigation.

Mr. Philp has served as a member of our Board of Directors since November 2022. He has also served as Senior Vice President of Corporate Development at Air T, Inc. since 2014. Mr. Philp was instrumental in the Board's oversight of the Company's recent acquisition of Bloomia, B.V. He has significant experience investigating new acquisition targets and other strategic initiatives.

Randy D. Uglem, Lendway's current President and Chief Executive Officer, tendered his resignation and is expected to depart the company effective July 1, 2024. "On behalf of the Board, I want to sincerely thank Randy for his excellent service during a period of significant change at Lendway," said Mr. Jundt. "Dan and I believe wholeheartedly in this company and are excited to lead Lendway in its next chapter of growth."

About Lendway, Inc.
Lendway, Inc (NASDAQ:LDWY) is a specialty ag and finance company focused on making and managing its ag investments in the U.S. and internationally. Lendway is the majority owner of Bloomia, one of the largest producers of fresh cut tulips in the United States. Lendway also fully owns and operates FarmlandCredit.com, a non-bank lending business that seeks to purchase existing loans and/or originate and fund new loans domestically. For additional information, contact (800) 874-4648, or visit our website at www.lendway.com. Investor inquiries can be submitted to info@lendway.com.

Cautionary Statement for the Purpose of Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995

Statements in this press release that are not statements of historical or current facts are considered forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. The words "anticipate," "continue," "expect," "seek," "will" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these or any forward-looking statements, which speak only as of the date of this press release. These forward-looking statements are based on current information, which we have assessed and which by its nature is dynamic and subject to rapid and even abrupt changes. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including those set forth in our Annual Report on Form 10-K for the year ended December 31, 2023 and additional risks, identified in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K filed with the SEC. Such forward-looking statements should be read in conjunction with Lendway's filings with the SEC. Lendway assumes no responsibility to update the forward-looking statements contained in this press release or the reasons why actual results would differ from those anticipated in any such forward-looking statement, other than as required by law.

CONTACT
Lendway, Inc.
Biz McShane, CFO
info@lendway.com

SOURCE: Lendway, Inc.

View the original press release on accesswire.com

FAQ

Who are the new Co-CEOs of Lendway (NASDAQ: LDWY)?

Mark J. Jundt and Daniel C. Philp will serve as Co-CEOs effective July 1, 2024.

When will the leadership change at Lendway take effect?

The leadership change will take effect on July 1, 2024.

What roles did Mark Jundt and Daniel Philp previously hold at Lendway?

Both have been Board members since November 2022, with Jundt also serving as Chair since August 2023.

What experience do the new Co-CEOs of LDWY bring?

Mark Jundt has experience in corporate governance, mergers, acquisitions, and litigation, while Daniel Philp has a background in corporate development and strategic initiatives.

Why did Randy D. Uglem resign as CEO of Lendway?

Randy D. Uglem resigned to make way for the new leadership team, effective July 1, 2024.