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Azenta Announces the Addition of Three New Independent Directors Effective Immediately and New Initiative to Drive Value

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Azenta (NASDAQ: AZTA) has appointed three new independent directors to its Board: William Cornog (former head of KKR Capstone), Quentin Koffey (Founder of Politan Capital Management, owning 9.4% of Azenta), and Alan Malus (former Executive VP of Thermo Fisher). The company established a new Value Creation Committee to focus on long-term value creation, growth initiatives, and capital deployment. The committee will be chaired by William Cornog and includes the new directors along with CEO John Marotta and current director Martin Madaus. Azenta has also reaffirmed its full-year 2024 financial guidance previously announced on August 6th, 2024.

Azenta (NASDAQ: AZTA) ha nominato tre nuovi direttori indipendenti per il suo Consiglio: William Cornog (ex capo di KKR Capstone), Quentin Koffey (fondatore di Politan Capital Management, che detiene il 9,4% di Azenta) e Alan Malus (ex VP Esecutivo di Thermo Fisher). L'azienda ha istituito un nuovo Comitato per la Creazione di Valore per concentrarsi sulla creazione di valore a lungo termine, sulle iniziative di crescita e sull'impiego di capitali. Il comitato sarà presieduto da William Cornog e include i nuovi direttori insieme al CEO John Marotta e all'attuale direttore Martin Madaus. Azenta ha anche confermato la sua guida finanziaria per l'intero anno 2024 precedentemente annunciata il 6 agosto 2024.

Azenta (NASDAQ: AZTA) ha nombrado a tres nuevos directores independientes para su Junta: William Cornog (ex jefe de KKR Capstone), Quentin Koffey (fundador de Politan Capital Management, que posee el 9,4% de Azenta) y Alan Malus (ex VP Ejecutivo de Thermo Fisher). La compañía ha establecido un nuevo Comité de Creación de Valor para centrarse en la creación de valor a largo plazo, en iniciativas de crecimiento y en el despliegue de capital. El comité será presidido por William Cornog e incluye a los nuevos directores junto con el CEO John Marotta y el director actual Martin Madaus. Azenta también ha reafirmado su guía financiera para todo el año 2024 previamente anunciada el 6 de agosto de 2024.

아젠타 (NASDAQ: AZTA)는 이사회를 위한 세 명의 새로운 독립 이사를 임명했습니다: 윌리엄 코르노그 (전 KKR 캡스톤 헤드), 퀸틴 코페이 (아젠타의 9.4%를 소유한 폴리탄 캐피탈 매니지먼트의 설립자) 및 알란 말루스 (전 써모 피셔의 전무). 이 회사는 장기적인 가치 창출, 성장 이니셔티브 및 자본 배치를 중심으로 하는 새로운 가치 창출 위원회를 설립했습니다. 위원회는 윌리엄 코르노그가 의장을 맡고 있으며, 새로운 이사들과 CEO 존 마로타, 현 이사인 마틴 마다우스가 포함됩니다. 아젠타는 또한 2024년 전체 연도 재무 전망을 2024년 8월 6일에 발표한 바와 같이 재확인했습니다.

Azenta (NASDAQ: AZTA) a nommé trois nouveaux administrateurs indépendants au sein de son Conseil : William Cornog (ancien responsable de KKR Capstone), Quentin Koffey (fondateur de Politan Capital Management, détenant 9,4 % d'Azenta) et Alan Malus (ancien VP Exécutif de Thermo Fisher). La société a établi un nouveau Comité de Création de Valeur pour se concentrer sur la création de valeur à long terme, les initiatives de croissance et le déploiement de capital. Le comité sera présidé par William Cornog et inclut les nouveaux administrateurs ainsi que le PDG John Marotta et l'administrateur actuel Martin Madaus. Azenta a également réaffirmé ses prévisions financières pour l'année complète 2024, précédemment annoncées le 6 août 2024.

Azenta (NASDAQ: AZTA) hat drei neue unabhängige Direktoren in seinen Vorstand berufen: William Cornog (ehemaliger Leiter von KKR Capstone), Quentin Koffey (Gründer von Politan Capital Management, der 9,4% von Azenta besitzt) und Alan Malus (ehemaliger Executive VP von Thermo Fisher). Das Unternehmen hat einen neuen Wertschöpfungsausschuss gegründet, um sich auf die langfristige Wertschöpfung, Wachstumsinitiativen und Kapitalverwendung zu konzentrieren. Der Ausschuss wird von William Cornog geleitet und umfasst die neuen Direktoren sowie CEO John Marotta und den aktuellen Direktor Martin Madaus. Azenta hat auch seine Finanzprognose für das Gesamtjahr 2024, die zuvor am 6. August 2024 angekündigt wurde, erneut bestätigt.

