Pride Holdings Group (OTC: PHSE) announced today that Michael Barrett has retired as Chief Executive Officer, stepping down after a career that transformed the company into a diversified holding company serving the LGBTQ+ community. As part of his retirement, Barrett voluntarily returned more than 20% of the company's common stock to the corporate treasury, a move the board believes reflects his confidence in the company's future and strengthens shareholder value.
The company also announced the withdrawal of its previously proposed reverse stock split with FINRA, stating that the decision aligns with current strategic objectives and confidence in executing its growth strategy. 'Our focus remains firmly on building Pride Holdings Group through disciplined acquisitions and strategic expansion,' said Tim Majors, Chief Operating Officer. 'We believe withdrawing the proposed reverse split allows us to continue pursuing our growth strategy while remaining focused on creating long-term value for our shareholders.'
Pride Holdings Group is actively evaluating a pipeline of acquisition opportunities to expand its portfolio of hospitality, entertainment, media, tourism, and lifestyle brands. Management expects to announce several acquisitions over the coming weeks and months. The company cautions that these opportunities remain subject to due diligence, definitive agreements, and regulatory approvals, and there can be no assurance that any proposed transaction will be completed.
The board has initiated a succession plan and expects to announce a new CEO in the near future. Tim Majors thanked Barrett for his contributions, stating, 'His leadership established the foundation for our expansion strategy and long-term vision of building one of the world's leading LGBTQ+-focused public companies.'
Pride Holdings Group, a publicly traded holding company, focuses on acquiring and operating LGBTQ+-oriented assets across hospitality, nightlife, entertainment, and real estate, aiming to create inclusive community spaces while delivering shareholder value.
