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Barnwell Industries, Inc. (NYSE American:BRN) announced that its board of directors has appointed Joshua E. Schechter as a director, effective upon the closing of the company’s previously disclosed private placement offering on Friday. The board increased its size from five to six members to accommodate the appointment.
According to the company’s statement, the appointment of Mr. Schechter was made under the terms of a securities purchase agreement with investors in the private placement. One of the purchasers, Bradley L. Radoff, was granted the right to appoint a director to the board following the closing of the offering, which led to Mr. Schechter’s selection. Mr. Schechter will serve until the next annual meeting of stockholders and until his successor is elected and qualified, or until his earlier resignation or removal. He has not been appointed to any board committee at this time.
Mr. Schechter is currently a director and chairman of the board at Pursuit Attractions and Hospitality, Inc. and Lifecore Biomedical, Inc. He previously served as a director of Bed Bath & Beyond Inc. (formerly NASDAQ:BBBY) from May 2019 through June 2023, including as a member of its audit committee. Mr. Schechter holds a Master of Public Administration in Professional Accounting and a Bachelor of Business Administration from The University of Texas at Austin.
The company stated there are no family relationships between Mr. Schechter and any of Barnwell Industries’ directors or executive officers. Other than Mr. Radoff’s right to appoint a director under the purchase agreement, there are no other arrangements or understandings related to Mr. Schechter’s appointment, and no transactions requiring disclosure under Item 404(a) of Regulation S-K.
This information is based on a statement provided in a recent SEC filing. Investors should note that Barnwell Industries holds more cash than debt on its balance sheet, though InvestingPro analysis indicates the company is quickly burning through cash and its short-term obligations exceed liquid assets. The company is not profitable over the last twelve months, reporting basic EPS of -$0.75. Barnwell is scheduled to report its next earnings on December 17, 2025, which may provide further insight into the company’s financial trajectory.
In other recent news, Barnwell Industries, Inc. announced the outcomes of its 2025 Annual Meeting of Stockholders. Shareholders voted to elect four directors, namely Kenneth S. Grossman, Joshua S. Horowitz, Craig D. Hopkins, and Philip J. McPherson, who will serve until the next annual meeting. Additionally, the appointment of the company’s independent registered public accounting firm was ratified. These developments were disclosed in a press release statement based on an SEC filing. The company did not provide any further updates on financial performance or analyst ratings in this announcement.
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