Positive
  • Addition of three experienced directors with relevant industry expertise
  • Formation of Value Creation Committee focused on growth and capital deployment
  • 9.4% ownership stake by Politan Capital Management shows institutional confidence
  • Reaffirmation of FY2024 financial guidance indicates stable business outlook
Negative
  • None.

Insights

The appointment of three new directors and establishment of a Value Creation Committee marks a significant strategic shift for Azenta. The inclusion of Politan Capital Management, holding a 9.4% stake, alongside experienced executives from KKR and Thermo Fisher, signals a strong focus on operational efficiency and shareholder returns. Most notably, the reaffirmation of FY2024 guidance provides stability amid these governance changes.

The formation of the Value Creation Committee specifically targeting growth initiatives, cost management and capital deployment suggests potential operational restructuring ahead. With Politan's activist involvement and the new directors' expertise in portfolio operations and life sciences, investors should anticipate increased focus on margin expansion and profitability improvements in the near term.

This board restructuring represents a sophisticated response to activist pressure while maintaining strategic control. The cooperation agreement with Politan, including standstill and voting provisions, effectively balances activist influence with corporate stability. The diverse expertise of the new directors - spanning private equity operations, capital allocation and life sciences - addresses key operational and strategic needs.

The Value Creation Committee's establishment demonstrates proactive governance evolution, positioning the board to drive operational improvements while managing activist interests constructively. This balanced approach to board refreshment and activist engagement typically leads to positive outcomes for shareholders.

William L. Cornog, Quentin Koffey and Alan J. Malus Add Deep Industry Expertise and Track Records of Shareholder Value Creation to the Board

Establishes Value Creation Committee of the Board Comprised of New Directors, CEO John Marotta, and Current Director Martin Madaus

Reaffirms Full-Year 2024 Financial Guidance

BURLINGTON, Mass., Nov. 4, 2024 /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) ("Azenta" or "the Company"), today announced the appointment of three new independent directors to its Board.

William Cornog, former head of KKR Capstone, the portfolio operations team of KKR & Co., and Alan Malus, former Corporate Executive Vice President of Thermo Fisher, join as part of Azenta's ongoing initiative to ensure a best-in-class Board that has resulted in significant Board refreshment in the past two years.

Also, as part of the Board's process, Quentin Koffey, Founder, Managing Partner and Chief Investment Officer of Politan Capital Management ("Politan"), which owns 9.4% of Azenta common stock, joins as a Director. Azenta and Politan have entered into a cooperation agreement that provides for the addition of Mr. Koffey to the Board, among other matters.

"The addition of these new independent directors further demonstrates Azenta's commitment to ensuring we have a well-rounded Board with the right mix of skillsets and experience. We are excited to welcome William, Quentin and Alan," said Frank E. Casal, Chairman of Azenta's Board of Directors. "Their diverse set of skills complement our Board's existing strengths. William's operational expertise leading companies to profitable growth, Quentin's experience enhancing capital allocation, and Alan's track record of fostering life sciences innovation will be invaluable as we continue our focus on expanding margins and enhancing profitability to further drive long-term shareholder value creation."

"I am honored to join Azenta's Board," said Mr. Cornog. "Since becoming a standalone business, Azenta has built a strong foundation with a clear runway for growth, and the Company is poised to generate meaningful shareholder value."

"As long-term investors in Azenta, we are confident the Company has significant opportunities ahead to unlock and drive shareholder value," said Mr. Koffey. "We appreciate our constructive engagement with Azenta, and I look forward to collaborating with the Board and management to best position the Company for the future."

"In the dynamic life sciences industry, Azenta has proven its commitment to innovate for customers," said Mr. Malus. "I am thrilled to join the Board and help advance Azenta's mission to enable impactful scientific breakthroughs faster."

Azenta's Board has established a new Value Creation Committee to, in consultation with senior management of the Company, assist and advise the Board in its responsibilities relating to long-term value creation, including growth and cost initiatives and high-level capital deployment. The initial members of the Value Creation Committee are William Cornog, Quentin Koffey, Martin Madaus, Alan Malus, and John Marotta and the committee will be chaired by William Cornog.

Azenta also reaffirms its full year 2024 financial guidance provided on August 6th, 2024.

