Wrap Technologies, Inc. announced Chief Executive Officer Tom Smith will be stepping down as part of a mutually agreed upon separation and Chief Financial Officer Jim Barnes will be retiring by the end of the year. Messrs. Smith and Barnes are not departing because of any disagreements or underlying business issues.

The Company's day-to-day operations will be led by an interim management team that includes L. W. Varner, Jr., who will serve as Principal Executive Officer, Lawrence Hirsh, who will serve as Senior Advisor for financial matters, and Glenn Hickman, who is currently Chief Operating Officer and will remain in his role permanently. Mr. Barnes will remain in the role of Chief Financial Officer until his formal retirement. The Board has appointed director Wayne Walker as its new Chairman, replacing Patrick Kinsella.

Mr. Kinsella and Jeff Kukowski are stepping down from the Board, effective immediately. L. W. (“Bill”) Varner, Jr., who is Wrap's incoming Principal Executive Officer, has significant experience as a corporate executive and director in transition and turnaround situations. From June 2020 through November 2021, Bill was the Chief Executive Officer of Select Interior Concepts.

Prior to that, he was Chief Executive Officer of United Subcontractors, Inc. (“USI”) from July 2012 to May 2018. Lawrence Hirsh, who will serve as Senior Advisor for financial matters, has decades of experience as an advisor, corporate executive and director. Scot Cohen, one of Wrap's founders, has more than 20 years of experience in capital markets, corporate governance, finance and strategic planning.

Scot founded and served as Principal of the Iroquois Capital Opportunity Fund, a closed-end private equity fund, which focused on investments in North American oil and gas. Mr. Cohen also co-founded Iroquois Capital. Wayne Walker, who has been a Wrap director since 2018.

Kimberly Sentovich is a senior-level executive and experienced outside board director with over 30 years of experience. She is currently the CEO of Rachio.