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Data I/O Announces Appointment of Edward Smith to Board of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
Data I/O Corporation (NASDAQ: DAIO) has appointed Edward Smith to its Board of Directors, effective February 23, 2022. Smith, currently CEO of SMTC Corporation, brings over 25 years of experience in the Electronics Manufacturing Services industry. His prior roles include leadership at Avnet Inc., where he significantly increased revenue. With this addition, Data I/O's Board expands to six members, enhancing its market and governance capabilities. Smith aims to leverage his experience to drive growth and strengthen Data I/O's market presence.
Positive
Appointment of Edward Smith expected to enhance market insights and governance.
Smith's proven track record in leading growth and acquisitions in the EMS sector.
Experience in managing a Nasdaq-listed company may benefit shareholder value.
Negative
None.
REDMOND, Wash.--(BUSINESS WIRE)--
Data I/O Corporation (NASDAQ: DAIO), the leading global provider of advanced data and security deployment solutions for flash, flash-memory based intelligent devices and microcontrollers, announced that Mr. Edward Smith has joined the Board of Directors of Data I/O, effective February, 23, 2022. Mr. Smith is the CEO of SMTC Corporation, a global Electronics Manufacturing Services (“EMS”) provider focused on partnering with leading original equipment manufacturers and emerging technology companies to provide the full range of end-to-end EMS services, from prototyping and design, to manufacturing and logistics. The addition of Mr. Smith expands Data I/O’s Board of Directors to 6, with 5 members being independent.
Mr. Smith is a globally recognized leader in the electronics and semiconductor distribution industries. As CEO of SMTC since 2017 when it was publicly traded on Nasdaq, he led the company through 3 years of growth including a series of acquisitions until being acquired by an affiliate of H.I.G. Capital in 2021. Mr. Smith is a seasoned and successful executive with more than 25 years’ experience in the EMS industry and the electronic components distribution industry. Prior to joining SMTC, he served as President of Avnet Inc. for 7 years and held various other senior positions since 1994. At Avnet, he grew the Americas component operations from $1.2 billion to $4.0 billion, and started a global embedded business which grew to $2.2 billion in 7 years. Earlier, Mr. Smith served as President and Chief Executive Officer of SMTEK International Inc., a tier II manufacturer in the EMS industry, from 2002 to 2004. Under his leadership, SMTEK’s share price increased from $0.35 to $15.23 when it was acquired. Mr. Smith also has gained extensive corporate governance experience while serving on a number of boards as a director. He is the founder and currently runs the We Will Never Forget charitable foundation in honor of the victims and first responders of the attacks on 9/11.
“Ed Smith’s appointment to our Board of Directors expands our end markets, financial markets, and corporate governance knowledge and capabilities on the Board,” said Anthony Ambrose, President and CEO of Data I/O Corporation. “We stand to benefit on multiple levels as Ed has proven experience in returning value to shareholders as the CEO of a Nasdaq listed company, has led, bought and sold multiple companies in the semiconductor and electronics distribution industries, and has professional ties throughout the world that we will leverage to accelerate our marketing strategies. All of these qualities make him an excellent addition to the Board for Data I/O.”
“I am very pleased to have been appointed to the Board of Data I/O,” said Ed Smith. “Having been in the industry for more than 25 years, I have worked with Data I/O’s technology many times and have learned first-hand of its superior data programming and secure provisioning technologies. I look forward to working with the Board and the management team to drive substantial growth and advance its leadership globally.”
About Data I/O Corporation
Since 1972 Data I/O has developed innovative solutions to enable the design and manufacture of electronic products for automotive, Internet-of-Things, medical, wireless, consumer electronics, industrial controls and other electronic devices. Today, our customers use Data I/O security deployment and programming solutions to reliably, securely, and cost-effectively bring innovative new products to life. These solutions are backed by a global network of Data I/O support and service professionals, ensuring success for our customers.
Forward Looking Statement and Non-GAAP financial measures
Statements in this news release concerning economic outlook, expected revenue, expected margins, expected savings, expected results, orders, deliveries, backlog and financial positions, silicon chip shortages, supply chain expectations, as well as any other statement that may be construed as a prediction of future performance or events are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statement disclaimers also apply to the global COVID-19 pandemic, including the expected effects on the Company’s business from COVID-19, the duration and scope, impact on the demand for the Company’s products, and the pace of recovery for the COVID-19 pandemic to subside. These factors include uncertainties as to the ability to record revenues based upon the timing of product deliveries, installations and acceptance, accrual of expenses, coronavirus related business interruptions, changes in economic conditions, part shortages and other risks including those described in the Company's filings on Forms 10-K and 10-Q with the Securities and Exchange Commission (SEC), press releases and other communications.
Non-GAAP financial measures, such as EBITDA, Adjusted EBITDA excluding equity compensation and impairment & related charges, and Adjusted gross margin should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s results and facilitate the comparison of results.
What is the significance of Edward Smith joining Data I/O's Board?
Edward Smith's appointment is significant as it enhances Data I/O's market insights and corporate governance capabilities, crucial for driving growth.
What experience does Edward Smith bring to Data I/O Corporation?
Smith has over 25 years in the Electronics Manufacturing Services industry, previously leading SMTC Corporation and Avnet Inc. with substantial revenue growth.
When did Edward Smith join the Board of Data I/O Corporation?
Edward Smith officially joined Data I/O's Board of Directors on February 23, 2022.
How will Edward Smith's leadership impact Data I/O Corporation?
Smith's leadership is expected to leverage his extensive network and experience to accelerate Data I/O's market strategies and drive growth.
