MamaMancini’s Appoints Experienced Financial Executive Anthony J. Gruber as Chief Financial Officer

Rhea-AI Summary

MamaMancini's Holdings has appointed Anthony J. Gruber as its new Chief Financial Officer, effective September 19, 2022. Gruber has extensive experience in financial management, having previously served as CFO at De’Longhi America and Richemont North America. His expertise includes financial analytics and cash flow management, which aims to enhance financial controls and margins for the company. The leadership transition is seen as pivotal as MamaMancini’s seeks to evolve into a national deli solutions provider.

Positive

• Anthony Gruber's extensive CFO experience at De’Longhi and Richemont is expected to enhance financial management.
• Gruber aims to improve margins and financial controls, positioning the company for growth.
• Strategic management mindset aligns with MamaMancini's goal of becoming a national deli solutions company.

Negative

• Concerns about continuity and the potential experience gap following leadership changes.

EAST RUTHERFORD, NJ, Sept. 12, 2022 (GLOBE NEWSWIRE) -- MamaMancini’s Holdings, Inc. (NASDAQ: MMMB, a leading marketer and manufacturer of fresh, clean and easy to prepare foods, today announced that it has appointed Anthony J. Gruber as Chief Financial Officer for the Company, effective September 19, 2022.

Mr. Gruber brings proven capabilities in global financial management and operations with a strong background in financial analytics, controls, banking relationships, margin enhancement, and cash flow management. Previously he was Chief Financial Officer at De’Longhi America, Inc., an Italian small appliance manufacturer, leading a team in support of the 120-employee, $400M North American subsidiary. He also served as CFO at Richemont North America, Inc., a Switzerland-based luxury goods company with 2020 revenues of $2B, leading a team of 85 people and responsible for all aspects of finance for the organization. Gruber has a BS, Accounting, from the University of Bridgeport and is a Certified Public Accountant.

“Anthony is an experienced financial executive with a strategic management mindset to support the MamaMancini’s family of companies as we enter the next phase of growth,” said Adam Michaels, newly appointed Chief Executive Officer of MamaMancini’s. “As we begin to transform MamaMancini’s into a national deli solutions company, we welcome him to the position and are very pleased to have someone of his caliber and financial skillset serve as our CFO.

“I’m confident that Anthony’s demonstrated success restructuring financial operations, coupled with his experience leading teams across diverse industries, will help us deliver improved margins and financial controls for our shareholders. His expertise in managing a portfolio of brands will also help us accelerate our aspirations to become a one-stop-shop solution for our deli partners,” concluded Michaels.

Gruber added: “I am thrilled to be appointed as CFO at a significant inflection point in the growth trajectory of MamaMancini’s. Having recently completed a large acquisition as well as a strategic investment, positioning our internal controls and financial systems for the next leg of growth will be of the utmost importance. To that end, I look forward to partnering with Adam, the senior leadership team, and our finance team as we execute on our strategic and financial priorities to create long-term value for our shareholders.”

About MamaMancini’s Holdings, Inc.

MamaMancini's Holdings, Inc. (NASDAQ: MMMB) is a leading marketer and manufacturer of prepared foods with products offered in over 45,000 grocery, mass, club and convenience stores nationally. The Company’s broad product portfolio, born from a rich history in Italian foods, now consists of a variety of high quality, fresh, clean and easy to prepare foods to address the needs of both our consumers and retailers. Our vision is to become a one-stop-shop deli solutions platform, leveraging vertical integration and a diverse family of brands to offer a wide array of prepared foods to meet the changing demands of the modern consumer. For more information, please visit our website at www.mamamancinis.com.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company's 10-K for the fiscal year ended January 31, 2022 and other filings made by the Company with the Securities and Exchange Commission.

Investor Relations Contact:
Lucas A. Zimmerman
Director
MZ Group - MZ North America
(949) 259-4987
MMMB@mzgroup.us
www.mzgroup.us

FAQ

Who is the new CFO of MamaMancini's Holdings?

Anthony J. Gruber has been appointed as the new CFO, effective September 19, 2022.

What experience does Anthony J. Gruber bring to MamaMancini's?

Gruber brings proven capabilities in global financial management and previously served as CFO at De’Longhi America and Richemont North America.

How might the new CFO impact MamaMancini's Holdings?

Gruber's expertise in financial analytics and restructuring may lead to improved financial performance and support the company's growth strategy.

What are MamaMancini's future plans under the new CFO?

The company aims to transform into a national deli solutions platform, focusing on financial controls and margin enhancement.