Kyle Richter
About Kyle Richter
Kyle Richter, age 54, was appointed Chief Administrative Officer (CAO) of Lazydays Holdings, Inc. (GORV) effective May 14, 2025. He is a Managing Director at Berkeley Research Group (BRG) and is serving the Company via a BRG engagement; he is not separately compensated by Lazydays for the CAO role. He holds an MBA and M.S. in Accounting from Northeastern University and a B.B.A. from Skidmore College . Context for performance during his tenure: Q2 2025 revenue was $131.3M with net loss of $24.6M and Adjusted EBITDA of $(6.2)M ; Q3 2025 revenue was $101.4M with net loss of $82.4M amid significant impairments . Prior-year pay-versus-performance disclosure shows a 2024 total shareholder return (TSR) value of $4.43 for an initial fixed $100 investment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Berkeley Research Group (BRG) | Managing Director | 2016–present | Financial/operational consulting; restructuring and turnaround expertise applied to GORV’s strategic/financing processes |
| Deloitte & Touche (Corporate Restructuring) | Director (corporate restructuring group) | 2012–2016 | Corporate restructuring advisory |
| CRG Partners | Consultant | 1999–2012 | Restructuring consulting |
External Roles
| Organization | Position | Years | Notes |
|---|---|---|---|
| Berkeley Research Group (BRG) | Managing Director | 2016–present | Services to Lazydays are billed by BRG; BRG is not an affiliate of the Company |
Fixed Compensation
| Component | Detail |
|---|---|
| Base salary | Not applicable; services provided via BRG engagement; Mr. Richter is not separately compensated by Lazydays for serving as CAO |
| Target bonus % | Not disclosed |
| Actual bonus paid | Not disclosed |
| Perquisites | Not disclosed |
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| RSUs/PSUs | None disclosed for Mr. Richter | — | — | — | — | — |
| Options | None disclosed for Mr. Richter | — | — | — | — | — |
Notes:
- Mr. Richter was not a named executive officer (NEO) in 2024 and no individual equity awards for him are disclosed in the proxy; companywide option/RSU activity is reported but not attributable to him .
Equity Ownership & Alignment
| Metric | As of Jun 10, 2025 (DEF 14A) | As of Record Dates Oct 2025 (PREM14C/DEFM14C) | Notes |
|---|---|---|---|
| Beneficial ownership (shares) | — | — | “—” indicates none reported for Mr. Richter in officer/Director tables |
| Ownership % of outstanding | <1% (none reported) | <1% (none reported) | Below threshold |
| Shares pledged as collateral | None disclosed; filings state no arrangement, including any pledge, expected to result in change of control | ||
| Stock ownership guidelines | CEO 4x base salary; CFO 3x; directors 4x retainer; executives/directors expected to reach targets within 3 years. (Guidelines refer specifically to CEO/CFO; general alignment policy applies to executive officers and directors.) | ||
| Clawback policy | Company adopted a clawback policy compliant with SEC/Nasdaq; 2024 restatement review required no recovery | ||
| CIC vesting terms (plan-level) | Under the Amended 2018 Plan, unvested awards generally accelerate upon Change in Control unless otherwise provided in award agreements |
Implications:
- With no reported beneficial ownership and no disclosed equity grants to date, Mr. Richter’s direct equity alignment appears minimal, and there is no visible pledging or insider selling overhang from his holdings .
Employment Terms
| Term | Detail |
|---|---|
| Start date | Appointed CAO effective May 14, 2025 |
| Employment structure | Services provided under a Company engagement with BRG; Mr. Richter not separately compensated by Lazydays for the CAO role; BRG is not an affiliate |
| Contract term / expiration | Not disclosed |
| Severance | Not disclosed; as a BRG engagement, no Company severance terms for Mr. Richter were disclosed |
| Change-in-control (CIC) economics | Not disclosed for Mr. Richter; plan-level CIC vesting for awards would apply if he were granted equity |
| Non-compete / non-solicit / garden leave | Not disclosed |
| Related party | No related-party transactions with Mr. Richter disclosed |
Performance & Track Record
| Metric | Q2 2025 | Q3 2025 |
|---|---|---|
| Revenue ($M) | 131.3 | 101.4 |
| Net loss ($M) | (24.6) | (82.4) |
| Adjusted EBITDA ($M) | (6.2) | N/A (not disclosed in Q3 filing cited) |
- Strategic/transaction execution: Mr. Richter (CAO) participated alongside management and advisors in multiple Board/Financing Committee sessions during Aug–Sept 2025 evaluating financing and sale alternatives, culminating in execution of an LOI and later a definitive asset purchase agreement process .
- End-state developments: On Nov 7, 2025, Lazydays announced its intention to delist from Nasdaq; the asset sale of substantially all assets to Campers Inn affiliates was approved Oct 14, 2025, with expected closings in late November, followed by wind-up under a Plan of Liquidation and Dissolution (Company does not expect residual value for equity holders after satisfying creditors) .
Investment Implications
- Compensation alignment: As a consultant (via BRG), Mr. Richter has no disclosed company-paid salary/bonus and no reported equity awards; pay-for-performance alignment appears low at the individual level, but his mandate is restructuring execution rather than long-term equity value creation. No equity holdings reduce insider selling pressure attributable to him .
- Retention risk: Engagement-based relationship (terms not disclosed) may be more flexible/terminable than an employment agreement; no severance/CIC protections for Mr. Richter were disclosed, which reduces potential “golden parachute” costs but offers less retention lock-in .
- Trading signals: With no individual holdings or awards, Mr. Richter’s activity does not present insider selling overhang. Company-level actions—asset sale, planned delisting, and expected liquidation with no equity recovery—dominate the equity thesis and suggest limited to no residual value for common shareholders post-process .
- Governance/risk: No pledging or related-party conflicts disclosed for Mr. Richter; company-wide clawback and insider trading policies are in place, but given the liquidation trajectory, incentive structures are less relevant to shareholder outcomes at this stage .