Casa Systems Co-Founder and Senior Vice President of Operations Lucy Xie announces retirement

Rhea-AI Summary

Casa Systems (Nasdaq: CASA) announced the retirement of co-founder Lucy Xie, effective December 31, 2022, to focus on family matters. Xie, a former Chief Financial Officer and current Senior Vice President of Operations, has been pivotal in the company's success over the last 19 years, overseeing significant operational expansions globally. The company will redistribute her current duties among existing executives while a succession plan is developed. Xie remains on the Board of Directors until the 2023 Annual Meeting but will not seek re-election.

Positive

• Lucy Xie played a critical role in Casa Systems' success and international expansion.
• The company is implementing a succession plan to ensure leadership continuity.

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• None.

ANDOVER, Mass., Dec. 05, 2022 (GLOBE NEWSWIRE) -- Casa Systems, Inc. (Nasdaq: CASA), a leading provider of cloud-native software and physical broadband technology solutions for wireless, cable and fixed networks, announced today that Lucy Xie, a co-founder and current Senior Vice President of Operations, will retire from her operational role effective December 31, 2022, to attend to family parental issues.

Lucy was the founding Chief Financial Officer and a founding Board Member when Casa Systems started 19 years ago and has been critical to the Company’s success to date. She built the finance team from the ground up and went on to oversee worldwide operations of the Company starting in 2010. Lucy was instrumental in building the team at Casa Systems, and she also spearheaded the expansion of the Company internationally, with the addition of significant subsidiaries in Ireland, Spain and China.

“Lucy played a critically important role in Casa Systems’ success to date, and on behalf of the Board, I would like to thank her for her many contributions and wish her just as much happiness and success in this new phase of her life,” said Bruce Evans, the lead independent director of the Company’s Board of Directors.

“I am very proud of what we have achieved over the years. I am deeply grateful for the privilege to have worked with my fellow co-founders and the incredibly dedicated and talented teams at Casa Systems,” said Ms. Xie. “I feel good about having played a role in this exciting journey and having committed 100 percent emotionally throughout. I will continue, in my role on the Board, to support the Casa Systems team to complete the successful transformation of the Company into a cloud software and connected cloud company.”

Ms. Xie will continue to serve as a member of Board of Directors of the Company through the remainder of her current term, which will end on the date of the Company’s Annual Meeting of Stockholders in 2023. Ms. Xie does not intend to stand for re-election as a director. Ms. Xie’s current duties will be distributed among existing executives while the Company completes the succession plan for her role in the coming months.

About Casa Systems, Inc.
Casa Systems, Inc. (Nasdaq: CASA) delivers the core-to-customer building blocks to speed 5G transformation with future-proof solutions and cutting-edge bandwidth for all access types. In today’s increasingly personalized world, Casa Systems creates disruptive architectures built specifically to meet the needs of service provider networks. Our suite of open, cloud-native network solutions unlocks new ways for service providers to build networks without boundaries and maximizes revenue-generating capabilities. Commercially deployed in more than 70 countries, Casa Systems serves over 475 Tier 1 and regional service providers worldwide. For more information, visit http://www.casa-systems.com.

CASA SYSTEMS PR CONTACT
Alicia Thomas
Casa Systems, Inc.
+1.817.909.8921
alicia.thomas@casa-systems.com

FAQ

What role did Lucy Xie have at Casa Systems before her retirement?

Lucy Xie was a co-founder, Chief Financial Officer, and Senior Vice President of Operations at Casa Systems.

When is Lucy Xie's retirement effective?

Lucy Xie's retirement is effective December 31, 2022.

What will happen to Lucy Xie's duties after her retirement?

Lucy Xie's duties will be redistributed among existing executives as a succession plan is developed.

Will Lucy Xie continue with Casa Systems after her retirement?

Yes, she will remain on the Board of Directors until the 2023 Annual Meeting but will not stand for re-election.

How long has Lucy Xie been with Casa Systems?

Lucy Xie has been with Casa Systems for 19 years.