Envela Corp appoints Vince A. Ackerson as independent director

Envela Corp (NYSE:ELA) announced that Vince A. Ackerson has assumed the role of independent director on the company’s board, effective Monday. Ackerson’s term will extend until the company’s Annual Meeting of Stockholders in 2026. He is also expected to serve on the Compliance Governance and Nominating Committee, as well as the Compensation Committee.

Ackerson previously served as a founding member and Vice Chairman at Texas Capital Bank, which is reported to be the eighth largest bank in Texas by asset size. He retired from Texas Capital Bank in 2021, having also held the roles of Chief Lending Officer and President over five major markets in Texas. Ackerson holds both a Bachelor of Science in Business Administration and a Master of Business Administration from Louisiana State University. His appointment comes as Envela maintains robust financials with a current ratio of 4.51 and profitable operations, though trading at a relatively high P/E ratio of 21.8x.

According to the company’s statement, there are no arrangements or understandings between Ackerson and any other persons regarding his selection, and there are no family relationships between Ackerson and any of Envela’s executive officers or directors. The filing also states there are no transactions with Ackerson that require disclosure under Item 404(a) of Regulation S-K.

This information is based on a press release statement disclosed in a Form 8-K filing with the Securities and Exchange Commission.

In other recent news, Envela Corp announced the approval of several key proposals at its annual meeting. Shareholders elected six individuals to the board of directors, with terms for Vince A. Ackerson and Vicky C. Teherani beginning in 2025. Additionally, Whitley Penn LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2025. An advisory vote on executive compensation was approved, and future votes on this matter will occur every three years. The adoption of Envela’s 2025 Equity Incentive Plan was also confirmed. Furthermore, Envela revised its bylaws to adjust the size of its Board of Directors, establishing a range of five to seven directors. This change, effective April 17, 2025, aims to provide more flexibility in governance. The updated bylaws also allow board vacancies to be filled by a majority vote of the remaining directors. These developments reflect Envela’s ongoing efforts to enhance its corporate governance structure.

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