National Holdings Corporation (NASDAQ:NHLD) (“National” or the
“Company”), a leading full service independent brokerage,
investment banking, trading and asset management firm providing
diverse services including tax preparation, today announced a
strategic reorganization of its Board of Directors and an expansion
of its senior management team. As part of the reorganization and
expansion, the following changes have been implemented:
- Michael Mullen, current Chief Executive Officer of National
Holdings Corporation, has become Chairman of the Board of
Directors, as well as continues to serve as Chief Executive
Officer
- Michael E. Singer, current Director of National Holdings
Corporation, has become Executive Vice Chairman of the Board of
Directors and also, joins the senior management team as the Chief
Strategy Officer of National Holdings Corporation
- Nassos Michas has joined the National Holdings Corporation
Board as a Director
- Michael S. Weiss, current Chairman of the Board of Directors of
National Holdings Corporation, has retired from the National Board
of Directors
Michael Mullen, Chairman and Chief Executive Officer of National
Holdings Corporation, stated, “The outperformance seen over the
past two years speaks volumes to the dedication and focus of the
team, and as the team continues to grow and the emphasis remains on
generating value for the clients, I feel confident the success will
continue. I am extremely pleased to take on the new role of
Chairman of National and to welcome the new team members who I am
confident will provide a great deal of support and guidance over
the years to come.”
Michael S. Weiss, Former Chairman of the Board of Directors of
National, stated, “I am extremely pleased by the progress National
has made since the closing of the Fortress Biotech tender less than
two years ago. When I joined the board, my goal was to bring
stability to a company that had faced some challenges and to
support a new management team committed to quality and
integrity. During my tenure, National has assembled a team of
top-notch professionals and now, with the additions of Michael E.
Singer and Nassos Michas, I am happy to pass along the Chairman
role to Michael Mullen who will continue to lead the Company as CEO
toward its goal of becoming a world-class financial services
company.” Mr. Weiss continued, “National and their clients
have supported my passion for developing drugs for unmet medical
needs, and I look forward to continuing that relationship.”
Michael E. Singer, Executive Vice Chairman and Chief Strategy
Officer of National Holdings Corporation, stated, “I am
thrilled to join the senior management team of National and
move into the new role of Executive Vice Chairman. The
achievements I have witnessed during my board tenure and the
dedication, focus and commitment of the National management team
are truly remarkable. It has inspired me to
join this team of highly driven professionals, and I look
forward to sharing my expertise and innovative ideas with the
National team.”
Nassos Michas, Director of National Holdings Corporation Board
of Directors, stated, “I am pleased to join the
dedicated National team at such an integral point in the
Company’s lifecycle. I look forward to bringing to National my
nearly three decades of experience and wisdom in the financial
services industry.”
About Michael E. Singer
Mr. Singer serves as the Chief Strategy Officer and Executive
Vice Chairman of National Holdings Corporation. He also serves on
the Legal Committee of National Holdings’ Board. Mr. Singer most
recently served as CEO and President of Ramius, at its peak, a $13
billion alternative investment advisory platform. As CEO of Ramius,
Mr. Singer directed strategy and execution of the firm's business
plan. During his tenure, he created a salesforce that raised more
than $5 billion for the firm's investment teams and closed deals to
onboard to the platform five talented hedge fund teams, including
Margate Capital. Mr. Singer was Co-President of Ivy Asset
Management, a Fund of Hedge Funds business with over $15 billion in
assets. At Ivy, Mr. Singer established the firm’s strategic plan
and ran the day-to-day activities. He began his career at Weiss,
Peck & Greer, a $17 billion asset management firm, where he
spent nine years and served as Senior Managing Director and
Executive Committee Member. He oversaw day-to-day operations, new
product development, client relationship management, hedge fund
sales and risk functions. Mr. Singer received his J.D. from Emory
University School of Law and his B.S. from Penn State
University.
About Nassos Michas, CFA
Mr. Michas serves on the Board of Directors of National Holdings
Corporation. He also serves as the Chairman of the Advisory Board
to Juniper Investment Company, LLC and is the President of Masons
Island LLC, a holding company investing in financial services
firms. From 2001 to 2004, he was President and CEO of Robeco USA
Inc. (Weiss, Peck & Greer), a $30 billion investment manager.
Prior to that, he held a number of senior management positions at
Merrill Lynch and Co., including Chairman of Merrill Lynch Banks.
He joined Merrill Lynch and Co. in 1974 as an analyst, and was
named twice in first place on the Institutional Investor All
American Research Team. Mr. Michas holds a B.S. in Electrical
Engineering from the University of Utah, an M.S. in Systems Theory
and Control from the University of California at Berkeley,
and an MBA from the Harvard Business School.
About National Holdings Corporation
National Holdings Corporation (NASDAQ:NHLD) is a full-service
investment banking and asset management firm that, through its
affiliates, provides a range of services, including independent
retail brokerage and advisory services, investment banking,
institutional sales and trading, equity research, financial
planning, market making, tax preparation and insurance, to
corporations, institutions, high net-worth and retail investors.
With over 1,000 advisors, registered reps, traders, sales
associates and corporate staff, National Holdings operates through
various subsidiaries including National Securities Corporation,
National Asset Management, Inc., National Insurance Corporation,
Gilman Ciocia, Inc. and GC Capital Corporation. Formed as a holding
company in 1999, National Holdings’ largest subsidiary National
Securities Corporation has been in business since 1947. National
Holdings is headquartered in New York and Florida. For more
information, visit www.nhld.com Fortress Biotech, Inc.
(NASDAQ:FBIO) through its affiliate FBIO Acquisition, Inc., is a
majority shareholder of NHLD.
FORWARD-LOOKING STATEMENTS
This press release may contain certain forward-looking
statements. Any such statements, other than statements of
historical fact, are based on management’s current expectations,
estimates, projections, beliefs and assumptions about National
Holdings, Inc., its current and prospective portfolio investments,
and its industry. These statements are not guarantees of future
performance and are subject to risks, uncertainties and other
factors, some of which are beyond National Holdings, Inc.’s
control, difficult to predict and could cause actual results to
differ materially from those expected or forecasted in such
forward-looking statements. Actual developments and results are
likely to vary materially from these estimates and projections as a
result of a number of factors, including those described from time
to time in National Holdings, Inc.’s filings with the Securities
and Exchange Commission. Such statements speak only as of the time
when made, and National undertakes no obligation to update any such
forward-looking statements, whether as a result of new information,
future events, or otherwise, except as required by law.
CONTACTS:
Investor Relations: Email: ir@nhldcorp.com Telephone: +1 212 554
4351
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