Pride Holdings Group (OTC: PHSE) today announced the retirement of Chief Executive Officer Michael Barrett, who has stepped down after a distinguished career. As part of his departure and commitment to enhancing shareholder value, Barrett voluntarily returned more than 20% of the company's common stock to the corporate treasury, a move the board believes reflects his confidence in the company's future.
Barrett led the transformation of Pride Holdings Group into a diversified holding company with interests in hospitality, entertainment, media, tourism, and lifestyle brands focused on the LGBTQ+ community. His leadership established the foundation for the company's expansion strategy and strategic acquisitions, aiming to build one of the world's leading LGBTQ+-focused public companies.
The board has initiated a succession plan and expects to announce a new CEO soon. 'It's been an honor and a privilege to work with Michael Barrett,' said Tim Majors, Chief Operating Officer. 'On behalf of the entire company, we wish him well in retirement and thank him for his vision, dedication, and leadership.'
Looking ahead, Pride Holdings Group remains focused on executing strategic growth initiatives throughout 2026. The company is actively evaluating a pipeline of acquisition opportunities to expand its portfolio and strengthen long-term shareholder value. Management expects to announce several acquisitions in the coming weeks and months as transactions are finalized.
Additionally, the company announced it has elected to cancel its previously proposed reverse stock split with FINRA. Management believes this decision aligns with current strategic objectives and reflects confidence in executing its growth strategy while enhancing shareholder value. 'Our focus remains firmly on building Pride Holdings Group through disciplined acquisitions and strategic expansion,' said Majors. 'We have an exciting pipeline of opportunities that we believe will further strengthen the company, and we look forward to sharing additional announcements.'
The company cautions that acquisition opportunities remain subject to customary due diligence, definitive agreements, regulatory approvals where applicable, and other closing conditions. There can be no assurance that any proposed transaction will be completed until all required conditions have been satisfied.
Pride Holdings Group is a publicly traded holding company focused on acquiring, operating, and scaling LGBTQ+-oriented hospitality, nightlife, entertainment, and real estate assets. Through its portfolio of venues, events, and branded experiences, the company aims to create safe, inclusive, and economically sustainable community spaces while delivering long-term value to shareholders.
This press release contains forward-looking statements within the meaning of applicable securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially. Pride Holdings Group undertakes no obligation to update forward-looking statements except as required by law.
For more information, visit www.prideholdingsgroup.com.
