Calix Announces Changes to Board of Directors

Rhea-AI Summary

Calix, Inc. (NYSE: CALX) announced the resignation of board members Kevin DeNuccio and J. Daniel Plants, effective May 12, 2022. DeNuccio has been on the board since 2012, while Plants joined in 2018. Both members have significantly contributed to the company's transformation into a software and services provider. Their departures will reduce the board size from ten to nine members, with a search underway for replacements. The move reflects Calix's ongoing evolution and adaptation in the tech landscape.

Positive

• DeNuccio and Plants played critical roles in transforming Calix into a cloud and software services provider.
• Their contributions have placed Calix in a strong financial position.

Negative

• Concerns about continuity in board experience with the departure of long-standing members.

Kevin DeNuccio and J. Daniel Plants to Step Down from Board at 2022 Annual Meeting

SAN JOSE, Calif.--(BUSINESS WIRE)-- Calix, Inc. (NYSE: CALX) today announced Kevin DeNuccio and J. Daniel Plants have tendered their resignations from the Board effective as of May 12, 2022. Mr. DeNuccio has served on the Calix Board of Directors since 2012 and Mr. Plants has served on the Calix Board of Directors since 2018.

“I want to express my sincere thanks on behalf of the Board and the company to Kevin and Dan for their guidance and contributions over many years as members of the Board,” said Carl Russo, chairman and chief executive officer of Calix. “As the company embarked on its long-term transformation into a software platforms, systems and services provider both have played a critical role in shaping our technology strategy and refining our financial execution.”

“Calix has done what no other company in my experience has done and transformed a traditional communications system company into a cloud analytics, software, systems and services company,” said Mr. DeNuccio. “Being able to contribute to this transformation has been incredible and I look forward to what the company does in the coming years as it continues to expand its platform offerings.”

“Our firm, Voce Capital Management, has been a long-term investor in Calix, and we greatly admire what Carl and the team have built,” said Mr. Plants. “It has been my pleasure to serve on the board for the past four years and to assist in placing Calix in the strongest financial position in its history.”

In concert with these resignations, the size of the Board will be reduced from ten to nine members and a search has commenced to fill the open seat.

About Calix

Calix, Inc. (NYSE: CALX) – Calix cloud and software platforms enable service providers of all types and sizes to innovate and transform. Our customers utilize the real-time data and insights from Calix platforms to simplify their businesses and deliver experiences that excite their subscribers. The resulting growth in subscriber acquisition, loyalty, and revenue creates more value for their businesses and communities. This is the Calix mission; to enable broadband service providers of all sizes to simplify, excite, and grow.

This press release may contain forward-looking statements that are based upon management's current expectations and are inherently uncertain. Forward-looking statements are based upon information available to us as of the date of this release, and we assume no obligation to revise or update any such forward-looking statement to reflect any event or circumstance after the date of this release, except as required by law. Actual results and the timing of events could differ materially from current expectations based on risks and uncertainties affecting Calix’s business. The reader is cautioned not to rely on the forward-looking statements contained in this press release. Additional information on potential factors that could affect Calix's results and other risks and uncertainties are detailed in its quarterly reports on Form 10-Q and Annual Report on Form 10-K filed with the SEC and available at www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220330005217/en/

Investor Inquiries:

Tom Dinges

408-474-0080

tom.dinges@calix.com

Source: Calix, Inc.

FAQ

Why did Kevin DeNuccio and J. Daniel Plants resign from Calix's board?

They both tendered resignations as part of a planned change at the board level.

When will DeNuccio and Plants officially step down from Calix's board?

Their resignations will take effect on May 12, 2022.

What impact might the board member resignations have on Calix?

The resignations could lead to a temporary gap in board experience, but the company is searching for replacements to maintain strategic direction.

How long have DeNuccio and Plants served on Calix's board?

DeNuccio has served since 2012, and Plants has been a member since 2018.