B. Riley Financial appoints Scott Yessner as new CFO

Published 19/05/2025, 12:06
B. Riley Financial appoints Scott Yessner as new CFO

LOS ANGELES - B. Riley Financial, Inc. (NASDAQ: RILY), a diversified financial services firm, today announced Scott Yessner as its incoming Chief Financial Officer, effective June 3, 2025. The announcement comes as the company’s stock trades near $3.34, down significantly from its 52-week high of $33. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 4.17, indicating robust short-term financial health despite recent market challenges. Yessner, who has been advising the company for two months, will take over from Phillip Ahn, who is leaving for another opportunity.

Yessner brings extensive experience to B. Riley, having served as CFO of both public and private companies, notably leading significant improvements in EBITDA and company valuations. His previous role as CFO of California Expanded Metal Products Company (CEMCO) saw a $40 million EBITDA increase over two years. His appointment comes at a crucial time, as InvestingPro analysis shows the company facing challenges with a -31.19% revenue decline in the last twelve months. Subscribers to InvestingPro can access detailed financial health scores and 8 additional key insights about RILY’s current position. At Universal Technical Institute, his tenure as CFO coincided with a 250 percent rise in stock price alongside a $45 million EBITDA improvement.

Bryant Riley, Chairman and Co-CEO of B. Riley Financial, expressed confidence in Yessner’s capabilities to drive value for clients and shareholders, citing his background in finance and operations. Yessner himself is eager to continue the company’s legacy of value creation and to collaborate with the leadership team.

As part of the transition, an SEC filing will detail Yessner’s employment agreement, including equity awards of restricted stock and options. The Compensation Committee of the B. Riley Board of Directors has granted Yessner 100,000 shares of common stock and options for 300,000 shares, with vesting terms over three years and exercise prices ranging from $7 to $12.50 per share.

Ahn, who has been with B. Riley for over a decade, expressed pride in his contributions and confidence in the company’s ongoing strategic initiatives. Tom Kelleher, Co-CEO, thanked Ahn for his dedication and leadership.

The company’s official statement, based on a press release, outlines the transition and provides insights into Yessner’s professional background, including his success in leading business transformations and managing complex audits. The announcement is part of B. Riley’s efforts to evolve its business and maintain its commitment to delivering client and shareholder value. Despite current challenges, the company maintains an impressive 11-year track record of consecutive dividend payments, with a current dividend yield of approximately 60%. A comprehensive analysis of RILY’s financial health and future prospects is available in the Pro Research Report on InvestingPro, part of the platform’s coverage of over 1,400 US stocks.

In other recent news, B. Riley Financial has undertaken significant efforts to manage its debt and financial obligations. The company announced a reduction of approximately $35 million in outstanding debt through a private exchange with an institutional investor. This transaction involved swapping $123 million in senior notes for $88 million in newly issued 8.00% Senior Secured Second Lien Notes due in 2028, with warrants issued for about 351,000 common shares. Additionally, B. Riley Financial reduced its debt by $12 million in another bond exchange, replacing $22 million in outstanding notes with $10 million in new notes.

However, the company has faced challenges with regulatory compliance, receiving a delinquency notification from Nasdaq for the late filing of its annual report. This marks the third consecutive year B. Riley Financial has missed this deadline, attributed to complexities in finalizing financial statements and assessing impairment charges. Despite these setbacks, the company remains committed to submitting its overdue report and complying with Nasdaq’s requirements by the stipulated deadline.

B. Riley Financial’s recent actions, including debt restructuring and addressing regulatory compliance, reflect its strategic focus on optimizing its capital structure. Investors are advised to monitor the company’s filings and announcements for further updates.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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