SPAR Group Inc. (NASDAQ: SGRP) has announced an executive appointment as it seeks to enhance its executive team to support global expansion.
SPAR Group announce executive appointments
The company appointed Ron Lutz as the Chief Global Commercial Officer, with William Linnane appointed as the Chief Strategy and Growth Officer. Additionally, the company named Kori Belzer as the Global Chief Operating Officer with more responsibilities in operation and results globally.
SPAR Group CEO Mike Matacunas said, “I am pleased to welcome Ron and William to our executive leadership team and to congratulate Kori on her expanded global role. Both William and Ron are proven retail and services leaders with many years of relevant experience and strong results.”
Three SPAR Group directors resign
Recently, Arthur H. Baer, Jeffery A. Mayer, and Igor Novgorodtsev resigned from the company’s board. The management thanked Baer, Mayer, and Novgorodtev for their professional contributions ns service to the board. They offered counsel and experience that helped shape SPAR Group’s future and rebuild its leadership team.
The independent directors’ resignation showed confidence in the company’s CEO and management. However, in their resignation letter, the directors stated that they were concerned regarding the efforts of two shareholders looking to weaken the board’s independence, interfere with operations, and significantly impact the SPAR Group’s liquidity and minority shareholders.
SPAR Group reports 208% growth in Q1 net income
In the first quarter, the company reported net income growth of 208%, which is the highest in 15 years. The company reported $61.1 million in consolidated net revenue with domestic net revenue of around $23.7 million. International net revenue dropped 1.7%.
Matacunas said, “This past quarter was our highest first quarter net income performance in more than 15 years. Despite the lingering effects of the pandemic-led economic downturn, this also marks the third consecutive quarter of year-over-year improvements in net income.”