MINNEAPOLIS - Lendway, Inc. (NASDAQ:LDWY), a company specializing in agriculture and finance, has announced the appointment of Elizabeth "Biz" McShane as its new Chief Financial Officer, effective May 20, 2024. McShane, who previously held a senior position at Regis (NASDAQ:RGS) Corporation, brings extensive experience in finance and operations to her new role at Lendway.
The President and CEO of Lendway, Randy Uglem, expressed his optimism about McShane's addition to the leadership team, highlighting her track record of financial and organizational leadership. Mark Jundt, Chair of Lendway's Board of Directors, also conveyed excitement about McShane's capabilities to advance the company's specialty agriculture and finance initiatives.
McShane's appointment coincides with Lendway's strategic expansion, including the recent acquisition of Bloomia, a major producer of fresh cut tulips in the U.S. McShane expressed her eagerness to join the team during this transformative period for Lendway, aiming to enhance operational efficiencies and identify new opportunities to increase shareholder value.
The company also announced the upcoming departure of Zack Weber, the current Vice President of Finance and principal financial and accounting officer, who will be leaving the company on June 3, 2024. Uglem acknowledged Weber's significant contributions to Lendway's recent transformation and wished him well in his future endeavors.
Lendway, known for its ownership and operation of FarmlandCredit.com, a non-bank lending business, and its majority ownership of Bloomia, focuses on agricultural investments both domestically and internationally.
This announcement is based on a press release statement.
InvestingPro Insights
As Lendway, Inc. (NASDAQ:LDWY) welcomes Elizabeth "Biz" McShane to steer its financial helm, investors are closely monitoring the company's financial health and market performance. With a strategic expansion underway, particularly through the acquisition of Bloomia, the company's financial metrics and stock dynamics offer a glimpse into its current standing and potential future trajectory.
InvestingPro data shows that Lendway holds a market capitalization of 10.46 million USD, reflecting its size in the competitive agriculture and finance sector. The company's stock has experienced a notable 36.05% return over the last three months, indicating a strong recent performance that McShane will aim to sustain and improve upon.
Despite not being profitable over the last twelve months, with a negative adjusted P/E ratio of -3.41, Lendway has demonstrated financial prudence by maintaining more cash than debt on its balance sheet—an InvestingPro Tip that suggests the company is well-positioned to manage its short-term obligations and invest in growth opportunities.
Another InvestingPro Tip highlights that Lendway's stock price movements are quite volatile, a factor that McShane will have to navigate as she seeks to enhance operational efficiencies and shareholder value. With the next earnings date approaching on May 6, 2024, the market will be watching for McShane's impact on the company's financial direction.
For those considering a deeper dive into Lendway's financials and stock performance, InvestingPro offers additional insights and metrics. There are six more InvestingPro Tips available for Lendway, which can be accessed through the InvestingPro platform. To gain comprehensive access to these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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