GlobeNewswire

Arbitrade Appoints Three New Independent Directors to Its Board

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Makes two key senior management appointments - a new Chief Financial Officer and Senior Vice President of Technology and President of its subsidiary, ArbiPay

NEW YORK, May 10, 2018 (GLOBE NEWSWIRE) -- Mr. Leonard Schutzman, Chairman and Chief Executive of Arbitrade, a leading coin/cryptocurrency exchange, has announced the appointment of three new independent directors to Arbitrade's board together with two key executive appointments.

Mr. Brent M. Longnecker will serve as Chairman of the Compensation Committee.  Mr. Longnecker has more than 30 years experience in consulting for public and private organizations and has built one of the country's leading, privately held executive management consultancies, serving both domestic and international markets. Mr. Longnecker serves on the board of the National Association of Corporate Directors (NACD).

Mr. Bob DeRodes has over 45 years of experience in information technology, focused primarily in four industry sectors - banking, airlines, payments and retail.  He has spent 15 years automating regional banks and was President of Sabre Development Services and CEO of Delta Technologies. He was also  CTO, Citibank Global Cards and Executive Vice President of First Data Global Operations & Technology.  He served as Executive Vice President and CIO of Target Brands, Inc. Mr. DeRodes has significant experience in cyber security and has been an adviser to the CIO of Homeland Security.

Mr. William Transier has also been appointed to Arbitrade's Board of Directors. He is Chief Executive Officer of Transier Advisors, LLC, an independent advisory firm providing services to companies facing stressed operational situations, turnaround, restructuring or in need of interim executive leadership. He was co-founder of Endeavour International Corporation, and international oil and gas exploration and production company. He also served as Chairman, Chief Executive Officer and President of Endeavour from September 2006 until December 2014 and then as non-executive Chairman until his retirement in November 2015. He was Executive Vice President and Chief Financial Officer of Ocean Energy, Inc., from March 1999 until April 2003 and served in various roles including KPMG, LLP, including that of partner in the audit department and head of its Global Energy practice, from June 1986 to April 1996. Mr. Transier is Chairman of the Board of Helix Energy Solutions Group, Inc.  He has been a member of its board since September 2000 and currently serves as lead Director on the Board of Directors of two non-public companies were he is the lead independent director.

Mr. Schutzman was also pleased to announce two key senior management appointments for Arbitrade and ArbiPay, Arbitrade's banking system subsidiary. 

Mr. Larry Meyer has been appointed Executive Vice President and Chief Financial Officer of Arbitrade. He brings a wealth of financial management experience to the company, having served in numerous positions during a decade with PepsiCo including Regional Finance Director for Pepsi Cola International where he expanded the company and restructured operations.  During the decade of the 1990's, while both companies were public, he was Chief Financial Officer at Toys R Us International where he expanded the business and he was CFO of Gymboree where he turned around the company.  From 2001 to 2012, he was Executive Vice President  and CFO of Forever 21 during which time the business few from a regional chain to a global brand.  He was most recently Chief Executive Officer of Unniqlo's U.S. business. Mr. Schutzman said, "Larry's brilliance as a strategic thinker, combined with his deal making ability and formidable international experience, makes him a perfect addition to Arbitrade's executive leadership team."

Mr. Mohammad Markatia, already a Director of Arbitrade, has joined the company's management team and will serve as Arbitrade's Senior Vice President of Technology.  He will also serve both as President and President of Technology at ArbiPay, Arbitrade's payment systems subsidiary company.

In announcing these key appointments, Mr. Schutzman said,"Arbitrade and our subsidiary company, ArbiPay, are fortunate to have the services of these 5 talented executives.  They add strength to a Board of Directors and senior management team that provides experience and capabilities which are unrivaled in the fast growing and dynamic cypto currency and payments industry."

ARBITRADE, through its proprietary software and strategic partnerships, plans to be in all segments of the cryptocurrency business, including currency mining, trading (The ARBITRADE Exchange) gift cards, debit cards, money transfer and Point of Sale processing.

Media Contact: 
Victor Webb 
Marston Webb International 
T: (212) 684-6601, C: (917) 887-0418 
e-mail: marwebint@cs.com




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Arbitrade via Globenewswire

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