Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Chief Executive Officer
On December 2, 2022, the Board of Directors (the “Board”) of Twinlab Consolidated Holdings, Inc. (the “Company”), unanimously appointed Mr. Craig Fabel to succeed Kyle Casey as Chief Executive Officer and President effective December 2, 2022. Mr. Casey held the position on an interim basis and will remain with the Company as the Chief Financial Officer.
Mr. Fabel, age 52, was appointed to the Board on September 30, 2021 prior to his appointment as Chief Executive Officer of the Company. Before joining the Company, since 2012 Mr. Fabel served as managing partner of Silverback Companies, LLC, an investment consulting firm providing advisory services to early-stage technology companies. From 2019 to the present, Mr. Fabel has served as Chief Executive Officer of eTail Partners, a Silverback company, which provides Amazon marketing services for global consumer brands. Since January 2020, Mr. Fabel has been an Investor and Partner of Oingo, a provider of protective care essentials like gloves and hand sanitizers. Since May 2021, Mr. Fabel has served as a member of the board of directors of Veritas Farms, Inc., a vertically-integrated agribusiness focused on producing, marketing, and distributing full spectrum hemp oils and extracts. From 2018 to 2019, Mr. Fabel served as President and a member of the Board of Directors of Green Roads World, a formulator and manufacturer of high-quality CBD products. Mr. Fabel holds a Bachelor of Science degree in marketing from Florida State University.
There are no arrangements or understandings between Mr. Fabel and any other persons in connection with his appointment. There are no family relationships between Mr. Fabel and any director or executive officer of the Company.
The Company began working with eTail Partners in April 2020. For the year ended December 31, 2020 and 2021, the Company paid eTail Partners $228,500 and $278,322 for the services eTail Partners provided the Company relating to the marketing and sales of the Company's products on ecommerce platforms. Mr. Fabel is the owner and Chief Executive Officer of eTail Partners.
Mr. Fabel's current annual base salary is $360,000 but the Company’s Compensation Committee plans to review and adjust the compensation arrangement of Mr. Fabel as appropriate considering his new position. Mr. Casey's salary reverted back to $262,000, his prior salary as Chief Financial Officer, effective as of December 2, 2022.