Luvu Brands Appoints New CFO Alexander Sannikov

Rhea-AI Summary

Luvu Brands, Inc. (OTCQB:LUVU) announced the appointment of Alexander Sannikov as Chief Financial Officer, effective April 29, 2022. Sannikov, who joined the company on April 11, has significant finance leadership experience, including roles at Weather Group and AMES Taping Tools. His appointment follows a strong financial performance in the first half of fiscal 2022, with the company aiming to enhance profitability and explore mergers and acquisitions. CEO Louis Friedman expressed confidence in Sannikov's leadership and potential for growth.

Positive

• Appointment of Alexander Sannikov as CFO expected to enhance profitability and explore M&A opportunities.
• Sannikov's extensive finance experience may provide fresh perspectives and strategic direction.

Negative

• Transition of CFO may lead to temporary disruption or adjustment period within financial operations.

ATLANTA, GA / ACCESSWIRE / April 26, 2022 / Luvu Brands, Inc. (OTCQB:LUVU), a designer, manufacturer, and marketer of a portfolio of consumer lifestyle brands, announced today the appointment of Alexander Sannikov as Chief Financial Officer, effective April 29, 2022. To help ensure a smooth transition, Mr. Sannikov who started with the Company on April 11, 2022 has worked closely with the company's current CFO Ronald Scott, who will remain in an advisory capacity until April 29, 2022.

Mr. Sannikov, age 40, comes to Luvu Brands with significant financial executive experience in manufacturing, and mergers and acquisitions. Most recently he was the Finance Director at Weather Group, Atlanta, Georgia, a position he held since May 2021. Mr. Sannikovhas over 20 years of experience in finance leadership, including his work as Director of Finance at AMES Taping Tools, Vice President of Finance at FiberLight, and various leadership roles at Cox Communications. Mr. Sannikov, a resident of metro Atlanta, holds a Master of Business Administration in Finance and a Bachelor of Business Administration in Finance from Georgia State University.

"Mr. Sannikov's hire follows Luvu Brands strong financial performance in the first half of fiscal 2022. As a growth company with a dynamic Sales and Marketing team, we are excited for Alexander Sannikov to help drive the business in profitability and M&A opportunities, said Louis Friedman, Chairman and CEO, Luvu Brands, Inc. "Alexander's success and experience as a Finance Director and his outstanding leadership qualities will be an invaluable addition to the team."

Mr. Sannikov returns the sentiment, commenting, "I am extremely excited to join the Luvu Brands team. I believe the potential for growth and value creation is tremendous, given the smart and passionate people that I have already met in the Company, a strong brand portfolio, unique strengths, and a strong business model. I look forward to working with the team to execute the company's priorities, accelerate growth, and enhance value for shareholders and all stakeholders."

About Luvu Brands

Luvu Brands, Inc. designs, manufactures, and markets a portfolio of consumer lifestyle brands through the Company's websites, online mass merchants, and specialty retail stores worldwide. Our brands include Liberator®, an iconic product category for enhancing sensuality and intimacy; Avana®, inclined bed therapy products, assistive in relieving medical conditions associated with acid reflux, surgery recovery, and chronic pain; and Jaxx®, a diverse range of casual fashion daybeds, sofas, and beanbags. As a sustainability-obsessed Company we use repurposed polyurethane foam and fabrics wherever possible and vacuum compress all our foam-based products to reduce our carbon footprint. Headquartered in Atlanta, Georgia, the Company occupies a 140,000 square foot vertically-integrated manufacturing facility and employs over 200 people. The Company brand sites include: www.liberator.com, www.jaxxliving.com, www.avanacomfort.com, plus other global e-commerce sites. For more information about Luvu Brands, please visit www.luvubrands.com.

Company Contact:

Luvu Brands, Inc.
Alexander A. Sannikov
Chief Financial Officer
770-246-6426
Alexander.Sannikov@LuvuBrands.com

SOURCE: Luvu Brands, Inc.

View source version on accesswire.com:
https://www.accesswire.com/698908/Luvu-Brands-Appoints-New-CFO-Alexander-Sannikov

FAQ

Who is the new CFO of Luvu Brands?

Alexander Sannikov has been appointed as the new Chief Financial Officer of Luvu Brands, effective April 29, 2022.

What experience does Alexander Sannikov have?

Alexander Sannikov has over 20 years of experience in finance leadership, including roles at Weather Group and AMES Taping Tools.

What are the goals following the CFO appointment at Luvu Brands?

Luvu Brands aims to enhance profitability and explore mergers and acquisitions following Sannikov's appointment.

When did Alexander Sannikov start at Luvu Brands?

He started on April 11, 2022, and will officially take over as CFO on April 29, 2022.

What did CEO Louis Friedman say about the new CFO?

CEO Louis Friedman expressed confidence in Sannikov's leadership and believes he will be invaluable to the team.