The Lovesac Company announces Executive Vice President and Chief Financial Officer Donna Dellomo is retiring as CFO with Planned Transition to Senior Strategic Advisor
07 6월 2023 - 8:01PM
The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”),
the home furnishing brand best known for its Sactionals, The
World's Most Adaptable Couch, today announced effective June 30,
2023, after six and a half years with Lovesac, Donna Dellomo is
retiring as EVP and CFO and plans to take on a Senior Strategic
Advisory role. In this role, Ms. Dellomo would be providing
strategic, financial, operational, and organizational development
insight around Company initiatives and help ensure a smooth
transition of current responsibilities.
The Company is also announcing the appointment
of Keith Siegner as the Company’s new Executive Vice President and
Chief Financial Officer effective June 30, 2023.
Shawn Nelson, Chief Executive Officer, stated,
“We are very grateful for Donna’s contributions during her tenure
at Lovesac. We have greatly benefitted from her work ethic and
professionalism in leading our teams. I particularly want to
highlight her invaluable contributions in helping us navigate the
recent pandemic years as well as her leadership during our 2018 IPO
and subsequent transition to being a public company. We are
grateful that Donna plans to take on a senior strategic advisor
role for Lovesac and wish her well in the next chapter of her
career.”
“It has been a privilege to be part of the
Lovesac team and witness firsthand the brand’s expansion from $76
million in net sales and 75 showrooms to over $650 million in net
sales and 200 showrooms in just six years while building out a
higher level of financial rigor operating as a public company,”
said Dellomo. “The product, the team, and the vision are what
brought me here over six years ago and are what still excites me
today. It has been a privilege to work alongside our leadership
team and the many talented individuals throughout the company,”
Dellomo said. "With Lovesac well positioned for success, I felt it
was the right time to make this transition to the next chapter in
my career. I'm proud of what we have accomplished together,
including building a strong foundation for the future. I look
forward to supporting Lovesac’s success and growth potential in my
new role.”
Nelson added, “I am thrilled to welcome Keith as
our new EVP and CFO. With his breadth and depth of experience
across finance, accounting and capital markets, he brings a wealth
of relevant and valuable experience to Lovesac. I look forward to
the impact he will have as we continue to grow our differentiated
and disruptive company and scale our business and brand.”
Siegner brings extensive financial experience
and expertise to the Company, having previously served as Chief
Financial Officer of Vindex, a leading global e-sports technology
and infrastructure company. Prior to joining Vindex, he served as
Vice President, Investor Relations, Mergers & Acquisitions, and
Treasurer at Yum! Brands. Before Yum! Brands, Siegner was a senior
banking executive in equity research for over 15 years at UBS
Securities, and prior to that, Credit Suisse. He began his career
at Arthur Andersen in the International Tax Consulting Division. He
received both bachelor’s and master’s accounting degrees from Wake
Forest University, and is a CFA Charterholder.
“I am honored to be named EVP and CFO of The
Lovesac Company and excited to work alongside this talented team to
help drive the next chapter of growth,” said Siegner. “I look
forward to building on the strong foundation that Donna has
established and working with the team to effectively scale the
business and achieve our goals.”
Additionally, the Company announced today that
Jack Krause has retired from his role as Chief Strategy Officer
effective June 30, 2023 and will remain a member of the Company’s
board of directors. Jack’s current responsibilities will be divided
between Nelson and Mary Fox, President and COO.
Nelson, concluded, “On behalf of the board of
directors, I would like to extend my sincere thank you to Jack for
his seven years of service with the Company, which include his
roles as Chief Operating Officer and, more recently, Chief Strategy
Officer. Since joining Lovesac, Jack has played an instrumental
role in transforming the Company into a true omni channel retailer
by helping expand our physical touchpoints and digital platform as
we continue to disrupt the industry. We wish him nothing but the
best in his retirement and look forward to continuing to benefit
from his significant knowledge of the Company and industry as a
member of our board.”
As previously announced, a conference call to
discuss the financial results for the first quarter is scheduled
for today, June 7, 2023, at 8:30 a.m. Eastern Time. Investors and
analysts interested in participating in the call are invited to
dial (877) 407-3982 (international callers please dial (201)
493-6780) approximately 10 minutes prior to the start of the call.
A live audio webcast of the conference call will be available
online at investor.lovesac.com.
A recorded replay of the conference call will be
available within two hours of the conclusion of the call and can be
accessed online at investor.lovesac.com for 90 days.
About The Lovesac Company
Based in Stamford, Connecticut, The Lovesac
Company (NASDAQ: LOVE) is a technology driven company that designs,
manufactures and sells unique, high-quality furniture derived
through its proprietary Designed for Life approach which results in
products that are built to last a lifetime and designed to evolve
as customers' lives do. The current product offering is comprised
of modular couches called Sactionals, premium foam beanbag chairs
called Sacs, and the Sactionals StealthTech Sound + Charge System.
As a recipient of Repreve's 6th Annual Champions of Sustainability,
responsible production and innovation are at the center of the
brand's design philosophy with products protected by a robust
portfolio of utility patents. Products are marketed and sold
primarily online directly at www.lovesac.com, supported by
direct-to-consumer touch points in the form of our own showrooms,
as well as through shop-in-shops and pop-up-shops with third party
retailers. LOVESAC, SACTIONALS, AND THE WORLD'S MOST ADAPTABLE
COUCH are trademarks of The Lovesac Company and are Registered in
U.S. Patent and Trademark Office.
Investor Relations Contacts:Rachel Schacter,
ICR(203) 682-8200InvestorRelations@lovesac.com
Lovesac (NASDAQ:LOVE)
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