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Spar Group, Inc. (NASDAQ:SGRP) announced that Michael R. Matacunas has retired from his roles as Chief Executive Officer and member of the board of directors, effective Friday. The company stated that Mr. Matacunas’ resignation was not the result of any disagreement with the company on matters related to its operations, policies, or practices.
Following this transition, William Linnane, age 51, has been appointed by the board to serve as interim Chief Executive Officer. Mr. Linnane will also continue to serve as President of the company. The board has not yet named a permanent successor for the Chief Executive Officer position. The appointment comes as SGRP’s stock trades at $1.05, down nearly 57% over the past year, with revenue of $143.5 million in the last twelve months.
According to the company, there are no arrangements or understandings between Mr. Linnane and any other persons that led to his selection as an officer. Additionally, there are no family relationships between Mr. Linnane and any director or executive officer of Spar Group, and he does not have any direct or indirect material interest in any transaction requiring disclosure under applicable regulations. For deeper insights into SGRP’s financial health and detailed analysis, investors can access the comprehensive Pro Research Report available on InvestingPro.
Information regarding Mr. Linnane’s compensation and biographical background was previously disclosed in filings made with the Securities and Exchange Commission.
This information is based on a statement in a press release and a filing with the SEC.
In other recent news, SPAR Group has announced significant changes in its leadership team as part of a strategic refocus. The company has appointed William Linnane as President and Josh Jewett as Chief Technology Officer, highlighting Linnane’s successful track record in achieving revenue goals while maintaining cost efficiency. In a separate development, Michael R. Matacunas has resigned as President and will retire as Chief Executive Officer by October 2025. As part of his departure, Matacunas will receive a $2 million retention bonus, extended stock option exercise period, and immediate vesting of certain restricted stock units. Additionally, a prior change in control severance agreement with Matacunas has been terminated, removing a $4 million potential liability for SPAR Group. These leadership transitions follow nearly two years of restructuring and divestment of offshore operations. The changes are seen as a move to strategically reposition the company for future growth.
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