Management ChangeMay 22, 2026, 10:21 AM
Functional Brands Appoints David Wells CFO; Discloses Related-Party Deal
AI Summary
Functional Brands Inc. announced a significant management change, with Tariq Rahim resigning from the Board and transitioning from Chief Financial Officer to Vice President, Finance. Concurrently, David R. Wells was appointed as the new Chief Financial Officer, Principal Financial Officer, Principal Accounting Officer, and a member of the Board of Directors, effective May 18, 2026. The company also disclosed a previously unannounced Services Agreement with Atlas Bookkeeping, LLC, an entity owned by Mr. Wells, for financial and administrative support, with monthly fees increasing from $13,000 to $18,000.
Key Highlights
- Tariq Rahim resigned from the Board and transitioned from CFO to VP, Finance, effective May 17-18, 2026.
- David R. Wells appointed CFO, Principal Financial Officer, Principal Accounting Officer, and Board member, effective May 18, 2026.
- Company disclosed a Services Agreement with Atlas Bookkeeping, LLC, an entity owned by new CFO David R. Wells.
- Atlas provides bookkeeping, financial reporting, investor relations, finance, and administrative support services.
- Monthly fee for Atlas services increased from $13,000 to $18,000, effective April 15, 2026.
- Functional Brands paid Atlas approximately $89,833 from November 2025 to May 21, 2026.
Price Impact
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