eXp World Holdings Initiates Chief Financial Officer Transition Plan

By: eXp World Holdings, Inc. via GlobeNewswire

November 09, 2023 at 09:30 AM EST

Current CFO Jeff Whiteside to remain at eXp World Holdings through Dec. 1, 2023

Chief Accounting Officer Kent Cheng to Serve as Principal Financial Officer

BELLINGHAM, Wash., Nov. 09, 2023 (GLOBE NEWSWIRE) -- eXp World Holdings, Inc. (Nasdaq: EXPI), the holding company for eXp Realty^®, Virbela and SUCCESS^® Enterprises, today announced that Chief Financial Officer Jeff Whiteside is stepping down from his position and a search process has been initiated to identify his successor. Whiteside will remain with the Company through Dec. 1, 2023 to support the transition. The Company and its Board of Directors will work with an external search firm to identify its next CFO. In the interim, Kent Cheng, eXp World Holdings Chief Accounting Officer, will assume the role of Principal Financial Officer until a CFO has been named.

“I would like to thank Jeff for his contributions to eXp World Holdings,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings and eXp Realty. “Jeff’s financial expertise has helped evolve the company through periods of growth and change over the last five years. On behalf of the Board and our entire team, I thank him for his many contributions and wish him well in his future endeavors. I am pleased that Kent will assume the role of Principal Financial Officer. I have worked closely with him over the last three years and expect this transition to be seamless as we continue to execute our financial objectives and begin a search for our next CFO.”

“It has been a privilege to work alongside such a talented finance organization, executive team and impressive team of global agents as we collectively navigated the rapidly evolving market landscape,” Whiteside said. "I am thankful for the opportunity to contribute across eXp World Holdings over the past five years. I look forward to watching their continued success as they build upon their agent-centric innovation model.”

Randall Miles, member of the Board of Directors and Chairperson of the Audit Committee, said, “On behalf of the Board of Directors, I would like to thank Jeff for his contributions as CFO. We appreciate his expertise in building a strong finance team that will continue to lead through the transition period. As the leading innovator in the real estate industry, eXp World Holdings is well-positioned to continue its successful future-focused momentum.”

Whiteside’s planned departure is not a result of any disagreement regarding the company's financial statements or disclosures.

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company for eXp Realty^®, Virbela^® and SUCCESS^® Enterprises.

eXp Realty is the largest independent real estate company in the world with more than 89,000 agents in the United States, Canada, the United Kingdom, Australia, South Africa, India, Mexico, Portugal, France, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama, Germany, Dominican Republic, Greece, New Zealand, Chile, Poland and Dubai and continues to scale internationally. As a publicly traded company, eXp World Holdings provides real estate professionals the unique opportunity to earn equity awards for production goals and contributions to overall company growth. eXp World Holdings and its businesses offer a full suite of brokerage and real estate tech solutions, including its innovative residential and commercial brokerage model, professional services, collaborative tools and personal development. The cloud-based brokerage is powered by Virbela, an immersive 3D platform that is deeply social and collaborative, enabling agents to be more connected and productive. SUCCESS^® Enterprises, anchored by SUCCESS^® magazine and its related media properties, was established in 1897 and is a leading personal and professional development brand and publication.

For more information, visit https://expworldholdings.com.

Safe Harbor Statement

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K.

Media Relations Contact:

eXp World Holdings, Inc.

mediarelations@expworldholdings.com

Investor Relations Contact:

Denise Garcia

investors@expworldholdings.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/55cfbf87-d296-4c5d-985b-b4ea23fc27a4