VerifyMe Announces Changes to Board of Directors

Rhea-AI Summary

VerifyMe (NASDAQ: VRME) announced significant changes to its Board of Directors on April 12, 2022. Scott Greenberg has been appointed as Executive Chairman, focusing on strategic growth initiatives such as mergers and acquisitions. He has stepped down from his role as independent director and from the audit and compensation committees. Marshall Geller will serve as non-Executive Vice Chairman. Additionally, Adam Stedham has joined the Board as an independent director and will take over as chair of the audit committee, replacing Greenberg.

Positive

• Scott Greenberg's appointment as Executive Chairman may enhance strategic growth initiatives.
• Fill-in of key leadership positions with experienced members may strengthen the Board's effectiveness.

Negative

• Scott Greenberg ceasing to be an independent director may raise concerns about board independence.
• Potential gaps in committee oversight due to Greenberg's departure from audit and compensation committees.

ROCHESTER, N.Y., April 12, 2022 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) ("VerifyMe," "we," "our," or the "Company"), providing brand owners authentication, supply chain monitoring, and data-rich consumer engagement features using unique smartphone readable codes on their products, announced changes to its Board of Directors. 

Scott Greenberg has been appointed Executive Chairman of the Board, as he takes a more active role focusing on strategic growth initiatives including mergers and acquisitions with executive management of the company. As a result, effective immediately, Mr. Greenberg ceased to be an independent director and stepped down as chair of the Board's audit committee and a member of the Compensation Committee. Marshall Geller has been appointed to serve as non-Executive Vice Chairman of the Board.

Our new Board member, Adam Stedham is an independent director and replaces Mr. Greenberg as chair of the audit committee and as a member of the compensation committee. 

About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ: VRME), is a technology solutions provider specializing in products to connect brands with consumers. VerifyMe technologies give brand owners the ability to gather business intelligence while engaging directly with their consumers. VerifyMe technologies also provide brand protection and supply chain functions such as counterfeit prevention, authentication, serialization, and track and trace features for labels, packaging and products.  To learn more, visit www.verifyme.com.

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SOURCE VerifyMe, Inc.

FAQ

What changes were announced in VerifyMe's board of directors on April 12, 2022?

VerifyMe announced that Scott Greenberg has become Executive Chairman, while Marshall Geller is now non-Executive Vice Chairman. Adam Stedham has joined the Board as an independent director and chair of the audit committee.

How will Scott Greenberg's new role affect VerifyMe's business strategy?

Scott Greenberg's role as Executive Chairman will focus on strategic growth initiatives, including mergers and acquisitions.

Who is replacing Scott Greenberg as chair of the audit committee at VerifyMe?

Adam Stedham has been appointed to replace Scott Greenberg as chair of the audit committee.