Liquidity Services Announces Retirement of Phillip A. Clough from its Board of Directors
December 08 2023 - 5:19PM
Liquidity Services (NASDAQ: LQDT; www.liquidityservices.com), a
leading global commerce company powering the circular economy with
the world’s largest online marketplace for business
surplus, today made the following announcements with
respect to its board of directors consistent with its long-range
succession planning.
Mr. Phillip A. Clough is retiring from the
company’s board of directors, effective February 2, 2024, after 20
years of dedicated service, consistent with the company’s
succession plan. “Phil has been a trusted member of our Board for
almost two decades. We are grateful for his steady guidance and
dedication to achieving our mission of providing a Better Future
for Surplus benefitting buyers, sellers and the planet. We wish him
and his family all the best following his retirement,” said Bill
Angrick, Chairman and CEO.
Mr. Clough commented, “It has been a privilege
to serve as a director of the Company starting in its early days as
a portfolio company of ABS Capital, through its initial public
offering, and onward to today’s position as a global market leader.
Through my work as Chair of the Governance Committee, I know the
Board and the executive leadership team are strong and well
positioned to drive the Company’s continued
success.”
Immediately after Mr. Clough’s retirement, the
size of the Board of Directors will be reduced from 8 to 7
directors. The Board has also determined to make certain
changes to the committee assignments of the independent directors
effective February 2, 2024. Ms. Katharin S. Dyer will replace Mr.
Clough as Chair of the Governance Committee. Further, Mr.
Amath Fall will succeed Mr. George Ellis as Chair of the Audit
Committee. Mr. Ellis will continue to serve as a member of the
Audit Committee and, in addition, Mr. Ellis will join as a member
of the Governance Committee.
About Liquidity Services,
Inc.Liquidity Services (NASDAQ:LQDT) operates the
world’s largest B2B e-commerce marketplace platform for surplus
assets with over $10 billion in completed transactions to more than
5 million qualified buyers and 15,000 corporate and government
sellers worldwide. The company supports its clients’ sustainability
efforts by helping them extend the life of assets, prevent
unnecessary waste, and carbon emissions, and reduce the number of
products headed to landfills.
Contact:
Liquidity Services
Investor Relations
investorrelations@liquidityservicesinc.com
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