Climb Global Solutions appoints John McCarthy as Chairman following Jeff Geygan's resignation, effective January 28, 2025.
Quiver AI Summary
Climb Global Solutions, Inc. has appointed John McCarthy as the new Chairman of the Board of Directors, effective January 28, 2025, following the resignation of Jeff Geygan, who served as Chairman for seven years. McCarthy, a director since June 2019 and Chair of the Compensation Committee, brings over 30 years of technology leadership experience, including his previous role as President and CEO of Mainline Information Systems. His appointment will reduce the Board to six members, five of whom will be independent as per Nasdaq standards. McCarthy expressed gratitude for the trust placed in him and acknowledged Geygan's contributions to the company's growth. Climb Global Solutions is a value-added IT distribution company specializing in innovative technologies across various business units in North America and Europe.
Potential Positives
- Appointment of John McCarthy as the new Chairman of the Board brings over 30 years of executive technology leadership, enhancing the expertise at the helm of the company.
- The Board will have five independent members following the reduction, aligning with Nasdaq listing standards and potentially improving corporate governance.
- Mr. McCarthy's experience with major technology companies and previous leadership roles positions him well to drive Climb's strategic vision forward.
Potential Negatives
- John McCarthy's appointment as Chairman follows the resignation of Jeff Geygan, indicating potential instability in leadership after seven years of tenure, which may raise concerns among stakeholders.
- The reduction of the Board to six members, while maintaining five independent directors, could suggest a need for further improvements in governance practices or represent a lack of available candidates.
- The press release includes a significant amount of forward-looking statements, which inherently carry risks and uncertainties; this could lead to skepticism from investors about the company's future performance.
FAQ
Who has been appointed as Chairman of the Board at Climb Global Solutions?
John McCarthy has been appointed as the new Chairman of the Board, effective January 28, 2025.
What prior experience does John McCarthy bring to Climb Global Solutions?
Mr. McCarthy brings over 30 years of executive technology leadership, including roles at Mainline Information Systems and major technology companies.
What changes will occur in the Board of Directors at Climb?
Jeff Geygan will resign, reducing the Board to six members, five of whom are independent under Nasdaq standards.
How long has John McCarthy been on the Climb Board?
John McCarthy has been a director on the Climb Board since June 2019.
Where can more information about Climb Global Solutions be found?
More information can be found by visiting Climb's official website at www.climbglobalsolutions.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
EATONTOWN, N.J., Jan. 29, 2025 (GLOBE NEWSWIRE) -- Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb”, the “Company”, “we”, or “our”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, today announced the appointment of John McCarthy as the new Chairman of the Board of Directors (the “Board”), effective January 28, 2025. Mr. McCarthy’s appointment follows the resignation of Jeff Geygan from the Board, which will become effective February 28, 2025, and will reduce the Board to six members, five of whom are independent under Nasdaq listing standards.
Mr. McCarthy brings over 30 years of executive technology leadership to Climb’s Board, where he has been a director since June 2019 and currently serves as Chair of the Compensation Committee. Before joining Climb, he was the President and Chief Executive Officer of Mainline Information Systems, a nationally recognized technology solutions provider. Earlier in his career, Mr. McCarthy held senior executive roles at leading technology companies such as EMC, StorageApps, CNT, McData, and Virtual Iron. He is currently a member of the Operating Board for Stripes Group, and a member of the Board of Trustees for Providence College. Mr. McCarthy holds a Bachelor’s degree in Marketing from Providence College.
“I am honored to be appointed as Chairman of the Board and thankful for the trust placed in me by my fellow Board members,” said Mr. McCarthy. “I’d like to thank Jeff for his invaluable contributions to Climb throughout his tenure as Chairman. I look forward to building on this strong foundation and working with the Board and leadership team to continue driving the Company’s strategic vision forward.”
Mr. Geygan stated, “Serving as Chairman of the Board for the past seven years has been an incredible journey, and I am deeply grateful for the opportunity to have contributed to Climb’s remarkable growth and success.”
About Climb Global Solutions
Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the US, Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.
Additional information can be found by visiting www.climbglobalsolutions.com .
Forward-Looking Statements
The statements in this release, other than statements of historical fact, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are subject to certain risks and uncertainties. Many of the forward-looking statements may be identified by words such as ”look forward,” “believes,” “expects,” “intends,” “anticipates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “under construction,” “in development,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. In this press release, the forward-looking statements relate to, among other things, declaring and reaffirming our strategic goals, future operating results, and the effects and potential benefits of the strategic acquisition on our business. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include, without limitation, statements concerning our plans and expectations in connection with the transition of Board leadership and other plans and expectations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described in the section entitled “Risk Factors” contained in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and from time to time in the Company’s filings with the Securities and Exchange Commission.
Company Contact
Matthew Sullivan
Chief Financial Officer
(732) 847-2451
[email protected]
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
[email protected]