Highlights New Directors Selim Bassoul and Alan
Shaw Collectively Possess Deep Experience in Durable Goods,
Finance, Governance, Growth Initiatives and Supplier
Relations
Reaches Cooperation Agreement with Kanen Wealth
Management, Which Provided Constructive Input on Latest Stage of
Company’s Board Refresh Process
1847 Goedeker Inc. (NYSE American: GOED) ("Goedeker" or the
"Company"), one of the largest specialty ecommerce players in the
U.S. household appliances market, today announced that it has
appointed two highly-qualified and independent individuals – Selim
Bassoul and Alan Shaw – to the Company’s Board of Directors (the
“Board”), effective immediately.
Today’s appointments, which are an output of Goedeker’s
previously announced Board refresh process, reflect feedback and
input from an array of stockholders, including Kanen Wealth
Management, LLC (together with its affiliates, “Kanen”), with whom
the Company has entered into a cooperation agreement (the
“Cooperation Agreement”). Nearly half of the Company’s nine-member
Board has now been appointed within the past 12 months.
In connection with the new appointments, Paul Froning has agreed
to retire from the Board. The Company thanks Mr. Froning for his
leadership during what was a transformative period for the
business. His retirement is part of the gradual wind-down of
Goedeker’s relationship with 1847 Holdings LLC.
Albert Fouerti, Goedeker’s Chief Executive and a Director,
commented:
“We are pleased to advance our ongoing Board refresh by
appointing Selim and Alan, who have impressive track records
working at world-class companies. They have the right perspectives,
skillsets and relationships to support our pursuit of pragmatic
growth and long-term value. Selim’s stellar background as the chief
executive and chairman of The Middleby Corporation will be a great
asset to us, particularly as we work to expand our nationwide reach
and seize greater market share. Alan, who possesses vast appliances
and operational knowledge, will bring equally valuable c-level
perspectives and strategic planning knowhow to the Board. After
assessing the Company’s needs and engaging with a number of
stockholders over the past two months, our Board leadership and
Nominating and Governance Committee ran a thorough process to
identify individuals who can support our goal of becoming the
market leader in home appliances.”
Mr. Froning added:
“Now that the Appliances Connection acquisition is closed and
the Company is entering a new phase of its life cycle, it is the
right time to add more operational acumen and appliances industry
expertise to the Board. I enjoyed working with all my fellow
directors on the transaction and integration of the two businesses
over the course of the past year. The Company has a bright
future.”
David Kanen, Kanen’s Founder and Portfolio Manager, stated:
“We are pleased to have reached an amicable resolution that
continues Goedeker’s Board refresh process and adds critical
skillsets to the boardroom. We believe a solid foundation exists
for the new appointees to work with the Board to execute new
strategies as the Company strengthens its appliances industry
position and we are hopeful these changes will lead to value
creation for all stockholders.”
Pursuant to the Cooperation Agreement, Kanen has agreed to
withdraw its director candidate nominations that were previously
submitted to the Company and has also agreed to support the Board’s
full slate of nominees at Goedeker’s 2021 Annual Meeting of
Stockholders. In addition, Kanen has agreed to customary standstill
and voting provisions. The complete Cooperation Agreement will be
filed on Form 8-K with the U.S. Securities and Exchange
Commission.
Selim Bassoul Biography
Mr. Bassoul possesses significant experience in corporate
governance, finance, marketing, strategic transactions and other
critical business areas. He was the Chief Executive Officer and
Chairman at The Middleby Corporation (NASDAQ: MIDD) from January
2001 until his retirement in February 2019. He has served as a
Director and the Non-Executive Chairman of the Board of Six Flags
Entertainment Corporation (NYSE: SIX) since February 2020 and as
the Director and the Non-Executive Chairman of the Board of
Diversey Holdings, Ltd., a leading provider of hygiene, infection
prevention and cleaning solutions, since February 2020. Mr. Bassoul
previously served on the Boards of Directors of several other
public and private entities. He holds a B.A. in Business
Administration from the American University of Beirut and an MBA in
Finance and Marketing from the Kellogg School of Management at
Northwestern University.
