American party retail group Party City has appointed two new independent directors to its board; Jennifer Fleiss (co-founder of Rent the Runway) and Joel Alsfine (former partner at MSD Capital).
The anouncement was made on 13 September 2020, at the same time that the announcement was made that Morry Weiss has decided to retire from the board.
The two new additions will add a wide range of fresh experience to the Party City board. Jennifer brings significant digital expertise, as well as a proven record of building unique marketplace platforms that disrupt the traditional shopping experience and enable leading retail businesses.
With extensive capital markets and investment experience as a senior advisor and former partner at MSD Capital, Joel brings substantial financial and risk management related experience.
“We are delighted to add two highly qualified directors who each bring skills and experience that will advance our vision of becoming the leading marketplace for celebration services and products,” said Norman Matthews, chairman of the Party City board.
“Over the past year, we have successfully reset our capital structure, shifted our operations to serve customers in a new retail environment and brought on exceptional talent throughout the organisation, including on our executive leadership team. Jennifer’s and Joel’s decision to join our board is a testament to the transformation underway and the exciting opportunities the company is creating in serving our customers.”
“We also thank Morry for his service and dedication to Party City during his five-year tenure as a director,” Norman continued, “including his most recent support as we rapidly adapted our business model in light of the Covid-19 pandemic. We wish him the best in his retirement.”
The Party City Board is now comprised of 11 directors, including nine independent directors as well as vice chairman James Harrison and president and ceo Brad Weston.