INNOVATE Corp. Announces the Untimely Passing of CEO Wayne Barr

Rhea-AI Summary

INNOVATE Corp. announced the unexpected passing of its President, CEO, and Director, Wayne Barr. The company has appointed COO Suzi Herbst as Interim CEO. The Board expresses condolences and confidence in Herbst and the management team to lead the company.

NEW YORK, July 23, 2023 (GLOBE NEWSWIRE) -- INNOVATE Corp. (NYSE: VATE) (“INNOVATE” or the “Company”) today announced that Wayne Barr, President, Chief Executive Officer and Director, passed away unexpectedly on July 22, 2023. The Board has appointed Chief Operating Officer Suzi Herbst as Interim Chief Executive Officer.

Avram Glazer, Chairman of the Board of Directors, said, “It is with great sadness that we announce the passing of Wayne Barr. Wayne was an outstanding colleague and friend, and he will be greatly missed. On behalf of all of INNOVATE’s employees and the Board of Directors, I extend our deepest sympathies to the entire Barr family.”

Glazer continued, “With Wayne’s passing, INNOVATE has suffered a great loss. However, the Board is confident that Suzi Herbst, INNOVATE’s Chief Operating Officer who will be acting as interim CEO, and the rest of the INNOVATE management team, will continue to lead INNOVATE forward and capitalize on the opportunities that Wayne created."

About INNOVATE Corp.
INNOVATE Corp., is a portfolio of best-in-class assets in three key areas of the new economy – Infrastructure, Life Sciences and Spectrum. Dedicated to stakeholder capitalism, INNOVATE employs approximately 3,800 people across its subsidiaries. For more information, please visit: www.INNOVATECorp.com.

Contacts
Media Contact:
Reevemark
Paul Caminiti/Pam Greene/Luc Herbowy
INNOVATE.Team@reevemark.com
(212) 433-4600

Investor Contact:
Solebury Strategic Communications
Anthony Rozmus
ir@innovatecorp.com
(212) 235-2691

FAQ

Who passed away at INNOVATE Corp.?

Wayne Barr, the President, CEO, and Director, passed away unexpectedly.

Who has been appointed as Interim CEO?

Suzi Herbst, the Chief Operating Officer, has been appointed as Interim CEO.

What is the sentiment expressed by Avram Glazer, Chairman of the Board?

Avram Glazer expresses great sadness and extends condolences to the entire Barr family.

What is the Board's confidence in the management team?

The Board is confident that Suzi Herbst and the rest of the management team will continue to lead INNOVATE forward and capitalize on the opportunities created by Wayne Barr.