Lazydays Holdings, Inc. (NASDAQ:LAZY), a company specializing in retail auto dealerships and gasoline stations, has announced the appointment of Jeff Huddleston as Interim Chief Financial Officer, effective September 25, 2024. The announcement was made today through a filing with the U.S. Securities and Exchange Commission.
Huddleston, 50, joins Lazydays Holdings with a wealth of experience spanning over 25 years in business leadership, particularly in guiding companies through complex transitions and financial dealings. His most recent role before this appointment was as a partner at CR3 Partners, LLC, a national management consulting and financial services firm, which he joined in June 2024. Before CR3, Huddleston served as Managing Director and Partner at Alvarez & Marsal, a global turnaround and restructuring firm, since April 2018.
The appointment coincides with an amendment to Lazydays Holdings' engagement agreement with CR3, which included the provision for Huddleston's role as Interim CFO. The company has clarified that there are no familial relationships between Huddleston and any of the company's directors or executive officers. Furthermore, there are no reportable transactions involving Huddleston that would require disclosure under SEC regulations.
Lazydays Holdings, headquartered in Tampa, Florida, operates under the trading symbol LAZY on the Nasdaq Capital Market. The company has not disclosed any additional details regarding the compensatory arrangements for Huddleston's new position.
In other recent news, Lazydays Holdings has experienced significant organizational changes. The company's CFO, Kelly Porter, stepped down, and in response, Lazydays Holdings has enlisted the services of CR3 Partners, LLC as an independent financial advisor. These developments come as the company navigates a period of corporate restructuring.
In parallel, Lazydays Holdings announced the appointment of Amber Dillard as Chief Operating Officer, further reshaping the company's leadership structure. Dillard brings a wealth of experience from various roles within the company, positioning her well for this new challenge.
Furthermore, Ronald Fleming has been appointed as Interim CEO and Director, following the resignation of John North. Fleming's extensive experience in the recreational vehicle industry is expected to guide the company through its current challenges.
In the financial sphere, Truist Securities has adjusted its price target for Lazydays Holdings, reducing it to $2.00 from an earlier $4.00, while maintaining a Hold rating on the stock. This adjustment reflects concerns about the company's liquidity and lowered estimates for the years 2024 and 2025.
Lastly, Robert DeVincenzi has taken over as Chairman of the Board, succeeding Christopher Shackelton. These are among the recent developments shaping the future of Lazydays Holdings.
InvestingPro Insights
As Lazydays Holdings (NASDAQ:LAZY) welcomes Jeff Huddleston as Interim CFO, recent financial data from InvestingPro paints a challenging picture for the company. The firm's market capitalization stands at a modest $21.25 million, reflecting recent market pressures. InvestingPro Tips highlight that Lazydays is "trading at a low Price / Book multiple" of 0.24, which could indicate potential undervaluation but may also reflect investor concerns about the company's financial health.
The company's revenue for the last twelve months as of Q2 2024 was $987.99 million, but it experienced a significant revenue decline of 16.36% over the same period. This aligns with the InvestingPro Tip that "analysts anticipate sales decline in the current year." Additionally, the company is "quickly burning through cash" and "not profitable over the last twelve months," with a negative operating income of $30.81 million.
These financial challenges underscore the importance of Huddleston's appointment and the need for strong financial leadership. Investors considering LAZY stock should note that InvestingPro offers 15 additional tips, providing a more comprehensive analysis of the company's financial situation and market performance.
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