SPAR Group Announces New Chief Financial Officer
SPAR Group (Nasdaq: SGRP) announced the appointment of Fay DeVriese as the new chief financial officer, succeeding Jim Segreto, who is retiring after 23 years with the company. Fay brings over 25 years of financial experience, having previously served as CFO at Letica Corporation and held leadership roles at major companies like Eaton and Motorola. Additionally, Arthur H. Baer has been appointed as the chairman of the board, with Igor Novgorodtsev as vice chairman. The board transition indicates a strategic shift aimed at enhancing the company's financial operations and governance.
- Fay DeVriese has over 25 years of financial experience, enhancing leadership.
- Current CFO Segreto will assist during the transition, ensuring continuity.
- New board leadership with Arthur H. Baer as chairman could strengthen governance.
- Transitioning CFOs might create short-term operational uncertainties.
WHITE PLAINS, N.Y., Aug. 19, 2020 (GLOBE NEWSWIRE) -- SPAR Group, Inc. (Nasdaq:SGRP), a leading supplier of retail merchandising, business technology and other marketing services in 10 countries throughout North America, Latin America, Asia Pacific and Africa, today announced that Fay DeVriese will join the company as chief financial officer (CFO). Ms. DeVriese will succeed Jim Segreto, who is retiring following a successful 23-year career at SPAR Group. Ms. DeVriese will lead SPAR Group’s financial operations and regional finance teams. Mr. Segreto will continue to work with the Company as a consultant and assist through the transition.
“I am very pleased to welcome Fay to the SPAR Group family. She is a proven senior financial executive and leader, and will play a vital role in our success,” commented Arthur H. Baer, chairman of the board of directors of SPAR Group. “On Behalf of the board and the rest of our team at SPAR, I would also like to express our sincere appreciation for Jim’s contribution and dedication to SPAR over the past 23 years. He has been instrumental in building very strong financial functions to support our business growth. We wish him all the best on his well-deserved retirement.”
Ms. DeVriese joins SPAR with more than 25 years of global experience in corporate and business accounting and finance. Most recently she served as Chief Financial Officer at Letica Corporation and has served in financial leadership roles at DSM Engineering Plastics, Eaton Corporation, Continental Automotive Systems and Motorola. Ms. DeVriese is a CPA, licensed in the State of New York. She earned a BBA from the State University of New York.
Separately, the Company announced Arthur H. Baer, has been appointed to chairman of the board of directors of SPAR Group and that Igor Novgorodtsev, has been appointed to vice chairman.
Mr. Baer joined the board on September 3, 2019 as an independent board member and continues to serve as chairman of the Audit Committee and serves on the Governance Committee. Prior to his retirement, he most recently served as President of the
Mr. Novgorodtsev was appointed as an independent board member on May 28, 2020 and serves as chairman of the Compensation Committee and serves on the Audit and Governance Committees. He is the CEO and founder of FlashAlert, low-latency market news service, and Managing Director of Lares Capital LLC, an investment fund. He brings to the board extensive knowledge and experience in international finance, capital markets and technology.
About SPAR Group
SPAR Group, Inc. is a diversified international merchandising and marketing services Company and provides a broad array of services worldwide to help companies improve their sales, operating efficiency and profits at retail locations. The Company provides merchandising and other marketing services to manufacturers, distributors and retailers worldwide and coordinates the operations through the use of multi-lingual proprietary technology which drives the logistics, communication and reporting for global operations and customers. SPAR works primarily in mass merchandiser, office supply, value, grocery, drug, independent, convenience, home improvement and electronics stores; as well as providing furniture and other product assembly services, audit services, in-store events, technology services and marketing research. The Company has supplied projects and product services in the United States since certain of its predecessors were formed in 1979 and internationally since the Company acquired its first international subsidiary in Japan, in May of 2001. Product services include restocking and adding new products, removing spoiled or outdated products, resetting categories "on the shelf" in accordance with client or store schematics, confirming and replacing shelf tags, setting new sale or promotional product displays and advertising, replenishing kiosks, providing in-store event staffing and providing assembly services in stores, homes and offices. Audit services include price audits, point of sale audits, out of stock audits, intercept surveys and planogram audits. Other merchandising services include whole store or departmental product sets or resets (including new store openings), new product launches, in-store demonstrations, special seasonal or promotional merchandising, focused product support and product recalls. The Company currently does business in ten countries that encompass approximately
Forward Looking Statements
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