Alan Shaw Biography
Mr. Shaw brings expansive appliances industry knowledge and
valuable supplier relationships to Goedeker’s Board. He has been a
leader in the industry for more than 20 years, beginning his career
with Whirlpool and finishing it as the Chief Executive Officer of
Electrolux’s North American business, a position he held from
January 2016 until his retirement in January 2020. He has held
President and c-level positions with several North American-based
durable goods companies since 2003, including Char-Broil and
Husqvarna Group. He holds a B.S. degree in Economics and Political
Science from the University of Idaho and an MBA in Marketing from
Indiana University.
About Goedeker
Goedeker is an industry leading e-commerce destination for
appliances, furniture, and home goods. Through its June 2021
acquisition of Appliances Connection, Goedeker created one of the
largest pure-play online retailers of household appliances in the
United States. With warehouse fulfillment centers in the Northeast
and Midwest, as well as showrooms in Brooklyn, New York, and St.
Louis, Missouri, Goedeker offers one-stop shopping for national and
global brands. We carry many household name-brands, including
Bosch, Cafe, Frigidaire Pro, Whirlpool, LG, and Samsung, and also
carry many major luxury appliance brands such as Miele, Thermador,
La Cornue, Dacor, Ilve, Jenn-Air and Viking among others. We also
sell furniture, fitness equipment, plumbing fixtures, televisions,
outdoor appliances, and patio furniture, as well as commercial
appliances for builder and business clients. Learn more at
www.Goedekers.com.
Important Additional
Information
The Company, its directors and certain of its executive officers
will be deemed to be participants in the solicitation of proxies
from the Company’s stockholders in connection with the Annual
Meeting of Stockholders (the “Annual Meeting”). Information
regarding the names of the Company’s directors and executive
officers and their respective interests in the Company by security
holdings or otherwise is set forth in the Company’s Form 1
Registration Statement, as amended (collectively, the “S-1”),
initially filed with the U.S. Securities and Exchange Commission
(the “SEC”) on May 3, 2021, and amended on each of May 13, 2021,
May 24, 2021 and May 25, 2021. To the extent holdings of the
Company’s securities have changed since the amounts set forth in
the Company’s S-1, such changes have been reflected on Initial
Statements of Beneficial Ownership on Form 3 or Statements of
Change in Ownership on Form 4 or Annual Statement of Changes in
Beneficial Ownership of Securities on Form 5 filed with the SEC.
These documents are available free of charge at the SEC’s website
at www.sec.gov. Information can also be found in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2020 on
file with the SEC. The Company intends to file a definitive proxy
statement and a BLUE proxy card with the SEC in connection with any
such solicitation of proxies from the Company’s stockholders.
STOCKHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH
PROXY STATEMENT, ACCOMPANYING BLUE PROXY CARD AND ALL OTHER
DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN
THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION.
The Company’s definitive proxy statement for the Annual Meeting
will contain information regarding the direct and indirect
interest, by securities holding or otherwise, of the Company’s
directors and executive officers in the Company’s securities. If
the holdings of the Company’s securities change from the amounts
provided in the Company’s definitive proxy statement, then such
changes will be set forth in SEC filings on Form 3, 4, and 5.
Updated information regarding the identity of potential
participants, and their direct or indirect interests, by security
holdings or otherwise, will be set forth in the definitive proxy
statement and other materials to be filed with the SEC in
connection with the Annual Meeting. Stockholders will be able to
obtain the definitive proxy statement, any amendments or
supplements to the proxy statement and other documents filed by the
Company with the SEC at no charge on the SEC’s website at
www.sec.gov. Copies will also be available at no charge on the
Company’s website at www.goedekers.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20211018005474/en/
For Stockholders:
Goedeker Investor Relations ir@goedekers.com
Or
Morrow Sodali Mike Verrechia, 800-662-5200
m.verrechia@morrowsodali.com
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