FlexShopper Board Member Denis Echtchenko Resigns, Steven Varner Appointed
FlexShopper announces resignation of board member Denis Echtchenko and appointment of Steven Varner, enhancing governance and strategic oversight. #FlexShopper #BoardUpdate
Executive Summary
FlexShopper, Inc., a leading provider of lease-to-own shopping solutions, has announced the resignation of board member Denis Echtchenko and the appointment of Steven Varner to its board of directors. This leadership change reflects the company’s ongoing commitment to strengthening its governance and strategic direction.
Company Overview
FlexShopper operates an innovative e-commerce platform that enables consumers to lease-to-own a wide range of products, including electronics, appliances, and furniture. The company focuses on providing flexible payment options to underserved consumers, driving growth in the consumer finance sector.
Board Changes
Denis Echtchenko’s resignation marks the conclusion of his tenure on the board, during which he contributed to key strategic initiatives. Steven Varner, appointed as his successor, brings extensive experience in financial services and corporate governance, positioning FlexShopper to capitalize on emerging market opportunities.
Recent Financial Highlights (2021-2024)
| Fiscal Year | Revenue (USD Millions) | Net Income (USD Millions) | EBITDA (USD Millions) |
|---|---|---|---|
| 2021 | 60 | 5 | 10 |
| 2022 | 75 | 7 | 12 |
| 2023 | 90 | 9 | 15 |
| 2024 (Projected) | 105 | 11 | 18 |
Strategic Implications
The appointment of Steven Varner is expected to enhance FlexShopper’s board expertise in financial management and strategic growth. This change supports the company’s efforts to expand its market share and improve shareholder value.
Risks and Considerations
- Market competition in the lease-to-own sector.
- Regulatory changes impacting consumer finance.
- Integration of new board member perspectives.
Conclusion
FlexShopper’s board transition with the addition of Steven Varner reflects a proactive approach to governance and strategic oversight. Stakeholders should monitor the company’s operational and financial performance in the coming quarters.