ShiftPixy (PIXY) Announces CFO's Leave of Absence

May 24, 2022 4:16 PM EDT

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ShiftPixy, Inc. (NASDAQ: PIXY) today announced that its Board of Directors (the “Board”) has approved an agreement pursuant to which it will grant a leave of absence requested by its Treasurer and Chief Financial Officer, Domonic J. Carney, effective May 24, 2022. As part of this agreement, Mr. Carney has resigned the posts of Treasurer and Chief Financial Officer of the Company and its subsidiaries, effective immediately. In Mr. Carney’s absence, the Company has promoted its Vice President of Accounting, Manuel Rivera, to the position of Treasurer and Acting Chief Financial Officer, also effective immediately. The Company further announced that Mr. Carney has resigned from his positions as Treasurer and Chief Financial Officer of Industrial Human Capital, Inc., the special purpose acquisition company, or “SPAC”, sponsored by the Company, as part of AXH’s transition from a SPAC to an operating company. The Board of Directors of AXH has accepted Mr. Carney’s resignation and appointed in his place ShiftPixy’s Director of Finance, Gabriel Rodriguez, to serve as AXH’s Treasurer and Chief Financial Officer, effective immediately. Mr. Rodriguez will continue to serve as Director of Finance for ShiftPixy until a replacement is found.

Commenting on these management changes, Scott W. Absher, Chairman and Chief Executive Officer of ShiftPixy, stated: “Domonic Carney has played an indispensable role in the Company’s transformation since his arrival in 2019. Under his financial stewardship, the Company eliminated all of its outstanding debt and raised over $50 million from equity investors. In the process, he succeeded in building an impressive internal financial organization with a deep bench. Domonic has certainly earned a break, and we are hopeful that he will return to ShiftPixy in the future.”

Mr. Absher continued, “We are thrilled to elevate Manny Rivera to the position of Treasurer and Acting Chief Financial Officer of ShiftPixy. Manny joined the Company in 2021, having spent over 17 years performing accounting advisory services and PCAOB audits for a variety of businesses as a senior manager for “Big Four” accounting firms KPMG and Ernst & Young. Upon his arrival at ShiftPixy, he immediately provided significant support and expertise to our financial reporting function, and is well-equipped to serve in his new role.”

Mr. Absher, who also currently serves as Chairman and Chief Executive Officer of AXH, similarly praised Mr. Rodriguez in connection with his assumption of the role of Treasurer and Chief Financial Officer of that company: “Gabe began his career in the assurance practice of the worldwide public accounting firm PriceWaterhouseCoopers, specializing in business combinations. Before joining ShiftPixy in 2021, he had spent over 10 years in a variety of financial roles, including SEC Reporting, IT Finance Management, Strategic Planning and FP&A. He has been heavily involved in AXH’s acquisition activities since its initial public offering, and we are confident that his assumption of the CFO role will help to insure its smooth transition from a SPAC to an operating company.”

About ShiftPixy

ShiftPixy is a disruptive human capital services enterprise, revolutionizing employment in the Gig Economy by delivering a next-gen platform for workforce management that helps businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management’s nearly 26 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.



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