LAS VEGAS - HF Foods Group Inc. (NASDAQ:HFFG), a prominent distributor serving Asian restaurants in the U.S., announced today the immediate appointment of Maria Ross to its Board of Directors. Concurrent with Ross's appointment, Dr. Hong Wang has stepped down from his role as a Director.
Maria Ross brings over three decades of supply chain expertise, having held roles at notable companies such as Nike (NYSE:NKE) and Home Depot (NYSE:HD). Her experience spans team development, strategic planning, and operational execution within the manufacturing, grocery, and retail sectors.
Peter Zhang, CEO of HF Foods, expressed enthusiasm for Ross's addition to the board, citing her extensive background in supply chain and logistics as a valuable asset to the company.
HF Foods, headquartered in Las Vegas, Nevada, operates a nationwide network of distribution centers. It supplies fresh produce, frozen and dry food, and non-food products to Asian American restaurants and other foodservice customers throughout the United States. The company leverages its relationships with growers and suppliers in the U.S., South America, and China to meet the growing demand for high-quality, specialty restaurant food products and supplies.
The information regarding the board changes is based on a press release statement from HF Foods Group Inc.
In other recent news, HF Foods Group Inc. has seen significant developments. The company recently expanded its board with the addition of Lisa Lim and Charlotte Westfall, bringing the total number of independent directors to four. These appointments followed the resignations of Valerie P. Chase and Russell T. Libby, with the company clarifying that these departures were not due to any disagreements over operations, policies, or practices.
HF Foods also reached a final settlement with the U.S. Securities and Exchange Commission (SEC), agreeing to pay a $3.9 million penalty following allegations of securities law violations. The company, while not admitting or denying the findings, took swift remedial steps and cooperated fully during the inquiry.
Furthermore, HF Foods announced the appointment of Cindy Yao as its new Chief Financial Officer, effective from May 1, 2024. Yao, who brings over 30 years of financial and accounting leadership, previously served as CFO and Executive Vice President at Markel (NYSE:MKL) Food Group.
These developments highlight the company's ongoing efforts to strengthen its governance and strategic oversight.
InvestingPro Insights
Amidst the strategic board changes at HF Foods Group Inc. (NASDAQ:HFFG), the company's financial metrics provide a lens into its current market position. As of the last twelve months leading up to Q1 2024, HF Foods has shown a resilience in revenue with a slight quarterly uptick of 0.61%, despite a minor decline in annual revenue growth of -3.02%. This suggests a stabilization in the company's revenue streams during a dynamic period of leadership transition.
InvestingPro Tips highlight that HF Foods is trading at a low P/E ratio relative to near-term earnings growth, with an adjusted P/E ratio of 38.25, indicating potential for investors looking at earnings potential versus market value. Additionally, the company's price/book ratio sits at 0.57, suggesting that the stock may be undervalued compared to its net asset value.
However, prospective and current investors should be aware of the company's price volatility, as evidenced by a 6-month price total return of -43.12%. This could signal a need for cautious investment strategies, taking into account the company's recent stock performance and market fluctuations.
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