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Posted 22 March, 2023

FlexShopper, Inc. appointed new CEO

CEO Change detected for ticker Nasdaq:FPAY in a 8-K filed on 22 March, 2023.


  H. Russell Heiser, Jr., who is currently the Chief Financial Officer of the Company, has been appointed by the Company's Board of Directors to become the Chief Executive Officer of the Company effective March 20, 2023.  

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Overview of FlexShopper, Inc.
Business/Consumer Services • General Services
FlexShopper, Inc. is a financial technology company, which engages in the provision of electronics, home furnishings, and other durable goods to underserved consumers on a lease-to-own (LTO) basis through its patented e-commerce marketplace. The firm is also involved in providing LTO and loan technology platforms to a growing number of retailers and e-retailers to facilitate transactions with consumers without access to traditional financing. The company was founded by George F. Rubin, Morry F. Rubin, and Brad Mitchell Bernstein on August 16, 2006 and is headquartered in Boca Raton, FL.
Market Cap
$30.9M
View Company Details
FlexShopper, Inc. by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


On March 17, 2023, the Company was saddened to announce that Richard House, Jr., the Company's Chief Executive Officer, had passed away on March 16, 2023.


H. Russell Heiser, Jr., who is currently the Chief Financial Officer of the Company, has been appointed by the Company's Board of Directors to become the Chief Executive Officer of the Company effective March 20, 2023. In such capacity, Mr. Heiser has been designated as the principal executive officer, in addition to temporarily also being the principal financial and accounting officer of the Company. Mr. Heiser has served as the Chief Financial Officer of the Company since December 2015 and served as a consultant to the Company from July 2015 to December 2015. As Chief Financial Officer, Mr. Heiser has demonstrated extensive knowledge of the Company's financial, accounting and operational issues and has led its mergers and acquisitions, bank financings and capital market activities. He previously served as an advisor to family offices in South Florida from 2008 to 2015. Mr. Heiser was an Executive Director in the Investment Banking Division of UBS in New York from 2004 to 2008 and was an Associate in the Investment Banking Division of Bear, Stearns & Co. in New York from 2001 to 2004. Mr. Heiser received his B.S. degree in Accounting from the University of Richmond and an M.B.A. from Columbia Business School. Over the course of his career, Mr. Heiser has earned both CPA and CFA designations.


In connection with his appointment, the Company has agreed to amend its employment agreement with Mr. Heiser to be consistent with the terms provided in the employment agreement with the Company's former Chief Executive Officer. There are no arrangements or understandings between Mr. Heiser and any other person pursuant to which he was appointed as Chief Executive Officer, and there are no relationships between Mr. Heiser and the Company that would require disclosure under Item 404(a) of Regulation S-K of the Securities Exchange Act of 1934, as amended, other than those which have been previously disclosed in the Company's periodic reports filed with the SEC.


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