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1847 Goedeker Strengthens Board by Appointing Two Highly-Qualified and Independent Directors
October 18 2021 - 08:30AM

Highlights New Directors Selim Bassoul and Alan Shaw Collectively Possess Deep Experience in Durable Goods, Finance, Governance, Growth Initiatives and Supplier Relations

Reaches Cooperation Agreement with Kanen Wealth Management, Which Provided Constructive Input on Latest Stage of Company’s Board Refresh Process

1847 Goedeker Inc. (NYSE American: GOED) ("Goedeker" or the "Company"), one of the largest specialty ecommerce players in the U.S. household appliances market, today announced that it has appointed two highly-qualified and independent individuals – Selim Bassoul and Alan Shaw – to the Company’s Board of Directors (the “Board”), effective immediately.

Today’s appointments, which are an output of Goedeker’s previously announced Board refresh process, reflect feedback and input from an array of stockholders, including Kanen Wealth Management, LLC (together with its affiliates, “Kanen”), with whom the Company has entered into a cooperation agreement (the “Cooperation Agreement”). Nearly half of the Company’s nine-member Board has now been appointed within the past 12 months.

In connection with the new appointments, Paul Froning has agreed to retire from the Board. The Company thanks Mr. Froning for his leadership during what was a transformative period for the business. His retirement is part of the gradual wind-down of Goedeker’s relationship with 1847 Holdings LLC.

Albert Fouerti, Goedeker’s Chief Executive and a Director, commented:

“We are pleased to advance our ongoing Board refresh by appointing Selim and Alan, who have impressive track records working at world-class companies. They have the right perspectives, skillsets and relationships to support our pursuit of pragmatic growth and long-term value. Selim’s stellar background as the chief executive and chairman of The Middleby Corporation will be a great asset to us, particularly as we work to expand our nationwide reach and seize greater market share. Alan, who possesses vast appliances and operational knowledge, will bring equally valuable c-level perspectives and strategic planning knowhow to the Board. After assessing the Company’s needs and engaging with a number of stockholders over the past two months, our Board leadership and Nominating and Governance Committee ran a thorough process to identify individuals who can support our goal of becoming the market leader in home appliances.”

Mr. Froning added:

“Now that the Appliances Connection acquisition is closed and the Company is entering a new phase of its life cycle, it is the right time to add more operational acumen and appliances industry expertise to the Board. I enjoyed working with all my fellow directors on the transaction and integration of the two businesses over the course of the past year. The Company has a bright future.”

David Kanen, Kanen’s Founder and Portfolio Manager, stated:

“We are pleased to have reached an amicable resolution that continues Goedeker’s Board refresh process and adds critical skillsets to the boardroom. We believe a solid foundation exists for the new appointees to work with the Board to execute new strategies as the Company strengthens its appliances industry position and we are hopeful these changes will lead to value creation for all stockholders.”

Pursuant to the Cooperation Agreement, Kanen has agreed to withdraw its director candidate nominations that were previously submitted to the Company and has also agreed to support the Board’s full slate of nominees at Goedeker’s 2021 Annual Meeting of Stockholders. In addition, Kanen has agreed to customary standstill and voting provisions. The complete Cooperation Agreement will be filed on Form 8-K with the U.S. Securities and Exchange Commission.

Selim Bassoul Biography

Mr. Bassoul possesses significant experience in corporate governance, finance, marketing, strategic transactions and other critical business areas. He was the Chief Executive Officer and Chairman at The Middleby Corporation (NASDAQ: MIDD) from January 2001 until his retirement in February 2019. He has served as a Director and the Non-Executive Chairman of the Board of Six Flags Entertainment Corporation (NYSE: SIX) since February 2020 and as the Director and the Non-Executive Chairman of the Board of Diversey Holdings, Ltd., a leading provider of hygiene, infection prevention and cleaning solutions, since February 2020. Mr. Bassoul previously served on the Boards of Directors of several other public and private entities. He holds a B.A. in Business Administration from the American University of Beirut and an MBA in Finance and Marketing from the Kellogg School of Management at Northwestern University.

Alan Shaw Biography

Mr. Shaw brings expansive appliances industry knowledge and valuable supplier relationships to Goedeker’s Board. He has been a leader in the industry for more than 20 years, beginning his career with Whirlpool and finishing it as the Chief Executive Officer of Electrolux’s North American business, a position he held from January 2016 until his retirement in January 2020. He has held President and c-level positions with several North American-based durable goods companies since 2003, including Char-Broil and Husqvarna Group. He holds a B.S. degree in Economics and Political Science from the University of Idaho and an MBA in Marketing from Indiana University.


View source version on businesswire.com: https://www.businesswire.com/news/home/20211018005474/en/

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