Former CFO of Micron and Lam Research Brings
Extensive Experience in Operations, Finance and Technology to
Velodyne Lidar’s Board
Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW), today announced that
its Board of Directors has appointed Ernest E. Maddock to the
Board, effective January 13, 2022. Mr. Maddock has been appointed
as a Class III director and a member of the Board’s Audit
Committee.
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Mr. Maddock is an operations, technology and corporate finance
executive with over 35 years of leadership experience, including 10
as a public company CFO. From 2015-2018, he served as Senior Vice
President and Chief Financial Officer of Micron Technology. Mr.
Maddock has extensive board experience, having chaired the audit
committee of two public companies. He currently serves on the
boards of directors of Ultra Clean Holdings Inc., a leading
developer and supplier of critical subsystems, components and parts
for the semiconductor industry, and Avnet, Inc., a global leader of
electronic components and services.
“We are delighted to welcome a director of Ernie’s caliber and
experience as we continue to strengthen our Board of Directors,”
said Michael Dee, Chairman of the Velodyne Lidar Board. “Ernie
brings an extensive background in public company operations,
technology and corporate finance in industries that are highly
relevant to Velodyne. A financial expert who has served as a public
company CFO and on the audit committees of multiple companies,
including as Chair of Ultra Clean and Intersil’s respective audit
committees, we believe Ernie is the ideal person to serve as an
independent director on our Board and Audit Committee. We look
forward to benefitting from his valuable insights and collaborative
nature as we work towards shaping Velodyne’s strategy, expanding
our global footprint and driving long-term value for our
shareholders.”
Dr. Ted Tewksbury, CEO and Director of Velodyne Lidar, said,
“This is an important time for our company and I am thrilled to
have the opportunity to engage with Ernie as we build out our
capabilities and execute our mission. We are already making
tremendous progress, having shipped 15,000 sensors over the last 12
months1 and, with this valuable addition to our Board, our momentum
is only continuing to build. With the industry on the cusp of mass
adoption, I look forward to working with Ernie and my colleagues on
the Board as we set out to capture this rapidly expanding market
opportunity.”
Before joining Micron in 2015, Mr. Maddock held leadership
positions at multiple global companies, including Riverbed
Technology, where he served as Executive Vice President and Chief
Financial Officer and was additionally responsible for worldwide
operations and information technology. Prior to Riverbed, he spent
15 years at Lam Research Corporation in roles of increasing
responsibility across operations and finance, including as Group
Vice President of Global Operations and Executive Vice President
and Chief Financial Officer.
Mr. Maddock said, “Velodyne is the outright leader in this
rapidly growing space thanks to its world class engineering team,
relentless focus on innovation and cutting-edge offerings. I look
forward to working closely with my colleagues on the Board and
supporting our talented management team as they continue to develop
and execute on our strategy. Thanks to their work to date, Velodyne
has exceptional momentum across the business and is ideally
positioned to capture the significant growth opportunities that lie
ahead.”
About Ernest E. Maddock
Mr. Maddock served as Chief Financial Officer of Micron
Technology, Inc. from 2015 until his retirement in 2018. Prior to
that, he served as Executive Vice President and Chief Financial
Officer of Riverbed Technology, Inc. from 2013 to 2015. From 1997
to 2013, Mr. Maddock served in various roles at Lam Research
Corporation, culminating in the position of Chief Financial Officer
from 2008 to 2013. Mr. Maddock has served on the boards of
directors of Ultra Clean Holdings Inc. (Nasdaq: UCTT) since June
2018 and Avnet (Nasdaq: AVT) since August 2021. Mr. Maddock
previously served on the Board of Intersil Corporation (Nasdaq:
ISIL) from 2015 until its acquisition in 2017. Mr. Maddock received
a BS in Industrial Management from the Georgia Institute of
Technology and an MBA with a specialization in Finance from Georgia
State University.
About Velodyne Lidar
Velodyne Lidar (Nasdaq: VLDR, VLDRW) ushered in a new era of
autonomous technology with the invention of real-time surround view
lidar sensors. Velodyne, the global leader in lidar, is known for
its broad portfolio of breakthrough lidar technologies. Velodyne’s
revolutionary sensor and software solutions provide flexibility,
quality and performance to meet the needs of a wide range of
industries, including autonomous vehicles, advanced driver
assistance systems (ADAS), robotics, unmanned aerial vehicles
(UAV), smart cities and security. Through continuous innovation,
Velodyne strives to transform lives and communities by advancing
safer mobility for all. For more information, visit
www.velodynelidar.com.
Forward Looking Statements
This press release contains "forward looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995 including, without
limitation, all statements other than historical fact and include,
without limitation, statements regarding market growth, target
markets, new products and development efforts. When used in this
press release, the words "estimates," "projected," "expects,"
"anticipates," "forecasts," "plans," "intends," "believes,"
"seeks," "may," "will," “can,” "should," "future," "propose" and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees of future performance, conditions or results and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
Velodyne's control, that could cause actual results or outcomes to
differ materially from those discussed in the forward-looking
statements. Important factors, among others, that may affect actual
results or outcomes include the uncertain impact of the COVID-19
pandemic on Velodyne's and its customers' businesses; Velodyne's
ability to manage growth; Velodyne's ability to execute its
business plan; uncertainties related to the ability of Velodyne's
customers to commercialize their products and the ultimate market
acceptance of these products; uncertainties regarding government
regulation and adoption of lidar; the rate and degree of market
acceptance of Velodyne's products; the success of other competing
lidar and sensor-related products and services that exist or may
become available; uncertainties related to Velodyne's current
litigation and potential litigation involving Velodyne or the
validity or enforceability of Velodyne's intellectual property; and
general economic and market conditions impacting demand for
Velodyne's products and services. For more information about risks
and uncertainties associated with Velodyne’s business, please refer
to the “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and “Risk Factors” sections of
Velodyne’s SEC filings, including, but not limited to, its annual
report on Form 10-K and quarterly reports on Form 10-Q. All
forward-looking statements in this press release are based on
information available to Velodyne as of the date hereof, Velodyne
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
1 The twelve month period ended September 30, 2021
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Media Jim Golden / Jack Kelleher / Lyle Weston Joele Frank,
Wilkinson Brimmer Katcher 212-355-4449
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