B. Riley Financial Announces Executive Changes
-- Bryant Riley and Tom Kelleher to serve as Co-Chief Executive Officers -- Kenny Young to serve as President
LOS ANGELES, July 10, 2018 (GLOBE NEWSWIRE) -- B. Riley Financial, Inc. (NASDAQ:RILY), a diversified provider of financial and business advisory services, announced that Bryant Riley and Tom Kelleher have been appointed Co-Chief Executive Officers of the Company effective July 10, 2018. Additionally, the Company announced that Kenny Young has been appointed President of B. Riley Financial.
This new leadership structure is reflective of the evolution and growth the Company has seen in recent years with the completion of several acquisitions and equity investments. Its unique platform offers a wide range of financial and business advisory services through its broker-dealer and advisory and disposition businesses, as well as several funds and portfolio companies.
“B. Riley Financial has enjoyed tremendous growth in recent years, becoming a diverse financial services platform where each entity can now leverage not only our balance sheet, but also the resources across the firm, to provide unique and collaborative solutions to better serve our clients’,” said Bryant Riley. “With Tom Kelleher acting as Co-CEO, and Kenny Young serving as President, I believe we will further grow and diversify our business, while staying true to our roots. Tom has been by my side for over 20 years and has been the visionary in many respects for intra-company collaboration. Kenny has done an incredible job with operating B. Riley Principal Investments, and with his past experience managing large corporations, he will be instrumental in scaling our businesses. I am proud of what we have collectively achieved and excited to see what the future holds.”
“Personally witnessing the growth of B. Riley from a one-office, research-focused firm to a diversified company, with over 50 offices around the globe and almost 900 professionals, has been rewarding and has surpassed our expectations. That said, I am also confident that we’re just getting started. We’re now well positioned to strengthen our core businesses while expanding into new areas of opportunity, providing a level of unmatched depth and breadth. This is an exciting time for the firm and for me. I am proud to stand alongside Bryant and for us to continue to move the Company forward,” said Tom Kelleher.
Kenny Young commented: “I’m thrilled to step into the role of President of B. Riley Financial. Since joining, I have witnessed the power of the firm and understand the value it offers current and prospective clients. I am honored to be given the opportunity to play a part in B. Riley Financial’s growing success. There are operating synergies still to be discovered and innovative strategies yet to be developed that will only continue to strengthen and grow the platform.”
About B. Riley Financial, Inc. B. Riley Financial, Inc. (NASDAQ:RILY), through its subsidiaries, provides collaborative financial services and solutions to the capital raising and financial advisory needs of public and private companies and high net worth individuals. The company operates through several wholly-owned subsidiaries, including B. Riley FBR, Inc., dba B. Riley Wealth Management, Inc., Great American Group, LLC, B. Riley Capital Management, LLC (which includes B. Riley Asset Management, B. Riley Alternatives, and Great American Capital Partners, LLC ) and B. Riley Principal Investments LLC, a group that makes proprietary investments in other businesses, such as the acquisition of United Online, Inc.
Forward-Looking Statements Statements in this press release that are not descriptions of historical facts are forward‐looking statements that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. In some cases, you can identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” “will,” “would” or the negative of these terms or other comparable terminology. You should not place undue reliance on such forward‐looking statements, which are based on the information currently available to us and speak only as of the date of this presentation. Such forward looking statements include, but are not limited to, our anticipated business opportunities, the effects and anticipated benefits of our completed and pending acquisitions and related actions, expectations regarding future transactions and the financial impact, size and consistency of returns and timing thereof, expectations regarding market dynamics, as well as statements regarding the effect of investments in our business segments. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Risk factors that could cause actual results to differ from those contained in the forward-looking statements include but are not limited to risks related to: volatility in our revenues and results of operations; changing conditions in the financial markets; our ability to generate sufficient revenues to achieve and maintain profitability; the short term nature of our engagements; the accuracy of our estimates and valuations of inventory or assets in “guarantee” based engagements; competition in the asset management business; potential losses related to our auction or liquidation engagements; our dependence on communications, information and other systems and third parties; potential losses related to purchase transactions in our auctions and liquidations business; the potential loss of financial institution clients; potential losses from or illiquidity of our proprietary investments; changing economic and market conditions; potential liability and harm to our reputation if we were to provide an inaccurate appraisal or valuation; potential mark-downs in inventory in connection with purchase transactions; failure to successfully compete in any of our segments; loss of key personnel; our ability to borrow under our credit facilities as necessary; failure to comply with the terms of our credit agreements; our ability to meet future capital requirements; our ability to realize the benefits of our completed and proposed acquisitions, including our ability to achieve anticipated opportunities and operating cost savings, and accretion to reported earnings estimated to result from completed and proposed acquisitions in the time frame expected by management or at all; the possibility that our proposed acquisition of magicJack VocalTec Ltd. (“magicJack” or “MJ”) does not close when expected or at all; our ability to promptly and effectively integrate our business with that of magicJack if such transaction closes; the reaction to the magicJack acquisition or our and magicJack’s customers, employees and counterparties; the diversion of management time on acquisition-related issues; and those risks described from time to time in B. Riley Financial, Inc.‘s filings with the SEC, including, without limitation, the risks described in B. Riley Financial, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2017 under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Additional information is also set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this presentation is issued, and B. Riley Financial, Inc. undertakes no duty to update this information.
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