An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Winmark Corporation (NASDAQ: WINA) announced that Paul C. Reyelts will not seek re-election to the Board of Directors at the upcoming Annual Meeting in April 2023. Reyelts has served on the board since 2000 and as independent Lead Director since 2003. Percy C. (Tom) Tomlinson has been named the new independent Lead Director, effective immediately. Tomlinson brings over 30 years of executive and governance experience. Winmark focuses on sustainability and small business formation with 1,293 franchises in operation as of June 25, 2022.
Positive
Leadership transition with experienced Tomlinson as Lead Director.
Continued focus on sustainability and expansion in franchise operations.
Negative
None.
MINNEAPOLIS--(BUSINESS WIRE)--
Winmark Corporation (Nasdaq: WINA) announced today that Paul C. Reyelts has informed the company of his decision not to stand for re-election to the Winmark Board of Directors at its next Annual Meeting of Shareholders in April 2023. Mr. Reyelts was elected to Winmark’s Board of Directors in 2000, has served as its independent Lead Director since 2003, currently serves as Chairman of the Audit Committee and had previously served as a member of both the Compensation and Nominating Committees.
“I want to thank Paul Reyelts for his dedicated service over the past 22 years,” noted Brett D. Heffes, Chairman and Chief Executive Officer. “Paul embodies exactly what we needed in a Lead Director – complete intellectual independence, a deep understanding of our business and a direct communication style that we all benefitted from. I will greatly miss our interactions and know that Winmark is a stronger company because of his leadership over the years.”
The Company also announced that the Board of Directors has named director Percy C. (Tom) Tomlinson as its independent Lead Director, effective immediately. Mr. Tomlinson currently serves as a member of the Audit Committee, and has over 30 years of executive, financial management and governance experience, having served as both the Chief Executive Officer and Chief Financial Officer for publicly-traded companies during his career.
“The changes announced today reflect a thoughtful and deliberate governance process by the independent directors of the Board who strongly believe that Mr. Tomlinson is highly qualified to serve as Lead Director. I am thrilled that Tom will be serving in this capacity and look forward to working together to advance our mission to provide Resale for EveryoneTM,” stated Mr. Heffes.
Winmark – the Resale Company®, is a nationally recognized franchising business focused on sustainability and small business formation. We champion and guide entrepreneurs interested in operating one of our award winning resale franchises: Plato’s Closet®, Once Upon A Child®, Play It Again Sports®, Style Encore® and Music Go Round®. At June 25, 2022, there were 1,293 franchises in operation and over 2,800 available territories. An additional 46 franchises have been awarded but are not open.
This press release contains forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), relating to future events or the future financial performance of the Company. Such forward-looking statements are only predictions or statements of intention subject to risks and uncertainties and actual events or results could differ materially from those anticipated. Because actual result may differ, shareholders and prospective investors are cautioned not to place undue reliance on such forward-looking statements.
Who is Paul C. Reyelts and why is he not running for re-election at Winmark?
Paul C. Reyelts has decided not to stand for re-election to Winmark's Board of Directors at the April 2023 Annual Meeting, after over 22 years of service.
What is the new role of Percy C. (Tom) Tomlinson at Winmark?
Percy C. (Tom) Tomlinson has been named the independent Lead Director, effective immediately.
How many franchises does Winmark Corporation have as of June 2022?
As of June 25, 2022, Winmark Corporation has 1,293 franchises in operation.
What does Winmark Corporation do?
Winmark Corporation is focused on sustainability and small business formation, operating several resale franchises.
What are the implications of the board changes for Winmark Corporation?
The board changes reflect a deliberate governance process and aim to enhance leadership as the company pursues its mission.
