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FlexShopper Appoints Steven Varner Amid Board Changes and Financial Concerns
ByAinvest
Wednesday, Jul 30, 2025 1:15 am ET1min read
FlexShopper appoints Steven Varner to the Board of Directors amid changes. Varner has extensive experience in financial and operational roles. His appointment aligns with the Investor Rights Agreement with B2 FIE, which allows them to nominate a director. This change is expected to help FlexShopper navigate its current challenges. FlexShopper's financial performance is a significant concern, with high leverage and negative cash flow posing substantial risks. Technical analysis suggests potential stabilization, but valuation metrics are poor due to unprofitability.
FlexShopper, Inc. has appointed Steven Varner to its Board of Directors, effective July 27, 2025. The appointment comes amid significant changes in the company's leadership and financial landscape.Varner, who is the founder and principal of SG Varner Advisors, brings extensive experience in financial, operations, and accounting roles. He served as a Managing Director in the Turnaround and Restructuring Practice of Alvarez & Marsal from 2004 to May 2022, and previously held senior positions at Deloitte and Arthur Andersen LLP. His appointment aligns with the Investor Rights Agreement with B2 FIE, which allows them to nominate a director to the Board [2].
Denis Echtchenko, the former director who resigned, cited disagreements with the company's assessments and characterizations in his resignation letter. Echtchenko's departure did not affect the number of Board members, which remains at five [2].
Varner's appointment is expected to help FlexShopper navigate its current challenges, including high leverage and negative cash flow. Technical analysis suggests potential stabilization, but valuation metrics remain poor due to unprofitability.
FlexShopper's financial performance has been a significant concern. The company's high leverage and negative cash flow pose substantial risks. However, the appointment of Varner, who has a proven track record in financial and operational roles, may provide the company with the necessary expertise to address these challenges.
References:
[1] https://www.nasdaq.com/press-release/nick-stanage-joins-hii-board-directors-2025-07-29
[2] https://www.sec.gov/Archives/edgar/data/1397047/000121390025068809/ea0250342-8k_flexshopper.htm
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