SUMR Brands Announces CFO Retirement and Transition
SUMR Brands (NASDAQ: SUMR) announced the retirement of CFO Edmund J. Schwartz, effective March 19, 2021, after the completion of the fiscal year 2020 audit. Bruce Meier, managing director at Winter Harbor, LLC, will serve as Interim CFO. Meier brings over 20 years of experience and has been consulting with SUMR since December 2019. The transition aims to ensure continuity in executing profitable growth strategies amidst ongoing challenges such as the COVID-19 pandemic's impact on supply chains and consumer demand.
- Bruce Meier has extensive financial experience, enhancing confidence in leadership continuity.
- Transition aims to ensure continuity in executing profitable growth strategies.
- The company faces risks associated with the COVID-19 pandemic affecting supply chains and consumer demand.
- Increased tariffs could adversely impact product costs and demand.
WOONSOCKET, R.I., Feb. 17, 2021 (GLOBE NEWSWIRE) -- SUMR Brands ("SUMR Brands" or the "Company") (NASDAQ: SUMR), a global leader in premium infant and juvenile products, today announced that its Chief Financial Officer, Edmund J. Schwartz, will be retiring. Schwartz will step down from his role as CFO on March 19, 2021, following the completion of the Company’s audit for fiscal year 2020, and will continue to consult with the Company through the end of March to allow for a smooth and orderly transition.
Bruce Meier, managing director at Winter Harbor, LLC, will assume the role of Interim CFO on March 19, 2021. Meier possesses more than 20 years of diverse business and financial experience and has been consulting with the Company since its engagement of Winter Harbor in December 2019. Over the past year, Meier has worked closely with CEO Stuart Noyes and Schwartz to effectuate transformative change at SUMR in both the finance and operations areas including refinancing its debt, preparation of the 2021 budget, and SEC reporting requirements.
“On behalf of the entire team at SUMR and the Board of Directors, I want to thank Ed for his leadership and tireless dedication to our Company and values. Ed’s impeccable skills and judgment have been instrumental in helping SUMR to successfully navigate a period of significant disruption and change. I personally want to thank Ed for being a trusted advisor to me and a true business partner to our team. We wish him a long, happy and well-deserved retirement,” said Noyes.
Noyes added, “It gives me great confidence to know that Bruce is stepping into the CFO role. Bruce has contributed significantly to the strategic, business and financial functions at SUMR. I am confident that his diligence and expertise will support a successful transition as we continue to execute our strategies to drive profitable growth in a financially disciplined manner.”
About SUMR Brands, Inc.
Based in Woonsocket, Rhode Island, the Company is a global leader of premium juvenile brands driven by a commitment to people, products, and purpose. The Company is made up of a diverse group of experts with a passion to make family life better by selling proprietary, innovative products across several core categories. For more information about the Company, please visit www.sumrbrands.com.
Forward-Looking Statements
Certain statements in this release that are not historical fact may be deemed “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and the Company intends that such forward-looking statements be subject to the safe harbor created thereby. These statements are accompanied by words such as “anticipate,” “expect,” “project,” “will,” “believes,” “estimate” and similar expressions, and include statements regarding the expected transition of the CFO role and the Company’s ability to execute its strategies and drive profitable growth. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include the impact of the COVID-19 pandemic on the Company’s supply chain and consumer demand, U.S. operations and sales in the U.S; increased tariffs, additional tariffs or import or export taxes on the cost of its products and therefore demand for its products; the Company’s ability to meet its liquidity requirements; the Company’s ability to comply with the covenants in its loan agreement and to maintain availability under its loan agreement; the Company’s ability to implement and to achieve the expected benefits and savings of its restructuring initiatives; the concentration of the Company’s business with retail customers; the ability of the Company to compete in its industry; the Company’s ability to continue to control costs and expenses; the Company’s reliance on foreign suppliers; the Company’s ability to develop, market and launch new products; the Company’s ability to manage inventory levels and meet customer demand; the Company’s ability to grow sales with existing and new customers and in new channels; and other risks as detailed in the Company’s most recent Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this release.
Company Contact:
Chris Witty
Investor Relations
646-438-9385
cwitty@darrowir.com
FAQ
Who is the new CFO of SUMR Brands?
When is Edmund J. Schwartz retiring from SUMR Brands?
What challenges is SUMR Brands facing according to the recent press release?
What is the stock symbol for SUMR Brands?
