Enterprise Diversified, Inc. announced that effective April 30, 2019, G. Michael Bridge resigned from his positions as President and Chief Executive Officer of the Company and as a member of the Board of Directors of the Company. Effective April 30, 2019, Rodney E. Lake resigned as the Company's Chief Operating Officer. Effective May 1, 2019, Christopher T. Payne resigned as a member of the Board of the Company.

Accordingly, Mr. Payne's resignation as a member of the Board of the Company included his membership on the Audit Committee of the Board (the “Audit Committee”) and the Governance, Compensation and Nomination Committee of the Board (the “GCN Committee”). Effective May 5, 2019, the Board of the Company unanimously appointed Thomas Braziel to serve as a member of the Board of the Company for a term expiring at the 2019 Annual Meeting of Stockholders (the “Annual Meeting”). The Board of the Company also unanimously appointed Mr. Braziel to serve as a member of each of the Audit and GCN Committees.

Mr. Braziel currently serves as the Co-Chief Executive Officer and Co-Chairman of the Board of Directors of Winland Holding. In 2018, Mr. Braziel co-founded 507 Capital LLC, an investment management firm specializing in distressed credit investments, where he currently serves as Managing Partner and CIO. Previously, Mr. Braziel co-founded and managed B.E. Capital Management, a U.S. domiciled hedge fund specializing in special situations and bankruptcy.

Effective May 5, 2019, the Board of the Company unanimously appointed Alea A. Kleinhammer to serve as a member of the Board of the Company for a term expiring at the 2019 Annual Meeting. Ms. Kleinhammer currently serves as the Company's Chief Financial Officer and works closely with all of the Company's subsidiaries as part of the financial reporting process. Ms. Kleinhammer holds an active CPA license in the state of Virginia and has multiple years of experience working in the public accounting sector.

Ms. Kleinhammer earned a Bachelor of Arts in Accounting from the University of Maryland at College Park. There are no arrangements between Ms. Kleinhammer and any other person pursuant to which Ms. Kleinhammer was selected as a director, nor are there any transactions to which the Company is or was a participant and in which Ms. Kleinhammer has a material interest subject to disclosure under Item 404(a) of Regulation S-K under the Securities Act. Effective May 5, 2019, the Board of the Company unanimously appointed Steven L. Kiel to serve as the Company's principal executive officer and Executive Chairman and President of Willow Oak Asset Management, a subsidiary of the Company.

Mr. Kiel previously served as the Company's President and Chief Executive Officer and principal executive officer from December 14, 2015 through October 5, 2018. Mr. Kiel is the President of Arquitos Capital Management and portfolio manager of Arquitos Capital. Mr. Kiel is a judge advocate in the Army Reserves, a veteran of Operation Iraqi Freedom, and currently holds the rank of Major.

Previously, Mr. Kiel was an attorney in private practice. Mr. Kiel is a graduate of George Mason School of Law and Illinois State University and is a member of the bar in Illinois (inactive) and Washington, DC. Except as has been previously reported by the Company, there are no arrangements between Mr. Kiel and any other person pursuant to which Mr. Kiel was selected as a director, nor are there any transactions to which the Company is or was a participant and in which Mr. Kiel has a material interest subject to disclosure under Item 404(a) of Regulation S-K under the Securities Act.