Effective June 5, 2019, Mauricio Diaz, who was Chief Executive Officer and Chairman of the board of directors of Cool Holdings, Inc. and Carlos Felipe Rezk, the Chief Sales & Marketing Officer and a member of the Board, both resigned. These resignations are in connection with a planned restructuring of management pursuant to the Company's acquisition of Simply Mac, Inc. from GameStop Corp. As part of the planned restructuring pursuant to the Simply Mac Acquisition, the Company also terminated the services of Mr. Diaz and Mr. Rezk as CEO and CSMO, respectively.

Furthermore, the Company also terminated the services of Carlos Alfredo Carrasco as Chief Financial Officer. The employment of Mr. Diaz, Mr. Rezk and Mr. Carrasco with the Company were terminated effective June 5, 2019. As required by their employment agreements with the Company, each of Mr. Diaz, Mr. Rezk and Mr. Carrasco are entitled to severance.

To fill the resulting vacancies, effective June 5, 2019, the Company has appointed Reinier Voigt as President and CEO, and Vernon A. LoForti as Senior Vice President and CFO. Prior to his appointment as President and CEO of the Company, Mr. Voigt was appointed to serve as the Chief Operating Officer of the Company on March 12, 2018, when the Company merged with Cooltech Holdings Corp. Prior to his appointment as Senior Vice President and CFO, Mr. LoForti served the Company as its Vice President and Secretary since the merger of the Company with Cooltech.

On June 5, 2019, the Board, on recommendation from the Company's nominating and corporate governance committee, elected two new independent members, Kevin Taylor and Vince Virga, to fill the existing vacancies on the Board. In addition to serving as Chairman of the Board and Chair of the compensation committee, Mr. Taylor will be a member of the Company's audit committee and nominating and corporate governance committee. Meanwhile, Mr. Virga will be a member of the Company's audit and compensation committees, as well as Chair the nominating and corporate governance committee.

Additionally, Mr. Voigt was also elected to the Board effective the same date.