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Sonoma Pharmaceuticals Announces Management Changes | ||
By: Nasdaq / GlobeNewswire - 14 Dec 2018 | Back to overview list |
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CEO Jim Schutz and CFO Robert Miller Step Down PETALUMA, Calif., Dec. 14, 2018 (GLOBE NEWSWIRE) -- Sonoma Pharmaceuticals, Inc. (Nasdaq: SNOA), a specialty pharmaceutical company that develops and markets unique and effective solutions for the treatment of dermatological conditions and advanced tissue care, today announced a series of management changes. The Board of Directors named Frederick (Bubba) Sandford as Sonoma’s Chief Executive Officer and Interim Chief Financial Officer. He assumed the role on December 11, 2018 and, upon joining the Company, also joined the Board of Directors. Mr. Sandford, 57, has over 30 years of experience leading companies in several industries and at various stages, including turnarounds. Most recently, Mr. Sandford transformed the underperforming, public staffing company, Command Center, Inc., into a profitable enterprise, with nearly $100 million in revenue, 67 on-demand labor stores in 22 states and approximately 34,000 workers. During his tenure at Command Center, he successfully led the Company to uplist on Nasdaq, and he increased shareholder value by 150% while improving gross margins to industry-leading standards. “We are very pleased to welcome Bubba to the Company,” said Jerry McLaughlin, Lead Independent Director of the Board. “His years of leadership experience and knowledge of, and background in, company turnarounds and growth will be invaluable to Sonoma in our mission to realize the Company’s full potential.” “I’m excited to be joining Sonoma at such an important chapter in the Company’s history,” said Bubba Sandford. “I look forward to building the Company and delivering long-term value for shareholders.” Sonoma also announced that Jim Schutz and Bob Miller resigned from their positions as CEO and CFO respectively. On the same date, Jim Schutz also resigned from the Board of Directors. “Jim and Bob were integral to Sonoma’s strategic change to a dermatological company,” said Mr. McLaughlin. “The Board and I want to thank both Jim and Bob for their years of service to the Company, and we wish them well in their future endeavors.” As part of Mr. Sandford’s appointment to Chief Executive Officer, he will receive 450,000 stock options convertible into the Company’s common stock, of which 400,000 options will be granted as an inducement grant and the remainder from the Company’s equity incentive plans. About Frederick (Bubba) Sandford About Sonoma Pharmaceuticals, Inc. Forward-Looking Statements Sonoma Pharmaceuticals™ is a trademark or registered trademark of Sonoma Pharmaceuticals, Inc. All other trademarks and service marks are the property of their respective owners. CONTACT: ir@sonomapharma.com |
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Copyright 2018 Nasdaq / GlobeNewswire | Back to overview list |