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Pizza Inn, Inc. (Nasdaq: PZZI) announced that Mark E. Schwarz and Steven J. Pully of Newcastle Partners were appointed to its board of directors effective yesterday.
Mr. Schwarz has served as the sole general partner of Newcastle Partners since 1993 and currently serves on the board of directors of six other public companies. Mr. Pully has over sixteen years of experience in investment banking, private equity and law, and is licensed as both an attorney and a CPA.
Schwarz and Pully will fill positions opened by the resignations yesterday of two existing board members, Ramon D. Phillips and B. Keith Clark. Mr. Phillips, a franchisee of the company, will become an advisor to the board of directors and will continue to assist the company. Mr. Clark will continue his existing responsibilities with the company as senior vice president - corporate development, general counsel and corporate secretary.
Newcastle Partners filed a recent Schedule 13D statement reporting an aggregate amount of beneficial ownership in Pizza Inn stock of 3,270,000 or approximately 32.5% of the outstanding shares.