FlexShopper Appoints New CRO Amid Leadership Changes and Restructuring Efforts

FlexShopper has appointed Matthew A. Doheny as its new Chief Restructuring Officer, following the termination of its CEO and CFO. Doheny brings extensive financial and restructuring expertise. The company faces significant financial and operational challenges, with persistent net losses and high leverage. Recent corporate events show potential for operational growth, but leadership instability poses additional risks.

FlexShopper, an e-commerce lease-to-own platform for durable goods, has undergone significant leadership and strategic transformations. On August 6, 2025, the company terminated the employment of H. Russell Heiser Jr., who held both the Chief Executive Officer and Chief Financial Officer roles. Following this executive departure, FlexShopper swiftly engaged North Country Capital LLC to provide interim management and restructuring advisory services [1].

Matthew A. Doheny, President of North Country Capital, has been appointed as FlexShopper's Chief Restructuring Officer. Doheny brings nearly three decades of financial and restructuring experience, having served as Chief Restructuring Officer for Yellow Corporation since 2021 and previously holding the CRO position at MatlinPatterson Global Partners. His extensive background in leading financial and operational restructurings indicates that FlexShopper is facing substantial financial and operational challenges [1].

FlexShopper's appointment of Doheny signals a proactive approach to addressing its operational and financial landscape. The company has been grappling with persistent net losses and high leverage, which pose significant risks. Recent corporate events, including the termination of Heiser Jr. and the appointment of Doheny, suggest a potential for operational growth but also highlight leadership instability as a key risk factor [1].

The appointment of Doheny, who is known for value preservation and creation in distressed scenarios, suggests that FlexShopper is taking a strategic approach to turn around its financial performance. However, the company's recent history of leadership changes and financial challenges underscores the need for a comprehensive restructuring plan to navigate its current challenges and secure future growth.

References:
[1] https://www.panabee.com/news/flexshopper-taps-veteran-restructuring-expert-matthew-doheny-amid-leadership-changes