Neighborhood Intelligence Chief Financial Officer Brian LaRose resigned from his position, effective Monday.
LaRose was named chief financial officer of the organization in April after Neighborhood Intelligence — formerly Bed Bath & Beyond Inc. — moved to acquire The Container Store. LaRose replaced Adrianne Lee, who had been in the position since early 2020.
“Our focus is to simplify the business, flatten the organization and remove unnecessary costs while continuing to grow revenue and expand margin,” Marcus Lemonis, Neighborhood Intelligence CEO, said in a statement. “We have made meaningful progress, and we are assembling the right team and expertise to continue that work.”
The company has appointed Alvarez & Marsal Managing Director Paul Kosturos as interim chief financial officer. Kosturos has more than three decades of finance and accounting experience, including public company leadership.
The move is part of Neighborhood Intelligence’s effort to improve its financial leadership and “accelerate the integration and right-sizing of its businesses,” the company said in a Monday press release.
The company recently overhauled its financial leadership team through the appointments of Jill Windrum as chief accounting officer and deputy CFO and Emma Haugh as Retail CFO. The company has also expanded its partnership with Alvarez & Marsal to advise on technology consolidation, finance and accounting, and organizational structure.
At the same time, the company provided a business update that includes a prediction for gross margin to be more than 30% — ahead of the company’s prior projections. It also touted progress in reducing costs from its business and has seen “encouraging revenue momentum” within its core business.
On Monday, Neighborhood Intelligence also entered into a definitive agreement for a $45.5 million registered direct offering led by certain funds managed by Highbridge Capital Management. The offering had additional participation from the company’s president’s list, including Lemonis. Neighborhood Intelligence plans to use the proceeds from the offering toward its recent acquisitions and building out its inventory.
