B. Riley Financial Announces CFO Transition
Scott Yessner to Assume Chief Financial Officer Role, Succeeding Phillip Ahn
LOS ANGELES, May 19, 2025 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ('B. Riley' or the 'Company'), a diversified financial services company, today announced that Scott Yessner has been appointed Chief Financial Officer, effective June 3, 2025. Mr. Yessner, who has served as a strategic advisor for B. Riley Financial for the past two months, will succeed Phillip Ahn, who is departing to pursue another opportunity.
Mr. Yessner brings to B. Riley significant experience and a proven track record as the Chief Financial Officer of public and private companies, with a particular focus on leading corporate transformations. He previously served as CFO of California Expanded Metal Products Company (CEMCO), where he helped the company improve EBITDA by $40 million over two years, which ultimately culminated in CEMCO's sale. Prior to that, he was the CFO of Universal Technical Institute where he oversaw a transformation that delivered $45 million improvement in EBITDA and during which time the company's stock price increased 250 percent. Earlier in his career, he served as a divisional Chief Financial Officer for several large diversified financial services companies, including Wells Fargo Advisors and MUFG Union Bank.
Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, commented: 'We are excited to welcome Scott as our next CFO and believe B. Riley will benefit from his background as both a finance executive and operator. Scott brings substantial experience as a public company CFO, having led successful business transformations and managed complex audits. We are confident he has the right skillset for B. Riley as we evolve our business and deliver value for our clients and shareholders.'
Mr. Yessner said, 'B. Riley has tremendous talent and capital markets capabilities, successfully creating value for their clients and shareholders for decades. Working with the B. Riley team and Phil the past two months has been a great experience and should enable a seamless CFO transition. I'm very excited to join and partner with Bryant, Tom and the B. Riley leadership team to deliver great value and dynamic solutions to our valuable clients and drive shareholder value.'
Mr. Riley added, 'Phil has been an instrumental member of our executive team for more than a decade, and we thank him for his many contributions and dedication to B. Riley throughout his tenure, including the past year as we executed a number of strategic transactions. We are excited for what we expect to be a seamless transition from Phil to Scott, who has been serving as a strategic advisor over the past two months. We wish Phil much success in his future endeavors.'
Tom Kelleher, Co-Chief Executive Officer of B. Riley Financial, commented: 'On behalf of the entire B. Riley team, I want to thank Phil for his leadership and dedication to the Company. Phil has been an important member of our team, and we wish him the very best as he embarks on his next opportunity.'
Mr. Ahn added, 'I am proud to have been a part of the B. Riley team for over a decade and am confident that the Company will continue to deliver upon its outlined strategic initiatives. I look forward to supporting Scott and the rest of the organization in this transition.'
B. Riley will file a Form 8-K with the SEC outlining the employment agreement entered into with Mr. Yessner. Under the terms of the agreement and as further detailed in the filing, the Compensation Committee of the B. Riley Board of Directors has granted Mr. Yessner the following equity awards: restricted stock of 100,000 shares of common stock upon start date; and restricted stock options exercisable for a total of 300,000 shares of common stock, of which a third are exercisable at $7 per share, a third are exercisable at $10 per share and a third are exercisable at $12.50 per share. One third of each tranche of options will vest on the first, second and third anniversary of the start date. Additional compensation details will be included in the 8-K.
About Scott Yessner
Mr. Yessner has held broad executive roles in financial services and diverse industrial companies with a track record of successful transformations. Mr. Yessner served as CFO with broad executive responsibilities for CEMCO, a building materials and steel company in Los Angeles where he led an effort to deliver $200 million of value creation in two and a half years. Mr. Yessner also served as CFO for Universal Technical Institute partnering with the organization to drive a company-wide transformation during which time the company's stock price increased by 250 percent. Prior to these roles, he served as divisional chief financial officer for Wells Fargo Advisors and MUFG Union Bank and held various finance and strategy roles at Jackson National Life Insurance Company. Mr. Yessner has also served as an advisor to private equity firms. Mr. Yessner received a B.A in Economics from the University of California, Los Angeles and is a CPA licensed in CA.
