WOONSOCKET – Summer Infant Inc., doing business as SUMR Brands, on Tuesday announced that CEO Mark Messner is stepping down.
Messner will remain in his role until Dec. 13 to assist in the transition. He joined the company in July 2016, succeeding Robert Stebenne. SUMR Brands said that Messner was departing to “pursue other opportunities and spend time with his family.”
The company’s board of directors has begun a search for an interim CEO.
The company recently announced in October that it had been given an additional 180 days to meet compliance with The Nasdaq Stock Market LLC to raise its stock above $1.00 per share for 10 consecutive business days. If it does not meet this requirement, it is at risk of delisting. The stock was trading at 33 cents per share Wednesday morning.
The company reported a $1.7 million loss in the third quarter, coinciding with a 5.3% year-over-year decline in quarterly revenue to $41.5 million. The company said that it had been impacted by recent tariffs.
The company had also been significantly impacted by the bankruptcy of Toys R Us in 2017.
Messner will receive $150,000 in cash severance, along with the vestment of stock.
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