Liquidity Services made the following announcements with respect to its board of directors consistent with its long-range succession planning. Patrick W. Gross is retiring from the company's board of directors, effective February 1, 2023, after 22 years of dedicated service, consistent with the company's succession plan to accommodate the onboarding of new directors. Mr. Gross joined the company's board in February 2001 and has been the Lead Director since 2013.

Mr. Gross served as a member of the Audit Committee and the Corporate Governance and Nominating Committee from 2006 until his retirement. From 2006 to 2015, Mr. Gross also served as the Chair of the Compensation Committee. Liquidity Services also announced the appointment of Thierno “Amath” Fall to the company's board of directors and the Audit Committee of the Board, effective February 1, 2023.

Mr. Fall is currently Operating Partner at The Sterling Group, a private equity firm based in Houston, TX. Mr. Fall served as the Chief Financial Officer (2019-2020) and then as the Chief Operating Officer (2020-2021) of Berlin Packaging, a $2.5 billion revenue global packing distribution company based in Chicago, IL. From 2016 to 2019, Mr. Fall was the Chief Financial Officer of FleetPride, a $1.6 billion revenue, heavy duty truck distribution company based in Irving, TX.

Prior to that, Mr. Fall held various financial roles at public and private companies, including AmeriCold and Nashfinch, now SpartanNash. Mr. Fall graduated from the University of Nebraska at Omaha with a B.S. in Accounting and a M.S. in Business Economics. Mr. Fall received a NACD Directorship Certification from the National Association of Corporate Directors.

Additionally, he is a Certified Public Accountant, a Certified Management Accountant, a Certified Financial Accountant, a Chartered Global Management Accountant, and a Certified Forensic Accountant. Mr. Fall is also a member of the American Institute of Certified Public Accountants. Additionally, the company announced that its independent directors have elected Beatriz Infante as the Lead Independent Director effective February 1, 2023.