FlexShopper appoints former NC governor to board

Published 22/01/2025, 14:06
FlexShopper appoints former NC governor to board

BOCA RATON, Fla. - FlexShopper Inc . (NASDAQ:FPAY), a notable lease-to-own retailer and payment solutions provider with a market capitalization of $35 million, has announced the appointment of Patrick McCrory as an independent member of its Board of Directors. The company, which has seen its stock surge over 40% in the past six months according to InvestingPro data, also disclosed the retirement of T. Scott King from the Board effective January 20.

Patrick McCrory, the former governor of North Carolina and mayor of Charlotte, brings to the board a wealth of experience from his extensive career in public service and business. McCrory's tenure as governor spanned from 2013 to 2017, and he served as Charlotte's mayor from 1995 to 2009, noted for being the youngest and longest-serving in that role. His involvement with the U.S. Homeland Security Advisory Council and leadership positions in the U.S. Conference of Mayors add to his distinguished profile.

McCrory's business background is equally substantial, with past senior executive roles at Duke Energy Corporation (NYSE:DUK) and board positions at Kewaunee Scientific Corporation and LendingTree, Inc. His appointment is expected to provide strategic guidance to FlexShopper as it continues to implement growth strategies for shareholder value.

Howard S. Dvorkin, Chairman of FlexShopper, expressed enthusiasm for McCrory's joining, emphasizing the expected contributions of his leadership and expertise to the board's functions.

FlexShopper's CEO, Russ Heiser, acknowledged the significant impact of Scott King's decade-long service on the board, wishing him well in future endeavors.

FlexShopper, headquartered in Boca Raton, Florida, operates as a financial technology firm offering lease-to-own and lending options to a consumer base that is often underserved. The company facilitates various payment alternatives through its online marketplace and partnerships with retail outlets.

This board reshuffling comes as FlexShopper continues to navigate the competitive landscape of financial technology and consumer leasing services. The company's strategic moves, including the latest board appointment, are closely watched by investors and market analysts. According to InvestingPro, the company maintains strong liquidity with a current ratio of 7.98, though analysts do not anticipate profitability this year. InvestingPro subscribers have access to over 10 additional key insights and extensive financial metrics that can help evaluate the company's future prospects.

The information in this article is based on a press release statement from FlexShopper, Inc.

In other recent news, FlexShopper is making significant strides in its financial performance and strategic growth. H.C. Wainwright maintained a Buy rating on FlexShopper, recognizing the company's robust third-quarter performance which saw a 23% increase in total revenue, reaching $39 million, and a 45% rise in adjusted EBITDA, totaling over $12 million. The company also reported a 15% increase in gross leasing revenue and a 25% rise in net lease revenue for the first two months of the fourth quarter of 2024.

These results are attributed to successful strategies in both business-to-business (B2B) and business-to-consumer (B2C) channels, and the company's plans to significantly expand its B2B offering in 2025. In addition to these financial results, FlexShopper has launched a rights offering aimed at raising capital and reducing debt, which is part of its strategic plans to enhance shareholder value.

Furthermore, FlexShopper announced changes in its board of directors, with Sean Hinze resigning and Denis Echtchenko joining the board. The company also adjusted the employment agreement with CEO H. Russell Heiser Jr., which includes a salary increase and an adjustment to his target bonus. These are recent developments that highlight FlexShopper's robust financial performance and strategic growth initiatives.

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