National Holdings Announces Changes to its Board of Directors with Two New Appointments

NEW YORK, NY, February 13, 2018 –National Holdings Corporation (NASDAQ: NHLD) (“National” or the “Company”), a leading full service independent brokerage, investment banking, trading and asset management firm providing diverse services including tax preparation, today announced changes to its Board of Directors with the appointment of two new independent Directors and the resignation of two existing members, including the following:

  • Barbara Creagh joins as a Board Member of National
  • Jeffrey J. Gary joins as a Board Member as well as Chair of the Audit Committee of National
  • Neil Herskowitz has resigned his position as Board Member and Chair of the Audit Committee of National
  • Eli Salig has resigned his position as Board Member and Audit Committee Member of National

 

Michael Mullen, Chairman and Chief Executive Officer of National stated:

“We are pleased to welcome Barbara and Jeffrey to our Board of Directors. Each of them brings a unique wealth of knowledge to our board with deep experience in the financial services industry. We believe they will make important contributions as we strive to reach our goals.”  Mr. Mullen continued, “With the recently announced completion of the Fortress Biotech divestiture of National’s shares to B. Riley Financial, we accepted the resignations of Neil and Eli. I want to thank Neil and Eli for their commitment to National and our shareholders. Their insight and experience were very helpful to the growth of our business over the last couple of years.”

Nassos Michas, Board Member and Chair of the Nominating Committee of National stated:

“We believe the new appointments will greatly strengthen our board and will help guide our future growth. Barbara and Jeff are perfect additions to round out an already outstanding board.”

About Barbara Creagh, CPA

Barbara Creagh, CPA, joins National as a Board Member.  Barbara currently serves as Chief Talent Officer at Greenwich Associates, a leading provider of data, analytics and insights to the financial services industry. Prior to joining Greenwich Associates in 2013, Barbara held the position of SVP of Talent for MDC Partners, a publicly traded holding company with over 10,000 people worldwide as well as the position of North American Talent leader for Deloitte LLP. Earlier in her career, she spent 10 years in strategy consulting with Ernst & Young. Barbara earned her MBA in Finance and International Management degree summa cum laude from Fordham University.

About Jeffrey J. Gary, CPA

Jeffrey (Jeff) J. Gary, CPA, joins National as Chair of the Audit Committee as well as a Board Member. Jeff has worked in the financial services industry for over 30 years. Currently he serves on the Board of Directors for the Axonic Alternative Income Fund and is the Chairman of the Valuation Committee and a member of the Audit Committee. Before retiring in 2018, Mr. Gary joined Avenue Capital Group in 2012 as a Senior Portfolio Manager responsible for managing the mutual funds and CLO accounts, which included launching a new SEC 40 Act mutual fund. Prior to this, Mr. Gary was a Portfolio Manager at Third Avenue Management, LLC. From 2003 to 2008, he was Co-Head of the High Yield and Distressed investment team at BlackRock, Inc. where he was responsible for managing over $30 billion in mutual fund and hedge fund assets. He was also a team member to launch BlackRock Capital Investment Corporation and he served on the Investment Committee for four years. From 1998 to 2003, he was a Senior Portfolio Manager at American General/AIG Investment Group responsible for managing $12 billion in assets. Earlier in his career, Mr. Gary served as Portfolio Manager at Koch Industries, Inc., Vice President of Corporate Finance at Mesirow Financial Holdings, Inc., Senior Analyst at Citigroup, Inc., and Senior Auditor at PricewaterhouseCoopers LLP. He received an M.B.A. from Northwestern University’s Kellogg School of Management (1991) and a B.S. in Accounting from Penn State University (1984). He received his CPA license in Illinois.

 

About National Holdings Corporation

National Holdings Corporation (NHLD) is a full-service investment banking and asset management firm that, through its affiliates, provides a range of services, including independent retail brokerage and advisory services, investment banking, institutional sales and trading, equity research, financial planning, market making, tax preparation, insurance, to corporations, institutions, high net-worth and retail investors. With over 1000 advisors, registered reps, traders, sales associates and corporate staff, National Holdings operates through various subsidiaries including National Securities Corporation, National Asset Management, Inc., National Insurance Corporation, National Tax and Financial Services Inc. (Gilman Ciocia, Inc.) and GC Capital Corporation. Formed as a holding company in 1996, National Holdings’ largest subsidiary National Securities Corporation has been in business since 1947. National Holdings is headquartered in New York and Florida. For more information, visit www.yournational.com.

FORWARD-LOOKING STATEMENTS

This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are based on management’s current expectations, estimates, projections, beliefs and assumptions about the Company, its current and prospective portfolio investments, and its industry. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company’s control, difficult to predict and could cause actual results to differ materially from those expected or forecasted in such forward-looking statements. Actual developments and results are likely to vary materially from these estimates and projections as a result of a number of factors, including those described from time to time in National’s filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and National undertakes no obligation to update any such forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

 

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