November 27, 2020
KLE has advised that at the recent Board Meeting on November 6, 2020, the Company made the decision to restructure the management in order to adjust the cost side of the business to better align with the new revenue realities facing the Company particularly as a result of the corona pandemic’s impact on the business.
The new structure will entail the implementation of two separate sub committees of the Board with responsibility for overseeing the operations of the Restaurant Division and another for the Real Estate Division. The Restaurant Division Sub-Committee will be chaired by Gary Matalon, other members include Directors David Shirley, Normal Peart, Joe Bogdanovich and Marlon Hill. The Real Estate Division Sub-Committee will be chaired by David Shirley, other members include Directors Gary Matalon, Zuar Jarrett, Stephen Shirley and Joe Bogdanovich. Mr. Gary Matalon will continue to oversee franchise opportunities and other opportunities for growth.
These changes were effective Monday, November 23, 2020 and will allow the Company to alleviate the burden of the executive costs of a CEO until the external environment stabilizes and more reasonable predictions can be made on the way forward. The newly implemented structure is subject to revision in the coming months as things evolve.
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