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SCOTTSDALE, Ariz. - The Joint Corp. (NASDAQ: JYNT), a national leader in chiropractic care, announced the appointment of Craig Sherwood as its new Senior Vice President of Development. Sherwood, with a 25-year track record in franchise development across various industries, will be spearheading franchise license sales and the development of new clinics, as well as expanding the company’s enterprise accounts business. According to InvestingPro data, The Joint Corp. maintains impressive gross profit margins of 90.7%, though the company faces near-term profitability challenges.
Sherwood’s extensive experience includes leadership roles at Lumin Fitness, Gold’s Gym International, Wingstop, Little Caesars, and Sonic Corp. His expertise covers franchise recruitment, market planning, real estate strategy, site selection, design, and construction. Sherwood, also a former Army officer and attorney, is recognized for his collaborative leadership approach that emphasizes franchisee and team input to foster brand growth and alignment.
In his statement, Sherwood expressed enthusiasm about contributing to The Joint’s mission to improve lives through accessible quality healthcare. He noted the significance of joining the brand at a crucial stage in its development and growth.
The Joint Corp., known for revolutionizing chiropractic care with a retail healthcare business model in 2010, operates over 950 locations nationwide and manages an annual patient visit count exceeding 14 million. The company has been recognized by numerous industry publications for its growth and franchise success.
This strategic appointment is based on a press release statement and reflects The Joint Corp.’s commitment to advancing its growth trajectory and operational efficiency within its high-growth franchise model.
In other recent news, Joint Corp has entered into an amended and restated agreement with Bandera Partners LLC, as detailed in a recent 8-K filing with the U.S. Securities and Exchange Commission. This new agreement modifies a previous arrangement from November 6, 2023, and includes the nomination of Mr. Jefferson Gramm, associated with Bandera, for election to Joint Corp’s board of directors at the 2025 annual stockholders meeting. Additionally, Bandera is granted rights to appoint a replacement director under certain conditions before the agreement’s expiration. Bandera has also agreed to specific voting commitments and standstill provisions, which include restrictions on selling its common stock in Joint Corp. The agreement contains mutual non-disparagement clauses and is set to last until January 2, 2026, or until thirty days before the 2026 annual stockholders meeting nomination deadline, whichever comes first. This development may impact Joint Corp’s governance and board composition for the next two years, as Bandera will have influence in these areas. Investors can review the full details of the agreement in Exhibit 10.1 of the 8-K filing.
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