Martin Kits van Heyningen to retire after 40
years of service at KVH
Chief Operating Officer Brent Bruun to become
Interim Chief Executive Officer
Cathy-Ann Martine-Dolecki named new independent
Chairman
Company initiates search for new Chief
Executive Officer
KVH Industries, Inc., (Nasdaq: KVHI), today announced that its
longstanding President and Chief Executive Officer, Martin Kits van
Heyningen, is retiring from his executive and Board roles after
more than 40 years at the Company.
Mr. Kits van Heyningen is a co-founder of KVH and has served as
President and a director since 1982, Chief Executive Officer since
1990 and as Chairman of the Board of Directors since 2007. He has
been issued eleven patents while at the Company.
Mr. Kits van Heyningen stated, “I am extremely proud of all that
has been accomplished at KVH during my time at the Company. We have
invented new technologies and have grown from a small number of
employees and a few products to a world leader in our markets. This
is the right moment for me to step back from KVH to focus on other
endeavors and to turn KVH over to the next generation of
leadership. I am confident that the Company is well-positioned for
success moving forward.”
The Board has engaged a nationally recognized executive search
firm to identify a new Chief Executive Officer. During this
process, current Chief Operating Officer Brent Bruun will assume
the role of Interim Chief Executive Officer. Mr. Bruun has been
with KVH since 2008 and has played a critical role in the growth of
the Company’s industry-leading Mobile Connectivity business.
“I am gratified by the Board’s confidence in this appointment to
interim CEO. KVH is recognized for its innovative solutions and
their value to our customers. I look forward to working with the
Board, our senior leadership, and my fellow employees worldwide to
build on that record of innovation, leadership, and outstanding
products to achieve sustainable and profitable results.”
The Board appointed Cathy-Ann Martine-Dolecki, one of KVH’s
current independent directors, to serve as the new Chairman of the
Board. Ms. Martine-Dolecki has extensive global leadership
experience in the telecommunications industry, including spending
four decades at AT&T, including in senior executive roles.
Ms. Martine-Dolecki commented, “We would like to thank Martin
for his 40 years of service. Martin was an inventor, engineer,
manager, executive and leader of our Company and, over his career,
inspired countless employees and launched several entirely new
markets. He has built an exceptional company.”
She continued, “The Board’s strategic focus is on achieving
sustained profitability. We will accomplish this by concentrating
on the core businesses where we are a leader and operating with
more cost discipline. This will allow us to get to positive
operating income faster, and ultimately to increase shareholder
value.”
In a separate press release this morning, KVH announced results
for its fourth quarter and full year 2021. The Company’s financial
results were in-line with previously provided guidance.
Cathy-Ann Martine-Dolecki
Biography
Cathy-Ann Martine-Dolecki has been on the KVH Board of Directors
since June 2021. She currently serves as Chief Operating Officer of
Tristar Acquisition I Corp., a special purpose acquisition company.
In 2017, Ms. Martine-Dolecki retired after a 37-year career with
AT&T, where she most recently served as President of National
Business Services. Previously, she served as President, Enterprise
Business Solutions of AT&T Mobile & Business Solutions, as
Executive Vice President, Small Business Solutions and Alternate
Channels at AT&T. Her prior board experience includes serving
as a director at TESSCO Technologies Incorporated (Nasdaq: TESS), a
technology distributor and manufacturer serving the wireless
infrastructure and mobile device accessories markets and at Legal
Shield, a provider of consumer legal services. She is currently a
member of the Americas Executive Board of the Massachusetts
Institute of Technology Sloan School of Management. Ms.
Martine-Dolecki received a Master of Science in Management from the
Massachusetts Institute of Technology, a Master of Business
Administration from New York University and a Bachelor of Arts in
Economics from the College of Mount Saint Vincent.
Brent Bruun Biography
Brent C. Bruun has served as Chief Operating Officer of KVH
since 2016. He also previously served as interim Chief Financial
Officer of the Company. Prior to that, he served as executive vice
president of mobile broadband, senior vice president of global
sales and business development and vice president of global sales
and business development. He previously served as senior vice
president of strategic initiatives for SES AMERICOM, a satellite
operator providing services via its fleet of 16 geosynchronous
satellites covering North America. Earlier in his career, Mr. Bruun
held positions at KPMG LLP and General Electric. He holds a B.S. in
accounting from Alfred University and is a certified public
accountant.
About KVH Industries, Inc.
KVH Industries, Inc., is a global leader in mobile connectivity
and inertial navigation systems, innovating to enable a mobile
world. The market leader in maritime VSAT, KVH designs,
manufactures, and provides connectivity and content services
globally. KVH is also a premier manufacturer of high-performance
sensors and integrated inertial systems for defense and commercial
applications. Founded in 1982, the company is based in Middletown,
RI, with research, development, and manufacturing operations in
Middletown, RI, and Tinley Park, IL, and more than a dozen offices
around the globe.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. For example, forward-looking
statements include statements regarding our goal to achieve
sustainable and profitable results, our new strategy, and our goals
for greater cost discipline, improved profitability and increased
shareholder value. Actual results could differ materially from the
results projected in or implied by the forward-looking statements
made in this press release. Factors that might cause these
differences include, but are not limited to, the uncertain outcome
of our restructuring plan and related reduction in force, including
the loss of valuable employees; uncertainties created by our
leadership transition, including challenges and potential
additional expenses in retaining our continuing employees,
particularly in the current competitive labor market characterized
by rising wages; uncertainties created by our new business
strategy, which may impact customer recruitment and retention; the
uncertain impact of ongoing disruptions in our supply chain and
associated increases in our costs. These and other factors are
discussed in more detail in our Quarterly Report on Form 10-Q filed
with the Securities and Exchange Commission on November 4, 2021.
Copies are available through our Investor Relations department and
website, investors.kvh.com. We do not assume any obligation to
update our forward-looking statements to reflect new information
and developments.
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version on businesswire.com: https://www.businesswire.com/news/home/20220307005337/en/
Longacre Square Partners Dan Zacchei / Joe Germani
dzacchei@longacresquare.com / jgermani@longacresquare.com
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