As part of the cooperation agreement and to facilitate collaboration, Azenta and Politan have agreed to customary standstill, voting and other provisions. The cooperation agreement will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.

About William L. Cornog

William L. Cornog is the former head of KKR Capstone, the portfolio operations team of KKR & Co. In addition to leading Capstone, Mr. Cornog chaired KKR's portfolio management committees for the Americas, Europe, Asia, Infrastructure, Impact & Technology Growth and was a member of the Investment & Distribution and Valuation Committees. Currently, Mr. Cornog is a board member at Brightview Holdings Inc. (NYSE: BV) and LiveWire (NYSE: LVWR). He is Chairman of the Audit Committee and the Conflicts Committee of LiveWire.

About Quentin Koffey

Quentin Koffey is Founder, Managing Partner and Chief Investment Officer of Politan Capital Management. Prior to founding Politan in 2021, Mr. Koffey was a partner at Senator Investment Group LP from 2019 to 2021, a Portfolio Manager for Strategic Investments at The D.E. Shaw Group from 2017 to 2019 and a Portfolio Manager at Elliott Management Corporation from 2010 to 2017.

About Alan J. Malus

Alan J. Malus is the former Corporate Executive Vice President of Thermo Fisher. Prior to that, Mr. Malus served as President, Laboratory Products and Services at Thermo Fisher. He has held various leadership positions and senior executive positions in finance, marketing, commercial development and operations since joining Thermo Fisher in 1998. Previously, Mr. Malus served as an independent director at PHC Holdings Corp., a global healthcare company, headquartered in Japan.

About Azenta Life Sciences

Azenta, Inc. (Nasdaq: AZTA) is a leading provider of life sciences solutions worldwide, enabling impactful breakthroughs and therapies to market faster. Azenta provides a full suite of reliable cold-chain sample management solutions and multiomics services across areas such as drug development, clinical research and advanced cell therapies for the industry's top pharmaceutical, biotech, academic and healthcare institutions globally. Our global team delivers and supports these products and services through our industry-leading brands, including GENEWIZ, FluidX, Ziath, 4titude, Limfinity, Freezer Pro, Barkey, and B Medical Systems.

Azenta is headquartered in Burlington, Massachusetts, with operations in North America, Europe, and Asia. For more information, please visit www.azenta.com.

"Safe Harbor Statement" under Section 21E of the Securities Exchange Act of 1934

Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Azenta's financial and business results and the forward-looking statements in this release to differ materially from our expectations. These statements are based on the facts known to management at the time they are made. Forward-looking statements in this release include but are not limited to statements about: the three new independent directors appointed to the Board; the expected impact each new independent director may have on Azenta, including with respect to future shareholder value; Azenta's future plans and expectations with respect to the Board; and the role and impact of the newly created Value Creation Committee of the Board. Factors that could cause results to differ from our expectations include the following: our ability to reduce costs effectively; the volatility of the life sciences markets Azenta serves; our possible inability to meet demand for our products due to difficulties in obtaining components and materials from our suppliers in required quantities and of required quality; the inability of customers to make payments to us when due; price competition; disputes concerning intellectual property; uncertainties in global political and economic conditions; and other factors and other risks, including those that we have described in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K, Current Reports on Form 8-K and our Quarterly Reports on Form 10-Q. As a result, we can provide no assurance that future results will not be materially different from the forward-looking statements in this release. Azenta expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in our expectations or any change in events, conditions, or circumstances on which any such statement is based. Azenta undertakes no obligation to update the information contained in this press release.

AZENTA INVESTOR CONTACTS:
Yvonne Perron
Vice President, Financial Planning & Analysis and Investor Relations
ir@azenta.com

Sherry Dinsmore
sherry.dinsmore@azenta.com 

AZENTA MEDIA CONTACT:
Emily Claffey
FGS Global
Azenta@FGSGlobal.com

Azenta logo (PRNewsfoto/Azenta)

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SOURCE Azenta

FAQ

Who are the new directors appointed to Azenta's (AZTA) board in November 2024?

The three new independent directors appointed to Azenta's board are William Cornog (former head of KKR Capstone), Quentin Koffey (Founder of Politan Capital Management), and Alan Malus (former Executive VP of Thermo Fisher).

What is the purpose of Azenta's (AZTA) new Value Creation Committee?

The Value Creation Committee will assist and advise the Board on long-term value creation, including growth and cost initiatives and high-level capital deployment.

What percentage of Azenta (AZTA) does Politan Capital Management own?

Politan Capital Management owns 9.4% of Azenta's common stock.

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