About B. Riley Financial
B. Riley Financial (BRF) is a diversified financial services company that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. BRF leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its subsidiaries and affiliated entities, BRF provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services. BRF opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. BRF refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, please visit www.brileyfin.com.
Contacts
Investors
[email protected]
Media
[email protected]
View original content: https://www.prnewswire.com/news-releases/b-riley-financial-announces-cfo-transition-302458898.html
SOURCE B. Riley Financial
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
24 minutes ago
- Forbes
What Are Smart Workcations? 5 Tips To Plan One This Summer
Find out why workcations are becoming more popular this year and how to take one that's balanced. Summer is just around the corner, and vacation plans are heating up. Many travelers are staying close to home this summer, staying in the U.S. or headed to Canada or Mexico, according to Squaremouth. Or they're staycationing at home, enjoying slow summer vacations. The tanking economy, jammed airports, travel disruptions, canceled flights and flight delays--plus lost luggage claims up 18%--are causing vacationers to rethink how they want to spend summer vacations. As a result, smart workcations are becoming more popular in the summer of 2025. Almost one year ago to the day I was writing about 'hushcations' for in which younger workers were sneaking vacations without calling off work or disclosing their location to their employers. The 'hush movement' grew among remote workers across the country as they tried to find risk-averse ploys to combine remote working with their desire for job flexibility. Now, as summer 2025 nears, Americans hit a 15-year low in travel planning, according to Fortune, explaining that job insecurity from DOGE layoffs and tariffs are shattering 2025 vacation plans. This summer vacationers are turning to a different kind of break called 'slow summer vacations,' shying away from baggage delays and loss, long lines, flight delays and disruptions and scaling back activities, cutting costs and allowing more unstructured time. A new Monster study reveals that most employees aren't getting the flexibility or support they need to enjoy the summer months. A notable 84% of U.S. workers say they aren't offered any designated summer benefits. And64% say they struggle to maintain a healthy work-life balance during the summer, When it comes to managing seasonal schedule conflicts, 42% report feeling unsupported by their managers or employers Among employees who receive summer benefits, 55% say it improves their productivity, proving that seasonal flexibility is more than just a perk--it's a performance booster. Workations are having a moment, as almost half of office workers (46%) have taken a one, with one in four doing so to obtain a better quality of life, and eight in ten claiming that a workation helps them cope with burnout. In fact, one in three workers have completed tasks on a beach or on a plane, according to a recent survey by Headway app. If you're like most people, the availability of technology and remote work make it impractical to plan a vacation totally devoid of work. White-knuckling through wondering if a work problem is going unaddressed actually raises your anxiety. Instead of planning a "cold turkey' vacation, it makes more sense to shoot for a smart workcation that balances play with work. Here are my five tips on how to have a fun and productive smart workcation: Limited communication with the office while vacationing can be less stressful than no communication at all and worrying about things piling up. Feeling that you're getting behind can make you feel out of control and make it harder to chill. Strictly enforced limits on vacations such as an hour a day to check email or make phone calls can help you relax. The breakneck speed of technology can activate your stress response, provoking a cortisol/dopamine squirt. Then you respond to the immediacy of the device as if it were a threat to extinguish. Be master instead of slave to your devices. Use custom ring tones for your family, friends or coworkers when you want to screen calls during off-hours. Ease up on instant messaging so you don't create the expectation that you're available 24/7. Avoid working right up until the moment you leave and head back to work right off the vacation. If possible, schedule an extra-day cushion before you depart and another when you return to ease back in. On vacation, alternate your time between staying active and restorative rest. A walk on the beach combined with five minutes of meditation both give you a biochemical boost. Activity raises endorphins. Quieting