Pride Holdings Group (OTC: PHSE) today announced the retirement of Michael Barrett as Chief Executive Officer, effective immediately. Barrett voluntarily returned more than 20% of the company's common stock to the corporate treasury, a move the board says reflects his confidence in the company's future. The board has initiated a succession plan and expects to name a new CEO shortly.
During his tenure, Barrett transformed Pride Holdings Group into a diversified holding company with interests spanning hospitality, entertainment, media, tourism, and lifestyle brands focused on serving the LGBTQ+ community. "It's been an honor and a privilege to work with Michael Barrett," said Tim Majors, Chief Operating Officer. "On behalf of the entire company, we wish him well in retirement and thank him for his vision, dedication, and leadership."
Looking ahead, Pride Holdings Group is actively evaluating an expanded pipeline of acquisition opportunities designed to strengthen long-term shareholder value. Management expects to announce several acquisitions over the coming weeks and months as transactions are finalized. The company also announced the withdrawal of its previously proposed reverse stock split with FINRA, citing alignment 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 Majors. "We have an exciting pipeline of opportunities that we believe will further strengthen the company, and we look forward to sharing additional announcements as they become final."
The company cautions that acquisition opportunities remain subject to customary due diligence, definitive agreements, regulatory approvals where applicable, and other closing conditions. There can be no assurance that any proposed transaction will be completed until all required conditions have been satisfied.
