CEO Jim Schutz and CFO Robert Miller Step Down
Frederick (Bubba) Sandford Appointed as New CEO and Interim CFO and will Join the Board
PETALUMA, Calif., Dec. 14, 2018 (GLOBE NEWSWIRE) -- Sonoma Pharmaceuticals, Inc. (Nasdaq: SNOA), a specialty pharmaceutical company that develops and markets unique and effective solutions for the treatment of dermatological conditions and advanced tissue care, today announced a series of management changes.
The Board of Directors named Frederick (Bubba) Sandford as Sonoma’s Chief Executive Officer and Interim Chief Financial Officer. He assumed the role on December 11, 2018 and, upon joining the Company, also joined the Board of Directors.
Mr. Sandford, 57, has over 30 years of experience leading companies in several industries and at various stages, including turnarounds. Most recently, Mr. Sandford transformed the underperforming, public staffing company, Command Center, Inc., into a profitable enterprise, with nearly $100 million in revenue, 67 on-demand labor stores in 22 states and approximately 34,000 workers. During his tenure at Command Center, he successfully led the Company to uplist on Nasdaq, and he increased shareholder value by 150% while improving gross margins to industry-leading standards.
“We are very pleased to welcome Bubba to the Company,” said Jerry McLaughlin, Lead Independent Director of the Board. “His years of leadership experience and knowledge of, and background in, company turnarounds and growth will be invaluable to Sonoma in our mission to realize the Company’s full potential.”
“I’m excited to be joining Sonoma at such an important chapter in the Company’s history,” said Bubba Sandford. “I look forward to building the Company and delivering long-term value for shareholders.”
Sonoma also announced that Jim Schutz and Bob Miller resigned from their positions as CEO and CFO respectively. On the same date, Jim Schutz also resigned from the Board of Directors.
“Jim and Bob were integral to Sonoma’s strategic change to a dermatological company,” said Mr. McLaughlin. “The Board and I want to thank both Jim and Bob for their years of service to the Company, and we wish them well in their future endeavors.”
As part of Mr. Sandford’s appointment to Chief Executive Officer, he will receive 450,000 stock options convertible into the Company’s common stock, of which 400,000 options will be granted as an inducement grant and the remainder from the Company’s equity incentive plans.
About Frederick (Bubba) Sandford
From February 2013 to March 2018, Mr. Sandford served as President, Chief Executive Officer, and Director of Command Center, Inc, where he successfully led a turnaround of the company and transformed it into a profitable enterprise, with nearly $100 million in revenue, 67 stores in 22 states and approximately 34,000 workers. Mr. Sandford has over 30 years of experience leading companies in various industries, including staffing, technology, industrial fabrication, security services, waste management, and retail companies, at various stages, including startups, turnarounds and wind downs. Prior to 2013, Mr. Sandford served as an independent consultant to Silicon Valley venture capitalists, and, from 2003 to 2005, he led the restructuring of The Environmental Trust. Mr. Sandford earned a B.A. in Psychology from the University of Massachusetts at Amherst. He was awarded a full fellowship and earned his MBA from Cornell University, while also serving as Chief Executive Officer of Student Agencies, America’s oldest student-run company. Mr. Sandford is also a former U.S. Navy Seal.
About Sonoma Pharmaceuticals, Inc.
Sonoma is a specialty pharmaceutical company that develops and markets unique and effective solutions for the treatment of dermatological conditions and advanced tissue care. The company’s products, which are sold throughout the United States and internationally, have improved outcomes for more than five million patients globally by reducing infections, itch, pain, scarring and harmful inflammatory responses. The company's headquarters are in Petaluma, California, with manufacturing operations in the United States and Latin America. European marketing and sales are headquartered in Roermond, Netherlands. More information can be found at www.sonomapharma.com.
Forward-Looking Statements
Except for historical information herein, matters set forth in this press release are forward-looking within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements about the commercial and technology progress and future financial performance of Sonoma Pharmaceuticals, Inc. and its subsidiaries (the “Company”). These forward-looking statements are identified by the use of words such as “preparing,” “represent,” and “upcoming,” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks that regulatory clinical and guideline developments may change, scientific data may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient settings, protection offered by the Company’s patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the Company’s products will not be as large as expected, the Company’s products will not be able to penetrate one or more targeted markets, revenues will not be sufficient to meet the Company’s cash needs, fund further development and clinical studies, as well as uncertainties relative to varying product formulations and a multitude of diverse regulatory and marketing requirements in different countries and municipalities, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company disclaims any obligation to update these forward-looking statements, except as required by law.
Sonoma Pharmaceuticals™ is a trademark or registered trademark of Sonoma Pharmaceuticals, Inc. All other trademarks and service marks are the property of their respective owners.