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1847 Goedeker Announces Chief Executive Officer Transition and Steps to Strengthen Leadership

08/31/2021

Appliances Connection Co-Founder and Sizable Stockholder Albert Fouerti Appointed Chief Executive Officer


Capital Markets Veteran and Meaningful Stockholder Ellery W. Roberts Appointed Executive Chairman


The Board Establishes Strategic Planning Committee to Help Further Accelerate Growth

ST. CHARLES, Mo., Aug. 31, 2021 /PRNewswire/ -- 1847 Goedeker Inc. (NYSE American: GOED) ("Goedeker" or the "Company"), one of the largest specialty ecommerce players in the U.S. household appliances market, today announced that its Board of Directors (the "Board") has taken the following steps to strengthen the Company's leadership and set a foundation for continued growth:

  • The Appointment of Albert Fouerti as Chief Executive Officer - Mr. Fouerti, who was previously Chief Executive Officer of Appliances Connection and most recently served as President of Goedeker, has been appointed to the role of Chief Executive Officer, effective immediately. Mr. Fouerti intends to purchase up to one million dollars of the Company's securities to supplement his current stockholdings as soon as practicable following this announcement, subject to applicable legal requirements. He succeeds Doug Moore, who has also stepped down from his position on the Company's Board. The Company thanks Mr. Moore for his leadership over the past two years and throughout the acquisition of Appliances Connection.


  • The Appointment of Ellery W. Roberts as Executive Chairman - Mr. Roberts, who had been serving as Chairman of Goedeker, will assume the Executive Chairman role in anticipation of greater involvement in certain corporate, non-operational activities. The Board believes this will position Mr. Fouerti to successfully transition into his new role and devote the majority of his time to leading business operations and overseeing revenue-generating initiatives. The Board does not anticipate having an Executive Chairman on an indefinite basis.


  • The Formation of a Strategic Planning Committee - In an effort to support the management team as it works to continue integrating the businesses and pursuing growth, the Board has formed a Strategic Planning Committee that includes Mr. Fouerti, Mr. Roberts and Alan P. Shor, who recently joined the Board following the announcement of the Appliances Connection acquisition. The Strategic Planning Committee will focus on initiatives that enable the Company to continue advancing the post-acquisition integration and growing market share.

Mr. Fouerti commented:

"Now that Goedeker has completed the acquisition of Appliances Connection, we are well-positioned to begin aggressively scaling and pursuing market leadership. We have a clear strategy that is grounded in providing customers unmatched selection, competitive pricing, dependable and fast shipping, and a seamless online shopping experience. With the support of our aligned and experienced Board, I look forward to working with the management team to execute on these priorities and pursue the type of growth trajectory we had at Appliances Connection prior to the merger.  We started off as an ecommerce exclusive store, and now we are a powerhouse retailer of professional appliances and have transformed into a complete home lifestyle brand.  We continue to produce and provide rich data and content on our website, making us a source for all people looking to buy appliances.  I am excited to see our growth scale as we continue this venture."  

Mr. Roberts added:

"After considering a variety of factors, our Board determined that Albert was the right individual to succeed Doug as Chief Executive Officer. Albert's alignment of interest with stockholders and distinct experience building a world-class appliance retailer make him the ideal leader for Goedeker as the Company pivots to a post-merger growth phase. On behalf of the Board, I also want to thank Doug for his guidance and vision throughout a transformative period in which we became a public entity and combined with Appliances Connection."

In addition to today's changes, the Company also intends to continue strengthening its Board by filling Mr. Moore's seat with a highly-qualified, independent individual and evaluating other opportunities to add diverse, experienced directors with governance, fulfillment and ecommerce experience.  

Relevant Biographies

Albert Fouerti

Prior to becoming Chief Executive Office of Goedeker, Mr. Fouerti served as President of the Company. He was the Chief Executive Officer of Appliances Connection and its affiliates prior to the recent merger with Goedeker. With over 20 years of experience in ecommerce and retail, he made Appliances Connection a household name for kitchen appliances. Driven by technology, he entered the appliance business in 2008, and has contributed in taking the industry into to the digital age. Along with his brother, Elie Fouerti, he developed a process of delivering bulky items across the United States. Mr. Fouerti is one of the Company's largest stockholders.

