Scott’s Liquid Gold-Inc. has announced the appointment of three new directors to its board: Rimmy Malhotra, Tisha Pedrazzini and Daniel J. Roller.
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According to the company, the appointments were made in cooperation with Maran Capital Management, LLC, which owns approximately 13% of Scott’s common shares outstanding. The three additions are said to increase the diversity, independence and stock ownership of the board of directors.
The appointments also follow the transition to an asset-light business model with the sale of its manufacturing facilities and the acquisitions of the Kids N Pets, Biz Stain Fighter and Dryel brands.
The complete agreement will be filed on Form 8-K with the Securities and Exchange Commission.
Malhotra will serve on the audit committee and the compensation committee, and Roller will serve on the nominating and corporate governance committee.
Malhotra is the founder, president, and chief investment officer of Nicoya Capital Management, LLC. He currently serves as a director and vice chairman of HireQuest Inc. (Nasdaq: HQI) and as a director of Optex Systems.
Pedrazzini is the founder and chief innovation officer of TSP Marketing Transformation, LLC. Prior to founding TSP, Pedrazzini was president at The Integer Group/TBWA, where she oversaw all aspects of building and growing the agency.
Roller is the founder, president and chief investment officer of Maran Capital Management, LLC.
Mark Goldstein, CEO of Scott’s Liquid Gold, said, “I am pleased to welcome Rimmy, Tisha, and Dan as new independent directors who bring additional marketing, e-commerce, corporate governance, and capital allocation expertise to complement our Board’s depth of knowledge and experience. We are in the early innings of our quest to transform Scott’s into a growing, asset-light, branded consumer products platform company that will maximize value for all of our shareholders, and we believe our newly expanded board will help us achieve these goals.”
Dan Roller, president of Maran Capital Management, said, “We are pleased to have reached this agreement with Scott’s, which is the result of meaningful engagement over the past year. We believe the new board will represent the interests of all shareholders and will support Scott’s as it continues to build a successful growth company. We believe Scott’s has strong brands, excellent distribution, and despite the challenges that the COVID-19 pandemic created in 2020, a solid foundation on which to create meaningful shareholder value going forward.”