Designer, manufacturer, and marketer of a portfolio of consumer lifestyle brands, Luvu Brands (OTCMKTS:LUVU), on April 26, 2022, announced the appointment of Alexander Sannikov as Chief Financial Officer. This will be effective April 29, 2022.
Trading Data
On Tuesday, LUVU stock moved down 5.36% to $0.1643 with more than 57K shares, compared to its average volume of 41K shares. The stock moved within a range of $0.1550 – 0.1643 after opening trading at $0.1601.
Luvu Brands Appoints New CFO Alexander Sannikov
Mr. Sannikov, who started on April 11, 2022, with the company, has been closely collaboratingwith the company’s current CFO Ronald Scott.
Aged 40, Sannikov had significant financial executive experience in manufacturing as well as mergers and acquisitions. Until recently, he was the Finance Director at Weather Group, Atlanta, Georgia. Sannikov has a Master of Business Administration in Finance and a Bachelor of Business Administration in Finance from Georgia State University.
Louis Friedman, Chairman and CEO, Luvu Brands, Inc said that Mr. Sannikov’s hire is to enable drive the business in profitability and M&A opportunities. He added that the experience and success in Finance as well as outstanding leadership qualities will be vital for the team.
Sannikov expressed delight in joining the Luvu Brands team as he believes in the growth potential and value creation possibilities. He added that the firm has a robust brand portfolio, novel strengths as well as strong business model. The new hire is looking forward on collaborating with the team for executing the various priorities, accelerating growth as well as enhancing value for diverse stakeholders.
Key Quote
“Mr. Sannikov’s hire follows Luvu Brands strong financial performance in the first half of fiscal 2022. As a growth company with a dynamic Sales and Marketing team, we are excited for Alexander Sannikov to help drive the business in profitability and M&A opportunities, said Louis Friedman, Chairman and CEO, Luvu Brands, Inc. “Alexander’s success and experience as a Finance Director and his outstanding leadership qualities will be an invaluable addition to the team.”
Technical Data
LUVU stock is trading below the 20-Day and 50-Day Moving averages of $0.18 and $0.18 respectively. However, the stock is trading above the 200-Day moving average of $0.27.
