CAMARILLO, Calif. - Salem Media Group, Inc. (OTCQX: SALM), a company specializing in Christian and conservative content with annual revenues of $243.8 million, has expanded its Board of Directors with the appointment of Richard von Gnechten and Jim Renacci, effective last Monday. According to InvestingPro analysis, the company's stock appears undervalued, having delivered an impressive 202% return over the past six months. The new appointees bring a wealth of experience from various sectors, including finance, legislation, and business growth.
Richard von Gnechten, currently serving as Chief Operating Officer and Chief Gift Strategist at WaterStone, possesses nearly three decades of financial executive expertise. His career includes roles such as CFO for a NYSE-listed diversified U.S. public company and leading customer operations and strategic planning for a Fortune 600 corporation. He has also been instrumental in growing assets under management from $400 million to $1.2 billion as CFO/COO for a registered investment advisor.
Jim Renacci, with a background in business administration, is a former U.S. Congressman who served on key committees, including Ways and Means, Financial Services, and Budget. He was also involved in crafting the 2017 Tax Cuts and Jobs bill. Renacci's entrepreneurial ventures span over 30 years, during which he has owned and operated more than 60 entities and is recognized for his expertise in healthcare management, mergers & acquisitions, and banking.
Edward G. Atsinger III, Salem Media Group’s Executive Chairman, expressed confidence in the contributions von Gnechten and Renacci will make to the Board. Their appointments are intended to enhance the company's governance and strategic planning, drawing from their extensive backgrounds.
The new board members will stand for election to serve a full term at the 2025 Annual Meeting of Stockholders. This move aligns with Salem Media Group's aim to leverage the expertise of its board members to further its mission in providing Christian and conservative multimedia content to its audience. InvestingPro data shows the company maintains a FAIR financial health score, with detailed analysis and additional insights available to subscribers.
The information for this article is based on a press release statement from Salem Media Group, Inc.
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