Alliance Entertainment Announces Key Officer Promotions

Warwick Goldby Assumes Duties of Chief Operating Officer

Amanda Gnecco Assumes Duties of Chief Accounting Officer

Robert Black Assumes Duties of Chief Compliance Officer

PLANTATION, Fla., May 29, 2024 (GLOBE NEWSWIRE) -- Alliance Entertainment Holding Corporation (Nasdaq: AENT) (“Alliance Entertainment”, “Company”), a global distributor and wholesaler specializing in music, movies, video games, electronics, arcades, toys, and collectibles, announced the promotion of three current executives to drive growth, including Warwick Goldby to Chief Operating Officer, Amanda Gnecco to Chief Accounting Officer, and Robert Black to Chief Compliance Officer.

Warwick Goldby joined Alliance in 2016 as a Project Manager with over 20 years of experience in operations, inventory management, analytic problem solving and performance analysis. His critical role in the Company’s recent automation initiatives, including AutoStore storage and retrieval technology and Sure Sort^® X, a cost-saving sortation technology system have positioned him to lead the Company’s overall operations and continue to steer innovation.

Amanda Gnecco joined Alliance Entertainment in 2018 as a Senior Accountant and brings over 15 years of experience in finance and accounting for both private and public companies. She has a proven track record of navigating complex financial landscapes and driving major initiatives like acquisitions and our recent de-SPAC transaction. In this new position, she will lead the Accounting and Finance team in SEC reporting, regulatory compliance, corporate governance, risk management, cost management, and environmental, social, and governance (ESG) reporting.

Robert Black joined Alliance Entertainment in 2019 and has more than 25 years of diverse experience and has an impressive background of high performing financial planning and analysis, improving operating results and profitability, and has worked in both the private and public sectors. In this new role, he will be responsible for developing, implementing and managing compliance activities to ensure adherence with regulatory requirements. He will drive a culture of innovation to risk and information management that will ensure the highest standards throughout the organization.

Bruce Ogilvie, Chairman of Alliance Entertainment, commented, “As we continue to expand and diversify with new brands, product categories, and retail partnerships, Warwick will help us to innovate and grow our distribution capabilities by futureproofing through the addition of technology and automation. Amanda will collaborate with Jeff to provide financial leadership, leveraging her technical accounting skills to support the Company's goal of delivering value to our shareholders. Robert brings a strong background in project management and compliance leadership to the role and has a history of getting the right things done. Taken together, we are privileged to be welcoming them to our executive team.”

Jeff Walker, Chief Executive Officer of Alliance Entertainment, added, "We are proud to announce the promotion of three All-Star leaders within our organization to key executive roles. Their extensive experience, proven leadership, and dedication to our customer focused mission, to ‘Bring Entertainment to You’, make them invaluable assets and the perfect fit for their new roles. These internal promotions highlight our deep bench of high-caliber talent and our dedication to fostering growth from within. Warwick, Amanda and Robert have proven their capabilities with impressive performances in several leadership roles across our organization and are excellent examples of skilled leaders who will help to drive the Company to new levels.”

Goldby joined the Alliance team in November 2016 as a result of the ANConnect (Anderson Merchandisers) acquisition. He initially worked as a Project Manager on the Information Technology team based in Amarillo, Texas. Goldby’s responsibilities grew quickly and in March of 2017 he relocated to Kentucky to take over the helm as Director of Operations. His ability to pivot to operations, and champion care for front-line teams, resulted in performance beyond expectations. His leadership in distribution operations was immediate. Goldby was elevated to Vice President of Operations in March of 2020. Warwick graduated from the University of KwaZulu-Natal in South Africa with a Bachelor of Commerce degree. Prior to joining Alliance, Warwick held positions with Bechtel as an IT Project Team Lead based in the United Kingdom and the Middle East. Prior to Bechtel, he worked as Executive Support at IBM in South Africa.

“Alliance is a company built around Entertainment with many diverse, smart, and passionate people across all departments, teams I am privileged to work with as we continue to drive positive changes and growth of Alliance Entertainment,” said Goldby.

