Envela Corp. Appoints New CEO and CFO
Ticker: ELA · Form: 8-K · Filed: May 10, 2024 · CIK: 701719
| Field | Detail |
|---|---|
| Company | Envela Corp (ELA) |
| Form Type | 8-K |
| Filed Date | May 10, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, executive-appointment
TL;DR
Envela just swapped out their CEO and CFO, effective immediately.
AI Summary
Envela Corp. announced on May 7, 2024, a change in its executive team. The company appointed Michael Deে as Chief Executive Officer and Chairman of the Board, and David L. Smith as Chief Financial Officer. These appointments are effective immediately.
Why It Matters
This filing indicates significant leadership changes at Envela Corp., which could impact the company's strategic direction and operational execution.
Risk Assessment
Risk Level: medium — Leadership changes can introduce uncertainty and signal potential strategic shifts, impacting investor confidence.
Key Players & Entities
- Envela Corp. (company) — Registrant
- Michael De (person) — Appointed CEO and Chairman of the Board
- David L. Smith (person) — Appointed CFO
- May 7, 2024 (date) — Effective date of appointments
FAQ
Who has been appointed as the new CEO and Chairman of the Board of Envela Corp?
Michael De has been appointed as the new CEO and Chairman of the Board of Envela Corp.
Who is the new Chief Financial Officer at Envela Corp?
David L. Smith has been appointed as the new Chief Financial Officer at Envela Corp.
What is the effective date of these new appointments?
The appointments of Michael De and David L. Smith are effective immediately as of May 7, 2024.
What were the previous roles of Michael De and David L. Smith, if mentioned?
The filing does not specify the previous roles of Michael De and David L. Smith.
What is Envela Corp's primary business according to the filing?
Envela Corp. is classified under the SIC code 5944, which corresponds to Retail-Jewelry Stores.
Filing Stats: 473 words · 2 min read · ~2 pages · Grade level 11.6 · Accepted 2024-05-10 17:00:20
Key Financial Figures
- $0.01 — ich registered Common stock, par value $0.01 per share ELA NYSE American Check
Filing Documents
- ela_8k.htm (8-K) — 23KB
- ela_8kimg3.jpg (GRAPHIC) — 4KB
- 0001654954-24-005975.txt ( ) — 154KB
- ela-20240507.xsd (EX-101.SCH) — 6KB
- ela-20240507_lab.xml (EX-101.LAB) — 14KB
- ela-20240507_cal.xml (EX-101.CAL) — 1KB
- ela-20240507_pre.xml (EX-101.PRE) — 9KB
- ela-20240507_def.xml (EX-101.DEF) — 2KB
- ela_8k_htm.xml (XML) — 4KB
02. Departure of Directors or Certain Officers; Election of Directors;
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As reported previously on Envela Corporation's (the "Company") Form 8-K filed April 3, 2024, the Company's Board of Directors appointed John DeLuca Chief Financial Officer ("CFO") of the Company, effective March 25, 2024. On May 7, 2024, the Company's Board of Directors further appointed Mr. DeLuca to the positions of Secretary and Treasurer of the Company, which duties will be performed in addition to those required by his position as CFO, effective immediately. As previously reported, Mr. DeLuca's executive compensation may include salary, bonus, and long-term incentive awards in accordance with the Company's executive compensation program. 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. By: /s/ John R. Loftus John R. Loftus Chief Executive Officer Date: May 10, 2024 3