Two New Highly Qualified and Experienced
Independent Directors to Join Board of Directors
Sierra Wireless (NASDAQ: SWIR) (TSX: SW), the leading IoT
solutions provider that combines devices, network services and
software to unlock value in the connected economy, today announced
that it has entered into an agreement with Lion Point Capital, LP
("Lion Point"), an investment firm which holds approximately 9.4
percent of Sierra Wireless’ total shares outstanding, regarding the
membership and composition of the Sierra Wireless Board of
Directors (the “Board”) and its committees, as well as certain
customary standstill restrictions. Under the terms of the
agreement, two incumbent directors, Paul C. Cataford and Joy Chik,
will step down from the Board and two new independent directors,
Jim Anderson and Karima Bawa, will be appointed to the Board,
effective immediately.
Additionally, subject to shareholder approval of a resolution at
the 2020 Annual General Meeting to increase the maximum size of the
Board, promptly following the 2020 Annual General Meeting, the
Board will appoint (i) two additional independent directors
recommended by Lion Point and (ii) one independent director
selected by the Board. These directors, Martin Mc Court, Mark
Twaalfhoven and Raj Talluri, will be Board observers until their
appointment to the Board shortly after the upcoming 2020 Annual
General Meeting, currently scheduled for May 21st.
Robin Abrams, Board Chair, Sierra Wireless, said: “We welcome
Jim and Karima to the Board of Directors and look forward to their
contributions. At the same time, I want to thank Paul and Joy for
their contributions to Sierra Wireless during their terms. Sierra
Wireless is continuing to execute on our strategy to transform from
a hardware-focused IoT company to delivering full IoT solutions
with recurring revenue attached to our market-leading IoT devices.
Our Board members have the varied and extensive industry expertise
needed to build value for the Company and our stockholders, and to
take advantage of the numerous opportunities ahead in the IoT
market.”
Didric Cederholm, Chief Investment Officer of Lion Point
Capital, said, “We are pleased that we could work constructively
with Sierra Wireless’ Board to reach this agreement to strengthen
the Board with new highly qualified and experienced independent
directors who have an outstanding track record of value creation.
We believe Sierra Wireless’ core technology and unique position in
the IoT space have significant value overlooked by the public
markets. We look forward to seeing Sierra Wireless harness its full
growth and profitability potential with the goal of unlocking its
intrinsic value and maximizing shareholder returns.”
Jim Anderson
Jim Anderson is Lattice Semiconductor’s President and CEO and
serves on the Company’s Board of Directors. He joined Lattice in
September 2018 and has since driven a transformation of the company
that has led to record profitability and more than a doubling of
market capitalization. Prior to Lattice, Mr. Anderson led AMD’s
Computing and Graphics business group from 2015. Prior to AMD, he
held a broad range of leadership positions spanning general
management, engineering, sales, marketing, and strategy at
companies including, Intel, Broadcom Limited (formerly, Avago
Technologies) and LSI Corporation. Mr. Anderson holds an MBA and
Master of Science in electrical engineering and computer science
from the Massachusetts Institute of Technology, a Master of Science
in electrical engineering from Purdue University, and a Bachelor of
Science in electrical engineering from the University of
Minnesota.
Karima Bawa
Karima is a Senior Fellow at the Centre for International
Governance and Innovation and serves as an IP Advisor. She is a
board member for the College of Patent Agents and Trademark Agents
and for the British Columbia Health Professions Review Board. Ms.
Bawa is also the former General Counsel and Chief Legal Officer for
Research In Motion Limited (now BlackBerry). In the 12 years she
served at BlackBerry, she was a member of the senior leadership
team and oversaw a global legal team. Ms. Bawa was also a member of
various strategic and operational senior management committees. She
is a lawyer and holds a Bachelor of Science, a Master in Business
Administration and an ICD.D certification from the Institute of
Corporate Directors.
Martin D. Mc Court
Over a 14-year career as EVP Strategy and M&A, CTO and CMO
for Gemalto, Martin Mc Court was instrumental in repositioning
Gemalto from smartcards to Digital Security, building a €1 Billion
Platform and Services business on top of the historical hardware
business. Executing more than 40 acquisitions, Gemalto doubled in
size to €3 Billion revenues, creating leadership positions in the
adjacent markets for IOT, Cybersecurity and Biometrics. Gemalto was
acquired by Thales in 2019. Previously Mr. Mc Court worked for 20
years at Corning Inc., holding a variety of management roles across
R&D, Sales & Marketing, Strategy and M&A, most recently
as GM of the worldwide network design and installation business.
Mr. McCourt also serves on the board of directors of IDnow GmbH
(Germany) and Veridium ID (UK). Mr. Mc Court holds an MBA from
INSEAD, a Ph.D from the Institut National Polytechnique de
Grenoble, a B.Eng (Electronics) from University College Dublin and
is a graduate of the Harvard Business School Corporate Directors
Certificate program.
