B. Riley Financial Elects Randy Paulson to its Board of Directors

Rhea-AI Summary

B. Riley Financial (NASDAQ:RILY) announced the election of Randall E. Paulson to its Board of Directors, effective June 18, 2020. Paulson, an independent director and member of the Audit Committee, brings extensive financial services experience, most recently as a Managing Principal at Odyssey Investment Partners. His appointment enhances the board's independence, now comprising seven independent directors. This change follows the non-re-election of Andy Gumaer, co-founder of Great American Group, emphasizing the company's growth strategy post-merger.

Positive

• Randy Paulson's extensive experience in finance and corporate governance will strengthen the Board's effectiveness.
• The Board now has seven independent directors, enhancing governance and oversight.

Negative

• The non-re-election of Andy Gumaer may raise concerns about continuity in leadership and corporate strategy.

LOS ANGELES, June 25, 2020 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ:RILY) ("B. Riley" or the "Company") today announced Randall ("Randy") E. Paulson was elected to its Board of Directors, effective June 18, 2020. Paulson serves as an independent director and a member of the Audit Committee. He brings significant financial services industry expertise to B. Riley. Andy Gumaer, co-founder and former CEO of B. Riley's Great American Group, LLC subsidiary, did not seek re-election at the conclusion of his term. With Paulson's appointment, the Company's nine-member Board is now comprised of seven independent directors.

Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, said: "Randy brings valuable insight and experience to B. Riley and we are pleased to welcome him to our Board. We express sincere gratitude to Andy for his contributions and dedication throughout his tenure. Our combined companies have experienced tremendous growth since merging with Great American Group in 2014 and we look forward to Randy's contributions as we continue to grow our platform and execute on our strategy to perform for our clients and shareholders."

Paulson brings decades of corporate finance, investment advisory, and board experience to B. Riley. He most recently served as a Managing Principal at Odyssey Investment Partners, LLC ("Odyssey") before retiring in 2019. He currently serves as a Special Advisor to Odyssey and is on the Board of Directors of Testek Inc. He previously served on the Boards of several Odyssey portfolio companies, including EAG, Inc. and L-com, Inc.

Prior to his tenure with Odyssey, Paulson was Executive Vice President, Acquisitions and Strategic Development at National Financial Partners, a New York based consolidator of independent financial services distribution firms. He previously served as a Senior Managing Director in the Mergers and Acquisitions and Corporate Finance groups at Bear, Stearns & Co. and was a member of GE Capital's merchant banking group prior to working at Bear Stearns. A native of Minnesota, Paulson earned a BSB in Accounting from the University of Minnesota and an MBA from the Kellogg Graduate School of Management at Northwestern University.

For more information, visit ir.brileyfin.com.

About B. Riley Financial, Inc. (NASDAQ:RILY)
B. Riley Financial provides collaborative financial services tailored to fit the capital raising and business advisory needs of public and private companies and high-net-worth individuals. B. Riley operates through several wholly owned subsidiaries which offer complementary end-to-end capabilities spanning investment banking and institutional brokerage, private wealth and investment management, corporate advisory, restructuring, due diligence, forensic accounting and litigation support, appraisal and valuation, and auction and liquidation services. Certain registered affiliates of B. Riley originate and underwrite senior secured loans for asset-rich companies. The Company also makes proprietary investments in companies and assets with attractive return profiles. For more information about B. Riley and its affiliated companies, visit www.brileyfin.com.

Contacts
Investors	Media
B. Riley Financial	Jo Anne McCusker
ir@brileyfin.com	press@brileyfin.com
(310) 966-1444	(646) 885-5425

 

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SOURCE B. Riley Financial

FAQ

Who is Randy Paulson and what is his role at B. Riley Financial?

Randy Paulson was elected to the Board of Directors of B. Riley Financial on June 18, 2020, serving as an independent director and member of the Audit Committee.

What experience does Randy Paulson bring to B. Riley Financial?

Paulson brings decades of corporate finance and investment advisory experience, previously serving as Managing Principal at Odyssey Investment Partners.

What changes occurred in B. Riley Financial's Board of Directors?

With Randy Paulson's election, the Board now consists of seven independent directors, following the non-re-election of co-founder Andy Gumaer.

When was Randy Paulson elected to the Board of B. Riley Financial?

Randy Paulson was elected to B. Riley Financial's Board of Directors effective June 18, 2020.

How does Randy Paulson's appointment impact B. Riley Financial's strategy?

His appointment is expected to contribute valuable insights and support the company's growth strategy post-merger.