SUMR Brands Announces CFO Retirement and Transition
February 17 2021 - 8:00AM
SUMR Brands ("SUMR Brands" or the "Company") (NASDAQ: SUMR), a
global leader in premium infant and juvenile products, today
announced that its Chief Financial Officer, Edmund J. Schwartz,
will be retiring. Schwartz will step down from his role as CFO on
March 19, 2021, following the completion of the Company’s audit for
fiscal year 2020, and will continue to consult with the Company
through the end of March to allow for a smooth and orderly
transition.
Bruce Meier, managing director at Winter Harbor,
LLC, will assume the role of Interim CFO on March 19, 2021. Meier
possesses more than 20 years of diverse business and financial
experience and has been consulting with the Company since its
engagement of Winter Harbor in December 2019. Over the past year,
Meier has worked closely with CEO Stuart Noyes and Schwartz to
effectuate transformative change at SUMR in both the finance and
operations areas including refinancing its debt, preparation of the
2021 budget, and SEC reporting requirements.
“On behalf of the entire team at SUMR and the
Board of Directors, I want to thank Ed for his leadership and
tireless dedication to our Company and values. Ed’s impeccable
skills and judgment have been instrumental in helping SUMR to
successfully navigate a period of significant disruption and
change. I personally want to thank Ed for being a trusted advisor
to me and a true business partner to our team. We wish him a long,
happy and well-deserved retirement,” said Noyes.
Noyes added, “It gives me great confidence to
know that Bruce is stepping into the CFO role. Bruce has
contributed significantly to the strategic, business and financial
functions at SUMR. I am confident that his diligence and expertise
will support a successful transition as we continue to execute our
strategies to drive profitable growth in a financially disciplined
manner.”
About SUMR Brands, Inc.Based in
Woonsocket, Rhode Island, the Company is a global leader of premium
juvenile brands driven by a commitment to people, products, and
purpose. The Company is made up of a diverse group of experts with
a passion to make family life better by selling proprietary,
innovative products across several core categories. For more
information about the Company, please visit www.sumrbrands.com.
Forward-Looking
StatementsCertain statements in this release that are not
historical fact may be deemed “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, and the Company
intends that such forward-looking statements be subject to the safe
harbor created thereby. These statements are accompanied by words
such as “anticipate,” “expect,” “project,” “will,” “believes,”
“estimate” and similar expressions, and include statements
regarding the expected transition of the CFO role and the Company’s
ability to execute its strategies and drive profitable growth. The
Company cautions that these statements are qualified by important
factors that could cause actual results to differ materially from
those reflected by such forward-looking statements. Such factors
include the impact of the COVID-19 pandemic on the Company’s supply
chain and consumer demand, U.S. operations and sales in the U.S;
increased tariffs, additional tariffs or import or export taxes on
the cost of its products and therefore demand for its products; the
Company’s ability to meet its liquidity requirements; the Company’s
ability to comply with the covenants in its loan agreement and to
maintain availability under its loan agreement; the Company’s
ability to implement and to achieve the expected benefits and
savings of its restructuring initiatives; the concentration of the
Company’s business with retail customers; the ability of the
Company to compete in its industry; the Company’s ability to
continue to control costs and expenses; the Company’s reliance on
foreign suppliers; the Company’s ability to develop, market and
launch new products; the Company’s ability to manage inventory
levels and meet customer demand; the Company’s ability to grow
sales with existing and new customers and in new channels; and
other risks as detailed in the Company’s most recent Annual Report
on Form 10-K, its Quarterly Reports on Form 10-Q and other filings
with the Securities and Exchange Commission. The Company assumes no
obligation to update the information contained in this release.
Company Contact:Chris WittyInvestor
Relations646-438-9385cwitty@darrowir.com
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