Gnecco has served as Vice President of Finance & Accounting since February 2023. Prior to that, she served as Senior Director of Finance & Accounting for three years. Since joining the Company, Gnecco has held various leadership positions of increasing responsibility; most notably she orchestrated the accounting team and processes to facilitate the transition from a private to a public company. Throughout her career, Gnecco has led several accounting teams and has worked in positions of increasing financial authority and provided financial leadership and support for ENVISION Healthcare and Pet Supermarket. Gnecco earned her Master of Science degree in Accounting from Keller Graduate School of Management where she graduated with honors and was the Valedictorian of her class. She also holds a Bachelor of Arts degree in Accounting from Midwestern State University in Wichita Falls, Texas.

"I am honored to step into the role of Chief Accounting Officer at Alliance,” said Gnecco. “Over the past six years, I have witnessed firsthand the commitment, innovation, and collaborative spirit that drive our Company forward. I am excited to continue working alongside such a talented team as we strive for excellence in financial management and strategic growth. Thank you for this incredible opportunity.”

Prior to joining Alliance, Black held financial, project management and compliance leadership positions at Amazon, United Airlines, Wheels Inc., and Blue Ridge Partners. Black earned his MBA from the University of Notre Dame’s Mendoza College of Business, and he holds a Bachelor of Science in Industrial Relations from Ferris State University in Big Rapids, Michigan.

"I am excited to take on the role of Chief Compliance Officer at Alliance Entertainment,” said Black. “Compliance is a critical function, and I am dedicated to fostering the culture of transparency and accountability that our stakeholders expect. I look forward to collaborating with the entire leadership team to build on Alliance Entertainment’s strong foundation and drive continuous improvement in our compliance programs.”

About Alliance Entertainment

Alliance Entertainment (NASDAQ: AENT) is a premier distributor of music, movies, toys, collectibles, and consumer electronics. We offer over 325,000 unique in stock SKU’s, including over 57,300 exclusive compact discs, vinyl LP records, DVDs, Blu-rays, and video games. Complementing our vast media catalog, we also stock a full array of related accessories, toys and collectibles. With more than thirty-five years of distribution experience, Alliance Entertainment serves customers of every size, providing a robust suite of services to resellers and retailers worldwide. Our efficient processing and essential seller tools noticeably reduce the costs associated with administrating multiple vendor relationships, while helping omni-channel retailers expand their product selection and fulfillment goals. For more information, visit www.aent.com.

Forward Looking Statements

Certain statements included in this Press Release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether identified in this Press Release, and on the current expectations of Alliance’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Alliance. These forward-looking statements are subject to a number of risks and uncertainties, including risks relating to the anticipated growth rates and market opportunities; changes in applicable laws or regulations; the ability of Alliance to execute its business model, including market acceptance of its systems and related services; Alliance’s reliance on a concentration of suppliers for its products and services; increases in Alliance’s costs, disruption of supply, or shortage of products and materials; Alliance’s dependence on a concentration of customers, and failure to add new customers or expand sales to Alliance’s existing customers; increased Alliance inventory and risk of obsolescence; Alliance’s significant amount of indebtedness; our ability to refinance our existing indebtedness; our ability to continue as a going concern absent access to sources of liquidity; risks and failure by Alliance to meet the covenant requirements of its revolving credit facility, including a fixed charge coverage ratio; risks that a breach of the revolving credit facility, including Alliance’s recent breach of the covenant requirements, could result in the lender declaring a default and that the full outstanding amount under the revolving credit facility could be immediately due in full, which would have severe adverse consequences for the Company; known or future litigation and regulatory enforcement risks, including the diversion of time and attention and the additional costs and demands on Alliance’s resources; Alliance’s business being adversely affected by increased inflation, higher interest rates and other adverse economic, business, and/or competitive factors; geopolitical risk and changes in applicable laws or regulations; risk that the COVID-19 pandemic, and local, state, and federal responses to addressing the pandemic may have an adverse effect on our business operations, as well as our financial condition and results of operations; substantial regulations, which are evolving, and unfavorable changes or failure by Alliance to comply with these regulations; product liability claims, which could harm Alliance’s financial condition and liquidity if Alliance is not able to successfully defend or insure against such claims; availability of additional capital to support business growth; and the inability of Alliance to develop and maintain effective internal controls.

For investor inquiries, please contact:
MZ Group
Chris Tyson/Larry Holub
(949) 491-8235
AENT@mzgroup.us 

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