Ellery W. Roberts

Ellery W. Roberts has more than 20 years of capital markets and investing experience. Mr. Roberts has been the Chairman, Chief Executive Officer, President and Chief Financial Officer of 1847 Holdings since its inception in 2013. Mr. Roberts has also been a director of Western Capital Resources, Inc., a public company, since May 2010. Prior to forming The 1847 Companies LLC, Mr. Roberts was the co-founder and was co-managing principal from October 2009 to June 2011 of RW Capital Partners LLC, the recipient of a "Green Light" letter from the United States Small Business Administration permitting RW Capital Partners LLC to raise capital in pursuit of the Small Business Investment Company license with the preliminary support of the Small Business Administration. Mr. Roberts was a founding member of Parallel Investment Partners, LP (formerly SKM Growth Investors, LP), a Dallas-based private equity fund focused on re-capitalizations, buyouts and growth capital investments in lower middle market companies throughout the United States. Previously, Mr. Roberts served as Principal with Lazard Group LLC, a Senior Financial Analyst at Colony Capital, Inc., and a Financial Analyst with the Corporate Finance Division of Smith Barney Inc. (now known as Morgan Stanley Smith Barney LLC). Mr. Roberts received his B.A. degree in English from Stanford University.  

Alan P. Shor

Alan P. Shor became a member of the Company's Board of Directors upon closing of the Appliances Connection acquisition. Mr. Shor is a co-founder of The Retail Connection, L.P., a retail real estate company, and has served as its President and Co-Chairman of the Board of Directors since its launch in January 2004. Mr. Shor is deeply involved in the strategic direction and day-to-day operations of the company and also leads its investment and merchant banking business. He has served as an operating partner with leading private equity firms which have deep experience in consumer and multi-unit based investments. He is an investor in and a Board member of four high-growth retail chains: Diamonds Direct (since 2015), WSS (since 2015), Neighborhood Goods (since 2017) and Obsession Fragrance (since 2019). Prior to launching The Retail Connection, Mr. Shor served as President, Chief Operating Officer and a member of the Board of Zale Corporation, a publicly-held specialty retailer of fine jewelry. Prior to joining Zale, he spent 12 years with Troutman Sanders, an international law firm, where he built a strong track record of advising senior management teams of Fortune 1000 companies. Mr. Shor is also active in a number of professional and charitable organizations. Mr. Shor graduated with honors from both the University of Georgia and University of Georgia School of Law.

About 1847 Goedeker Inc.

1847 Goedeker Inc. is an industry leading e-commerce destination for appliances, furniture, and home goods. Through its June 2021 acquisition of Appliances Connection, Goedeker created one of the largest pure-play online retailers of household appliances in the United States. With warehouse fulfillment centers in the Northeast and Midwest, as well as showrooms in Brooklyn, New York, and St. Louis, Missouri, Goedeker offers one-stop shopping for national and global brands. We carry many household name-0brands, including Bosch, Cafe, Frigidaire Pro, Whirlpool, LG, and Samsung, and also carry many major luxury appliance brands such as Miele, Thermador, La Cornue, Dacor, Ilve, Jenn-Air and Viking among others. We also sell furniture, fitness equipment, plumbing fixtures, televisions, outdoor appliances, and patio furniture, as well as commercial appliances for builder and business clients. Learn more at www.Goedekers.com.

Forward Looking Statements

This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Goedeker's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" of the reports that we file with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Goedeker undertakes no duty to update such information except as required under applicable law.

Contacts

For Stockholders:

Goedeker Investor Relations
ir@goedekers.com 

For Media:

MKA
Greg Marose / Charlotte Kiaie, 646-386-0091
gmarose@mkacomms.com / ckiaie@mkacomms.com

 

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SOURCE 1847 Goedeker, Inc.

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