RCI Names Bradley Chhay as CFO

Rhea-AI Summary

RCI Hospitality Holdings, Inc. (Nasdaq: RICK) has appointed Bradley Chhay as the new Chief Financial Officer, effective immediately, following Phillip Marshall's 13-year tenure. Mr. Marshall, who will continue with the company, has played a key role in RCI's financial foundation. Mr. Chhay, with nearly 15 years in finance, will oversee financial functions, corporate strategy, and mergers and acquisitions. His prior experience includes roles at RigNet and Live Nation Entertainment. RCI operates over 40 clubs and restaurants nationwide.

Positive

• Appointment of a new CFO, Bradley Chhay, who has relevant experience.
• Bradley Chhay has a background in finance and strategic corporate development.
• Phillip Marshall remains with the company to ensure a smooth transition.

Negative

• None.

HOUSTON, Sept. 14, 2020 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced Bradley Chhay will succeed Phillip Marshall as Chief Financial Officer effective today as part of a planned transition.

Mr. Marshall, 70, who has been CFO since 2007, will continue as part of RCI's Financial Team to assist in ensuring a smooth transition and will continue focusing on income tax matters. "We thank Phil for his loyal and dedicated service as our CFO for more than 13 years," said Eric Langan, President & CEO. "His contributions to RCI have been essential in building the strong foundation we have today."

In his new position, Mr. Chhay, 36, will be responsible for managing all financial functions and strategy, as well as corporate development, mergers and acquisitions, and integration. After briefly serving as CFO for a smaller, privately-held, multi-unit restaurant chain, Mr. Chhay joined RCI in November 2015 as Controller, in charge of migrating the company to an upgraded ERP system, enhancing internal and external audit and SEC reporting functions, and executing due diligence for M&A.

"We welcome Bradley as our new CFO," Mr. Langan said. "Throughout his nearly 15 years in accounting, auditing, taxation, and risk management, he has built teams and processes, and aligned financial and business metrics, to support corporate strategy and automation. His extensive skills are enhanced through experience in relevant industries, including hospitality, entertainment, restaurants, and technology."

From 2013-2015, Mr. Chhay was an Audit Supervisor and Global ERP Project Lead for RigNet, Inc. of Houston, a publicly-traded digital technology company serving the oil and gas, maritime and government markets. From 2009-2013, he served as Internal Audit Senior, IT Auditor, and Senior Fraud Auditor for Live Nation Entertainment, Inc. of Beverly Hills, CA, a publicly-traded company that markets tickets for live entertainment worldwide, owns and operates entertainment venues, and manages music artists. His experience also includes designing and implementing new financial reporting technology, as well as coordinating the implementation of Sarbanes Oxley, acquisition, and fraud audit engagements. Prior to Live Nation, he was an auditor for Deloitte & Touche LLP.

Mr. Chhay earned a Bachelor of Business Administration in Accounting and a Master of Science in Accountancy from the University of Houston. Additionally, he is a Certified Public Accountant (CPA), Certified Fraud Examiner (CFE), and Certified Information Systems Auditor (CISA).

About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)

With more than 40 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in gentlemen's clubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas/Ft. Worth, Houston, Miami, Minneapolis, St. Louis, Charlotte, Pittsburgh, and other markets operate under brand names such as Rick's Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie's Cabaret, and Scarlett's Cabaret. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar. Please visit http://www.rcihospitality.com/.

Media & Investor Contacts

Gary Fishman and Steven Anreder at 212-532-3232 or gary.fishman@anreder.com and steven.anreder@anreder.com

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SOURCE RCI Hospitality Holdings, Inc.

FAQ

Who is the new CFO of RCI Hospitality Holdings (RICK)?

Bradley Chhay is the new Chief Financial Officer of RCI Hospitality Holdings, effective September 14, 2020.

What experience does Bradley Chhay have relevant to RCI (RICK)?

Bradley Chhay has nearly 15 years of experience in accounting, auditing, and risk management, having previously worked at RigNet and Live Nation Entertainment.

What role will Phillip Marshall play after stepping down as CFO of RCI (RICK)?

Phillip Marshall will assist in the transition and continue to focus on income tax matters within RCI's financial team.

What companies does RCI Hospitality Holdings (RICK) operate?

RCI operates over 40 units, including gentlemen's clubs and sports bars/restaurants under various brand names.