Mark Twaalfhoven
Mark Twaalfhoven is an international executive with more than 25
years of experience in managing and improving efficiency of
complex, global technology organizations. Between 2014 and 2019,
Mr. Twaalfhoven served as CEO of Pulse Electronics, where he
significantly improved profitability and generated a 15-fold return
on invested capital upon sale of the company. Previously, Mr.
Twaalfhoven was President at Valuec B.V., a Hong Kong based
investment firm focusing on performance improvements of growing
technology companies. From 2005 to 2009, Mr. Twaalfhoven led the
restructuring and successful turnaround of Teleplan International,
a listed company providing total lifecycle care solutions for the
computer, mobile phone and consumer industries, where he served as
President and CEO. Between 1996 and 2005, Mr. Twaalfhoven served in
a number of positions, including Senior Vice President and
Corporate Officer of Amphenol Corporation, where he led the
development and tenfold growth of its Asian operations. Mr.
Twaalfhoven holds a Master of Science in Industrial Engineering
from Stanford University, a Bachelor’s Degree in Mechanical
Engineering from Purdue University and he completed the Advanced
Management Program at Harvard Business School.
Raj Talluri
Raj Talluri is a seasoned corporate executive with more than 27
years of corporate experience, spanning business management,
strategic marketing, and engineering management. He is currently
the Senior Vice President and General Manager of the Mobile
Business Unit at Micron Technology Inc. He is responsible for the
P&L of this multibillion-dollar business unit, as well as
building world-class memory and storage solutions to address the
growing market opportunity driven by new usage models, from low-end
devices to flagship smartphones. Prior to this role, Mr. Talluri
served as senior vice president at Qualcomm Inc. for 9 years. He
began his career at Texas Instruments, starting multiple new
businesses in digital consumer electronics and wireless
technologies. He also served as general manager of the Imaging and
Audio business for five years and as general manager of the
Cellular Media Solution business. Mr. Talluri holds a Ph. D in
electrical engineering from the University of Texas at Austin, a
Master of Engineering from Anna University in Chennai, India and a
Bachelor of Engineering from Andhra University in Visakhapatnam,
India.
The agreement between Sierra Wireless and Lion Point will be
filed with the Securities and Exchange Commission on Form 8-K and
found on EDGAR at www.sec.gov and with the provincial securities
commissions in Canada and found on SEDAR at www.sedar.com.
About Sierra Wireless
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is the leading IoT
solutions provider that combines devices, network services and
software to unlock value in the connected economy. Companies
globally are adopting IoT to improve operational efficiency, create
better customer experiences, improve their business models and
create new revenue streams. Whether it is an integrated solution to
help a business securely connect edge devices to the cloud, or a
software/API service to help manage processes associated with
billions of connected assets, or a platform to extract real-time
data to make the best business decisions, Sierra Wireless will work
with you to develop the right industry-specific solution for your
next IoT endeavor. Sierra Wireless has more than 1,300 employees
globally and operates R&D centers in North America, Europe and
Asia. For more information, visit www.sierrawireless.com.
Connect with Sierra Wireless on the IoT Blog at
http://www.sierrawireless.com/iot-blog, on Twitter at
@SierraWireless, on LinkedIn at
http://www.linkedin.com/company/sierra-wireless and on YouTube at
http://www.youtube.com/SierraWireless.
“Sierra Wireless” is a registered trademark of Sierra Wireless.
Other product or service names mentioned herein may be the
trademarks of their respective owners.
About Lion Point Capital
Lion Point Capital is a global special situations investment
firm that seeks to invest in equity and debt securities of
undervalued public and private companies. Lion Point’s principals
and investment team have extensive experience and a successful
track record of uncovering and unlocking value through rigorous
fundamental analysis and thoughtful action.
Forward Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. These forward-looking statements
relate to, among other things, plans and timing for the
introduction or enhancement of our services and products,
statements about future market conditions, supply conditions,
channel and end customer demand conditions, revenues, gross
margins, operating expenses, profits, and other expectations,
intentions, and plans contained in this press release that are not
historical fact. Our expectations regarding future revenues and
earnings depend in part upon our ability to successfully develop,
manufacture, and supply products that we do not produce today and
that meet defined specifications. When used in this press release,
the words "plan", "expect", "believe", and similar expressions
generally identify forward-looking statements. These statements
reflect our current expectations. They are subject to a number of
risks and uncertainties, including, but not limited to, changes in
technology and changes in the wireless data communications market.
In light of the many risks and uncertainties surrounding the
wireless data communications market, you should understand that we
cannot assure you that the forward-looking statements contained in
this press release will be realized.
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version on businesswire.com: https://www.businesswire.com/news/home/20200416005938/en/
Media: Kim Homeniuk +1 (604) 233 8028
pr@sierrawireless.com
Investors: David Climie +1 (604) 231 1137
dclimie@sierrawireless.com
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