your mind stimulates the part of your brain that dampens the surges of adrenaline and cortisol accompanying stress. Choose a colleague you trust to manage day-to-day tasks during your absence, and make sure your coworkers know you'll be away. Designate a point person to be contacted on your voicemail and out-of-office email only on matters you want to be bothered about. Avery Morgan, workplace productivity expert and CHRO at Edubirdie, shares four easy-to-follow tips to help you stay focused, creative and one step ahead, without sacrificing the whole 'workation' vibe. "Your golden window of uninterrupted time, without Slack texts, emails and Whatnot, is while everyone else is sleeping, scrolling or sightseeing," Morgan explains. "Early mornings and late nights are your most productive window. No pings, no loud Zoom calls or zero distractions. Just you, your work and your full focus." "Besides, depending on your time zone vs. your team's, you might be able to sneak in deep work while everyone else is unavailable," she adds. 'So swap that midday hustle for some quiet early morning sessions--or whatever non-peak groove works.' "Travel time doesn't have to be downtime," Morgan says. "In fact, being on flights, trains and ferries is a perfect excuse to disconnect from meetings and dig into some much-needed big thinking." "No Wi-Fi? That can actually work in your favor!" she suggests. 'Jot down ideas, brainstorm projects, map out your goals--whatever your brain's been too busy to do lately. Pro tip: keep a tiny notebook or your Notes app handy. You'd be surprised how many good ideas hit when you're 30,000 feet in the air with no distractions in sight.' "Nothing disrupts your flow faster than bad Wi-Fi or a forgotten charger," Morgan warns. "Before you head out, test your hotspot, download offline backups of key files and make sure you've got your gear--adapters, headphones, chargers the works." "Scouting work-friendly spots at your destination is yet another way to streamline your processes," she advises. 'Know where the solid Wi-Fi is, have a backup location and steer clear of being the one scrambling for a charger in a noisy café with no signal.' "It's easy to blur the lines on a working trip," Morgan points out. 'If you don't set boundaries, work will bleed into your personal time and suck the joy out of your trip." She recommends blocking out active hours and downtime as well. "In your scheduled 'unplug' time, go sightseeing, take a nap or relax--just make sure when you're done for the day, you're really done. Protect your rest time like your productivity depends on it, because it really does." The beauty of smart workcations is that you gift yourself the freedom and to not just relax and play, but to do both. 'Try switching it up," Morgan says. "A cozy café in the morning, co-working space in the afternoon and beachside brainstorming in the evening. Different environments bring different vibes, and fresh vibes bring fresh energy.'
Associated Press
24 minutes ago
- Associated Press
Iowa governor rejects GOP bill to increase regulations of Summit's carbon dioxide pipeline
DES MOINES, Iowa (AP) — Iowa Gov. Kim Reynolds on Wednesday rejected a bill that could have introduced more complications for a massive carbon-capture pipeline project routed across several Midwestern states, issuing a rare veto in the Republican-controlled statehouse. The legislation was designed by Iowa House Republicans to increase regulations of Summit Carbon Solutions' estimated $8.9 billion, 2,500-mile (4,023-kilometer) project that cuts across Iowa and already has an approved permit in the state. But in the Senate, it exposed a rift within the party over how to protect property rights. It also provoked loud opposition from members of Iowa's powerful ethanol industry, which argued the project is essential for Iowa's agricultural dominance, for farmers and for construction jobs. Even with the relief from Reynolds' veto, Summit will likely have to readjust plans after South Dakota's governor signed a ban on the use of eminent domain — the government seizure of private property with compensation — to acquire land for carbon dioxide pipelines. Summit's permit application was also rejected in South Dakota. The project has permit approvals in Iowa, Minnesota and North Dakota but faces various court challenges. The Iowa bill would have prohibited the renewal of permits for a carbon dioxide pipeline, limited the use of such a pipeline to 25 years and significantly increased the insurance coverage requirements for the pipeline company. Those provisions would likely have made it less financially feasible for a company to build a carbon dioxide pipeline. As the legislative session wound down, a dozen Republican senators insisted their leaders bring the House-approved bill to the floor for a vote after several years of inaction. The