Global Consumer AcquisitionCorp. has named Chairman Jason Ader to replace Scott LaPorta as CEO and appointed Michael B. Frankel, Andrew Nelson, Richard A.C.Coles, and Mark Schulhof to its board, which will be chaired by Ader.
The appointments follow the resignations of GCAC’s current board made up of LaPorta, RobertM. Foresman, Carl H. Hahn, Philip Marineau, Marc Soloway and Steven Westly.
Global Consumer’s management team said it believes SPAC investment opportunitiesthat present the highest possible return for investors are currently in theUnited States, as opposed to internationally.
“When GCAC first came to market in November 2007, the best investmentopportunities for SPACs were outside the United States,” said Ader, in a statement released this morning. “Today, we seetremendous opportunity right in our backyard, particularly in our corecompetence of hospitality, leisure, and gaming, and in distressed assets, andwe look forward to working with the new board of directors, who are all basedin the U.S., that can pursue the deal-making process in those markets. Iwould like to thank the resigning directors for their excellent and dedicatedservice to GCAC.”
Frankel has been a private investor and advisor to GCAC since June2008 and is a former senior managing director atBear Stearns & Co. Nelson has been CFO of GCAC since its formation in 2007. Coles is a co-managing principal of the Emmes Group ofCompanies and is a member of its investment committee. Schulhof is CEO and president of Quadriga Art II, a service provider to the non-profit community.