Casa Systems, Inc. (NASDAQ: CASA), a leading provider of
cloud-native software and physical broadband technology solutions
for access, cable, and cloud, today announced the appointment of
Michael Glickman as the Company’s new President and Chief Executive
Officer effective August 1, 2023. Glickman, a telecom industry
veteran with over 35 years of experience in the telecom,
technology, and networking industries, will leverage his expertise
to position Casa Systems for continued success and accelerated
growth.
“Following a comprehensive selection process, we are pleased to
announce Michael Glickman as the new President and CEO of Casa
Systems,” said Bruce Evans, Chairman of the Board. “The Board
believes Michael’s global sales leadership skills and industry
experience strongly align with Casa Systems’ strategic priorities
as we embark on the next phase of accelerated growth. With a proven
track record of leading billion-dollar revenue businesses and
spearheading global sales organizations focused on service
providers, including telcos and cable MSOs, Michael brings a unique
set of qualifications that position him for success in his role. We
are enthusiastic about his inspirational leadership style and his
plan to leverage Casa's cutting-edge technology to enhance our
go-to-market strategy in order to scale the business on a
cash-and-capital efficient basis and continue to deliver innovative
solutions that create sustainable value for our customers and
shareholders."
Mr. Evans continued, “I’d also like to thank Ed Durkin for his
extraordinary efforts in leading the organization as interim CEO
while also continuing to serve as CFO during this transition
period. While his contributions have been many, Ed provided
critical leadership to bring the Company’s Term Loan B refinancing
to a close and thereby help the Company move towards financial
stability and future growth. The organization is fortunate to have
Ed’s leadership and depth of knowledge of our business, strategy,
and customers in helping to direct the Company’s strategy, global
operations, and growth.”
Glickman, in his new role, will focus on leveraging Casa
Systems' market-leading cable, cloud and access device technologies
and solutions to drive renewed growth globally. Glickman emphasized
his commitment to capitalize on the significant growth
opportunities ahead, saying, "Casa Systems has a very strong
heritage and cutting-edge technologies. I look forward to building
upon what Jerry Guo, visionary founder and former CEO and this
talented team have created over the past twenty years, and I am
committed to our collective vision of re-establishing Casa Systems
as an industry disruptor for the benefit of our global customers. I
am excited and committed to moving the Company forward with the
speed required to capitalize on the significant opportunities in
front of us. We will work together to deliver our innovative
solutions to the market, address the evolving needs of our global
customers, and achieve sustainable growth and profitability.”
On July 7, 2023, the Compensation Committee of the Company’s
Board approved the grant of an inducement award to Michael
Glickman, as an inducement material to his entry into employment
with Casa in accordance with Nasdaq Listing Rule 5635(c)(4). The
inducement grant, which is effective as of and contingent upon the
commencement of Glickman’s employment with Casa, consists of
2,750,000 restricted stock units, or RSUs. The RSUs vest in equal
installments over four years starting on August 5, 2024, such that
the RSUs will be fully vested on August 5, 2027, subject to
Glickman’s continued service with the Company through each such
vesting date.
Michael Glickman most recently served as the President of
PacketFabric, where he scaled Operations and drove double digit
growth through innovative joint ventures. Prior to that, Glickman
held senior executive positions at Cisco, including Senior Vice
President for the Global Service Provider unit, where he led
sustainable growth in a multi-billion-dollar business. Glickman’s
tenure at Cisco also included leadership roles in its Cloud &
Managed Services and Channels businesses worldwide. He has also
held executive positions at Fujitsu Americas and Amdahl
Corporation. Glickman currently serves on Board of Directors of
several private companies and charitable organizations and holds a
Master of Business Administration in finance from the University of
Illinois Urbana-Champaign.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact
contained in this press release, business strategy, and plans and
objectives for future operations, are forward-looking statements.
The words “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “are optimistic,” “plan,” “potential,”
“predict,” “project,” “target,” “should,” “will,” “would,” and
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. We have based these forward-looking
statements on our current expectations and projections about future
events and financial trends that we believe may affect our
financial condition, results of operations, business strategy,
short-term and long-term business operations and objectives, and
financial needs as of the date of this press release. A number of
important risk factors could cause actual results to differ
materially from the results described, implied or projected in
these forward-looking statements. These factors include, without
limitation: (1) our ability to comply with all covenants,
agreements and conditions under our credit facility; (2) our
ability to fulfill our customers’ orders due to supply chain
delays, access to key commodities or technologies or events that
impact our manufacturers or their suppliers, including the
lingering effects of the COVID-19 pandemic; (3) any failure by us
to successfully anticipate technological shifts, market needs and
opportunities, and develop new products and product enhancements
that meet those technological shifts, needs and opportunities; (4)
the concentration of a substantial portion of our revenue in
certain customers; (5) fluctuations in our revenue due to timing of
large orders and seasonality; (6) the length and lack of
predictability of our sales cycle; (7) any difficulties we may face
in expanding our platform into the wireless market; (8) any failure
to maintain the synergies we have realized from our acquisition of
NetComm Wireless Pty Ltd.; (9) increases or decreases in our
expenses caused by fluctuations in foreign currency exchange rates
and interest rates; (10) our ability to effectively transition our
chief executive officer role; and (11) other factors discussed in
the “Risk Factors” section of our public reports filed with
the Securities and Exchange Commission (the “SEC”),
including our most recent Quarterly Report on Form 10-Q and our
most recent Annual Report on Form 10-K, which are on file with
the SEC and available in the investor relations section
of our website at http://investors.casa-systems.com and
on the SEC’s website at www.sec.gov. In addition, we operate
in a very competitive and rapidly changing environment. New risks
emerge from time to time. It is not possible for our management to
predict all risks, nor can we assess the impact of all factors on
our business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements that we may make. In
light of these risks, uncertainties and assumptions, the
forward-looking events and circumstances discussed in this press
release are inherently uncertain and may not occur, and actual
results could differ materially and adversely from those
anticipated or implied in the forward-looking statements.
Accordingly, you should not rely upon forward-looking statements as
predictions of future events. We disclaim any obligation to update
publicly or revise any forward-looking statements for any reason
after the date of this press release. Any reference to our website
address in this press release is intended to be an inactive textual
reference only and not an active hyperlink.
About Casa Systems, Inc.
Casa Systems, Inc. (Nasdaq: CASA) delivers the
core-to-customer building blocks to speed 5G transformation with
future-proof solutions and cutting-edge bandwidth for all access
types. In today’s increasingly personalized world, Casa
Systems creates disruptive architectures built specifically to
meet the needs of service provider networks. Our suite of open,
cloud-native network solutions unlocks new ways for service
providers to build networks without boundaries and maximize
revenue-generating capabilities. Commercially deployed in more than
70 countries, Casa Systems serves over 475 Tier 1 and
regional communications service providers worldwide. For more
information, visit http://www.casa-systems.com.
CONTACT INFORMATION:IR
ContactsDennis DalyCasa Systems978-688-6706 ext.
6310investorrelations@casa-systems.com
or
Mike Cummings or Jackie MarcusAlpha IR
Group617-466-9257 investorrelations@casa-systems.com
Source: Casa Systems
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