Unifi, the maker of Repreve, appointed General Counsel and Corporate Secretary Greg Sigmon as an executive officer, realigned its leadership in Brazil, announced the retirement of a board member, and repurchased 500,000 shares of its common stock.
Sigmon’s appointment is effective July 4, 2022.
Eddie Ingle, CEO, Unifi, said, “Greg has been a trusted advisor to our management team and Board since joining Unifi in 2019. His unique, business-minded approach to legal and strategic issues makes him a valuable asset to our company, and he is an excellent fit with our collaborative and innovative culture. I am excited to announce his expanded role as an Executive Officer.”
Before joining the company, Sigmon was in-house counsel advising on securities, governance, mergers & acquisitions, and general corporate matters.
In Brazil, Unifi is transitioning its leadership of UdB, a subsidiary. Mauro Fernandes, director of sales for UdB, will be appointed president, assuming the job’s responsibilities from Lucas de Carvalho Rocha, UdB’s current president, effective on his retirement date of July 31, 2022.
“Mauro has been with Unifi for 23 years and has played an instrumental role in the success of UdB as the Director of Sales for nearly 13 years. We are eager to see the contributions he will make in this new position as we continue to expand our business in Brazil and pursue our fiscal 2025 targets,” said Ingle.
The company also announced the retirement of Jim Kilts as a non-executive member of its Board of Directors, effective July 3, 2022. Unifi has reduced its Board’s size to eight members.
In May 2022, Unifi repurchased 500,000 shares of its common stock from certain entities affiliated with Impala Asset Management, LLC for $6.8 million. The repurchase was conducted under the company’s previously announced share repurchase program. During fiscal 2022, Unifi repurchased 616,500 shares of its common stock for a total of $9.2 million. Approximately $38.9 million remains available for repurchases under the existing program.
“This repurchase demonstrates the strong conviction we have in the future of Unifi and our commitment to driving long-term shareholder value. We will remain opportunistic in our repurchasing efforts going forward, as part of our overall balanced approach to capital allocation,” said Ingle.