Cadre Holdings, Inc. (CDRE), a leading manufacturer in orthopedic and surgical supplies with a market capitalization of $1.34 billion and annual revenue of $516 million, announced the appointment of Mr. Gianmaria Delzanno as a new independent director and board member, effective as of Monday.
According to InvestingPro data, the company maintains strong financial health with a robust gross profit margin of 40.7%. The seasoned finance executive joins the board following the resignation of Mr. Nicholas Sokolow, who will step down from his director role and board committees, including as lead independent director, on January 31, 2025.
Mr. Delzanno, 68, brings a wealth of experience to Cadre Holdings, with over four decades in finance, including expertise in mergers and acquisitions, corporate financing, and equity offerings. He has been serving as the President of Delzanno & Co. Inc., his own advisory firm, since 1996. Prior to that, Mr. Delzanno held a director position at the investment bank Schroder Wertheim & Co. Incorporated.
His extensive background also includes board service across various industries, notably at Tempel Steel Company, where he served until December 2021. Mr. Delzanno's educational credentials include an M.B.A. from Columbia Business School and a B.S. in Applied Mathematics and Economics from Brown University.
The company's board has expanded from five to six directors with this appointment, and Mr. Delzanno is set to assume the roles of lead independent director and chairman of the Nominating and Corporate Governance Committee. InvestingPro analysis reveals that Cadre Holdings operates with strong liquidity, maintaining a current ratio of 3.01, which indicates excellent short-term financial stability.
Subscribers to InvestingPro can access 7 additional key insights about CDRE's financial position and growth prospects. Additionally, he will join the Audit Committee and Compensation Committee. The New York Stock Exchange has confirmed his independence as a director.
Cadre Holdings stated that Mr. Delzanno's comprehensive financial experience and board service make him well-suited for his new responsibilities. His compensation aligns with Cadre Holdings' non-employee director compensation program, as detailed in the company's proxy statement filed on April 29, 2024.
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