Rocky Mountain Chocolate Factory Announces Board Changes

Rocky Mountain Chocolate Factory (NASDAQ: RMCF) announced two new appointments to its Board of Directors.

Rhea-AI Summary

Rocky Mountain Chocolate Factory (NASDAQ: RMCF) announced two new appointments to its Board of Directors. Melvin Keating and Al Harper have joined the board, replacing Starlette B. Johnson and Charlson Arnold, effective November 26, 2024. Keating brings extensive corporate leadership experience, having served on nearly 20 public company boards. Harper, a seasoned entrepreneur and owner of American Heritage Railways, is one of RMCF's largest shareholders, owning approximately 1 million shares (13% of common shares outstanding).

Positive

• Major shareholder Al Harper (13% ownership) joins the board, potentially aligning management with shareholder interests
• New board member Melvin Keating brings extensive public company experience, including corporate restructuring expertise

Negative

• None.

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DURANGO, Colo., Dec. 02, 2024 (GLOBE NEWSWIRE) -- Rocky Mountain Chocolate Factory Inc. (Nasdaq: RMCF) (the “Company”, “we”, or “RMCF”), an international franchisor and producer of premium chocolates and other confectionery products, including gourmet caramel apples, is pleased to announce the appointments of Melvin Keating and Al Harper to the Company’s Board of Directors, replacing Starlette B. Johnson and Charlson Arnold, effective November 26, 2024.

“We’d like to thank both Starlette and Charles for serving on the Board,” stated Jeff Geygan, Interim CEO of RMCF. “At the same time, we are delighted to welcome Mel and Al as the newest members of our Board. Their knowledge and experience will bring great value as we look to return Rocky Mountain Chocolate Factory to sustained growth and profitability.”

Mr. Keating brings extensive experience in corporate leadership, investment advisory, and board service, having served on nearly 20 public company boards throughout his career including directorship for SPS Commerce, Vitamin Shoppe, Tower Jazz Semiconductor, and Crown Crafts, among others. He has held various leadership positions including President and CEO of Alliance Semiconductor Corp., where he successfully executed a complex corporate restructuring, and also served as a Strategy Consultant for Warburg Pincus Equity Partners. He currently serves as a director of Agilysys, Inc.

Mr. Harper is a seasoned entrepreneur and leader with expertise spanning industries such as transportation, real estate, and entertainment. As the Owner and President of American Heritage Railways, Inc., he oversees operations for its subsidiaries including the Durango & Silverton Narrow Gauge Railroad and the Great Smoky Mountains Railroad. Mr. Harper is also one of the largest shareholders of RMCF, having recently purchased approximately one million shares of the Company (13% of common shares outstanding).

About Rocky Mountain Chocolate Factory, Inc.

Rocky Mountain Chocolate Factory, Inc. is an international franchiser of premium chocolate and confection stores, and a producer of an extensive line of premium chocolates and other confectionery products, including gourmet caramel apples. Headquartered in Durango, Colorado, Rocky Mountain Chocolate Factory is ranked among Entrepreneur’s Franchise 500^® and Franchise Times’ Franchise 400^® for 2024. The Company and its franchisees and licensees operate nearly 260 Rocky Mountain Chocolate stores across the United States, with several international locations. The Company's common stock is listed on the Nasdaq Global Market under the symbol "RMCF."

Investor Contact

Sean Mansouri, CFA
Elevate IR
720-330-2829
RMCF@elevate-ir.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Who are the new board members appointed to Rocky Mountain Chocolate Factory (RMCF) in November 2024?

Melvin Keating and Al Harper were appointed to RMCF's Board of Directors on November 26, 2024, replacing Starlette B. Johnson and Charlson Arnold.

How many shares of RMCF does new board member Al Harper own?

Al Harper owns approximately one million shares of RMCF, representing about 13% of common shares outstanding.

What is Melvin Keating's background and experience before joining RMCF's board?

Melvin Keating has served on nearly 20 public company boards, including SPS Commerce, Vitamin Shoppe, and Tower Jazz Semiconductor, and was previously President and CEO of Alliance Semiconductor Corp.