Loop Media, Inc. , a leading multichannel streaming platform that provides curated music video and branded entertainment channels for businesses and consumers, announced that it has increased the size of its board of directors to four and has appointed Denise M. Penz and Sonya Zilka as independent directors to fill the vacancies, with their appointment to become effective as of October 1, 2021. In connection with these director appointments, the Company will establish an Audit Committee, with Ms. Penz as Chairperson, a Compensation Committee, with Ms. Zilka as Chairperson, and a Nominating/Corporate Governance Committee.
Loop Media is seeking to employ best practices for boards of directors in the areas of composition, diversity, independence, and governance, using public guidance from U.S. national securities exchanges, as the Company plans to expand its investor and trading base and increase shareholder value. With the addition of Ms. Penz and Ms. Zilka, the Board will be composed of four directors, three of whom will be independent. The Company will look to add one to three additional Board members in the near future.
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Ms. Penz received her bachelor’s degree in management and accounting from West Liberty State College, and a master’s in business from Wheeling Jesuit University. Ms. Penz has extensive experience in the financial sector along with proven success in raising capital, strategic planning, and organizational growth. The current Board has determined that Ms. Penz is financially sophisticated and is an “audit committee financial expert” as required by the Sarbanes-Oxley Act of 2002.
Ms. Zilka received her bachelor’s degree in psychology from Washington State University, and a master’s in organizational psychology from Columbia University. Ms. Zilka has extensive experience in human capital consulting and human resources. Ms. Zilka serves as the Senior Vice President of Human Resources at Chan Zuckerberg Biohub where she leads HR functions and spearheads internal communications and also serves as the President & Chair of The Beyond Benefits Life Sciences Board of Trustees.
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Commenting on the appointment of the new members of the Board, Jon Niermann, the Company’s CEO, Chairman and Co-Founder, stated, “We welcome Denise and Sonya to the Board as they each bring relevant experience and perspectives in areas essential to our business and governance. These appointments underscore our commitment to ongoing board refreshment and our focus on enhancing the skills and expertise represented on the Loop Media Board.”
Bruce A. Cassidy, Sr., a member of the Loop Media Board, said, “We are pleased that Loop Media has added these outstanding new directors, who we believe will enhance the Board. We look forward to watching Loop Media continue to focus on increasing stockholder value and good corporate governance.”
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