stalemate ended in a long and divisive debate among the Iowa Senate's Republican supermajority, with senators openly criticizing one another and exposing the closed-door discussions that got them there. The pipeline's many critics have for years begged lawmakers for action. They accuse Summit of stepping on their property rights and downplaying the safety risks of building the pipeline alongside family homes, near schools and across ranches. Lee Enterprises and The Associated Press reviewed hundreds of cases that reveal the great legal lengths the company went to to get the project built. In South Dakota, in particular, a slew of eminent domain legal actions to obtain land sparked a groundswell of opposition that was closely watched by lawmakers in Iowa as well. But as debate in the state Senate seemed inevitable, dozens of Summit employees and leaders and members of the Iowa Corn Growers Association, the Iowa Renewable Fuels Association and labor unions made a big showing as well. The pipeline was proposed to carry carbon emissions from ethanol plants in Iowa, Minnesota, Nebraska, North Dakota and South Dakota to be stored underground permanently in North Dakota. By lowering carbon emissions from the plants, the pipeline would lower their carbon intensity scores and make them more competitive in the renewable fuels market. The project would also allow ethanol producers and Summit to tap into federal tax credits. Iowa Renewable Fuels Association Executive Director Monte Shaw said in a May 12 statement after the vote that a majority of the Iowa Senate 'turned their back on Iowa agriculture.'
Fox News
30 minutes ago
- Fox News
House advances Trump's $9.4B spending cuts package targeting NPR, PBS, USAID to House-wide vote
President Donald Trump's $9.4 billion spending cuts package survived a key hurdle on Wednesday afternoon, setting the measure up for a final House-wide vote later this week. Trump's proposal, which was introduced as legislation by House Majority Leader Steve Scalise, R-La., would cut $8.3 billion from the U.S. Agency for International Development (USAID), and just over $1 billion from the Corporation for Public Broadcasting. The Corporation for Public Broadcasting distributes federal funding to NPR and PBS. The House of Representatives made a procedural motion known as a "rule vote," which passed mostly along party lines. The rule passing now allows for debate on the $9.4 billion spending cut measure, followed by a final House-wide vote. But it's not atypical for House leaders to include unrelated measures in rule votes, as is the case with the spending cuts package – House GOP leaders included a provision with minor changes to Trump's "one big, beautiful bill" to account for the Senate needing to amend the bill. That latter piece of legislation, a vast tax and immigration bill, is moving through the budget reconciliation process. By dropping the Senate's threshold for advancement from 60 votes to 51, it allows the party in power to skirt the minority – in this case, Democrats – on vast pieces of legislation, provided they adhere to a specific set of budgetary rules. House GOP leaders said they needed to make the recent changes to the bill to better adhere to the Senate's "Byrd Bath," when the Senate parliamentarian reviews the bill and removes anything not adhering to reconciliation guidelines. Whereas that deals with the government's mandatory spending processes that are more difficult to amend, the $9.4 billion spending cuts package tackles discretionary spending that Congress controls every year. It's called a "rescissions package," which is a formal proposal by the White House to claw back federal funds already allocated for the current fiscal year. Like reconciliation, the mechanism allows for a 51-vote majority in the Senate rather than 60. Congress has 45 days to consider it, or it is deemed rejected. Republican leaders have held up this rescissions package as the first step to codifying the billions of dollars of government waste identified by Elon Musk's Department of Government Efficiency (DOGE). Trump allies have also made clear they view this first package as a test of what kind of cuts congressional Republicans can stomach. And while the rule vote was expected to pass, the bill could have trouble ahead of its expected Thursday afternoon vote. Rep. Mark Amodei, R-Nev., pointed out in a bipartisan statement that the media funding represents less than 0.01% of the federal budget and said taking that money away would "dismantle a trusted source of information for millions of Americans." Rep. Don Bacon, R-Neb., told reporters on Tuesday that he got assurances that USAID cuts would exclude critical medical funding. "I feel better than what I was hearing last week, that was gonna be a total cut," he said, without revealing whether he would support the bill.
