Agrify Corporation Appoints Leonard J. Sokolow to its Board of Directors

Strategic Insights -

Agrify Corporation has announced the appointment of Leonard J. Sokolow as a member of its Board of Directors, effective December 23, 2021. Sokolow, a seasoned executive with a rich corporate background, will serve on the Audit Committee and the Compensation Committee. This strategic move aims to bolster the company's leadership and ensure its continued growth and success.

Key Takeaways:

  • **Sokolow's Background:** Sokolow has over four decades of experience in various leadership roles, including CEO and President of Newbridge Financial, Inc., and Chairman of Newbridge Securities Corporation.
  • **Industry Expertise:** Sokolow has served on the boards of several companies, including Consolidated Water Co. Ltd. and SQL Technologies Corp, and has experience in financial services, law, and accounting.
  • **Audit Committee Appointments:** Sokolow, along with Krishnan Varier and Timothy Mahoney, will form the new Audit Committee, with Varier serving as Chairman.
  • **Compensation Committee:** The Compensation Committee now consists of Timothy Mahoney, Stuart Wilcox, and Leonard Sokolow, with Mahoney serving as Chairman.
  • **Nominating and Corporate Governance Committee:** The committee, established in accordance with Nasdaq rules, will consist of Stuart Wilcox, Krishnan Varier, and Timothy Mahoney, with Wilcox serving as Chairman.
  • **Mergers & Acquisitions Committee:** Consisting of Krishnan Varier, Timothy Mahoney, and Stuart Wilcox, this committee will assist the Board in evaluating related-party transactions.
  • **New Committee Structure:** The Board has reconstituted the composition of its existing standing committees to ensure optimal representation and decision-making.

Statistics:

  • **Sokolow's Age:** 65
  • **Board Service:** 2022-2025 (appointment period)
  • **Audit Experience:** 30+ years
  • **Compensation:** Non-employee director compensation in line with Company's Annual Report on Form 10-K

Sources:

  • Form 8-K (Current Report), United States Securities and Exchange Commission (December 27, 2021)
  • Annual Report on Form 10-K, Agrify Corporation (April 2, 2021)