Winmark Corp. announced that Paul C. Reyelts had informed the company of his decision not to stand for re-election to its Board of Directors at its next annual shareholder’s meeting in April 2023.
Reyelts was elected to Winmark’s Board in 2000 and has been its independent lead director since 2003. He currently serves as chairman of the audit committee and has previously served as a member of the compensation and nominating committees.
“I want to thank Paul Reyelts for his dedicated service over the past 22 years,” said Brett D. Heffes, chairman and CEO. “Paul embodies what we needed in a lead director—complete intellectual independence, a deep understanding of our business, and a direct communication style that we all benefitted from. I will greatly miss our interactions and know that Winmark is a stronger company because of his leadership over the years.”
The company also announced that its Board named director Percy C. Tomlinson as its independent lead director, effective immediately. Tomlinson is currently a member of its audit committee with over 30 years of executive, financial management and governance experience, serving as CEO and CFO for publicly-traded companies.
“The changes announced today reflect a thoughtful and deliberate governance process by the independent directors of the Board who strongly believe that Mr. Tomlinson is highly qualified to serve as Lead Director. I am thrilled that Tom will serve in this capacity and look forward to working together to advance our mission to provide Resale for Everyone,” stated Heffes.
Winmark’s resale franchises include Plato’s Closet, Once Upon A Child, Play It Again Sports, Style Encore, and Music Go Round.
