SOL Global Announces Appointment of Kevin Taylor as CEO and Chairman
SOL Global Investments Corp. has appointed Kevin Taylor as the new CEO and Chairman, succeeding Andy DeFrancesco, who will remain involved in transitioning responsibilities. Taylor brings over 30 years of experience, most recently as CEO of TEReI International Limited. The company is actively seeking strategic alternatives to enhance growth and narrow the gap between its stock price and net asset value (NAV). An agreement has been made with DeFrancesco to adjust his compensation structure, tying payments to company performance.
- Appointment of Kevin Taylor as CEO may bring fresh perspectives to SOL Global's strategies.
- Company is exploring strategic alternatives to enhance shareholder value.
- Management change may lead to concerns about continuity in leadership.
- Potential risks tied to the new compensation agreement with DeFrancesco.
COMPANY WILL SEEK STRATEGIC ALTERNATIVES TO CLOSE THE GAP BETWEEN ITS STOCK PRICE AND ‘NAV’ TO MAXIMIZE SHAREHOLDER VALUE
ANDY DEFRANCESCO WILL TRANSITION OUT OF HIS ROLE AS CHAIRMAN AND CEO
The Company, its board of directors and its management are considering potential strategic alternatives aimed at enhancing SOL Global’s growth and maximizing shareholder value. It is expected that the Company will review various strategies to close the gap between its stock price and net asset value (“NAV”), capital return strategies, potential strategic transactions and development of other strategic initiatives to complement SOL Global’s existing portfolio and overall business.
Effective today, SOL Global’s founder,
“I am incredibly proud of what we have built at SOL Global and what my team has achieved since I founded the company. I am excited for our next phase of growth as the Company continues to incubate and foster our portfolio companies in order to extract maximum value for stockholders,” said
"On behalf of SOL Global, we thank Andy for his vision, leadership and most importantly portfolio management strategy, that has positioned SOL Global favorably with a high-quality asset base that will continue to generate growth into the future," said
SOL Global has entered into an agreement (the “Agreement”) with
Cautionary Statements
This press release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. Forward-looking information contained herein include statements with respect to
Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Other risk factors include: the risks resulting from investing in the
The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. SOL Global does not undertake any obligation to update nor revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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FAQ
When was Kevin Taylor appointed as CEO of SOL Global Investments Corp.?
What is the strategic direction SOL Global is considering?
What role will Andy DeFrancesco play after stepping down?