Data I/O Announces CEO Transition Plan: Industry Veteran Bill Wentworth to Lead Company
Data I/O (NASDAQ: DAIO) has announced a CEO transition plan, with industry veteran Bill Wentworth set to become President and CEO. Wentworth, currently a board member, will assume the role of President on September 1, 2024, and CEO on October 1, 2024, replacing Anthony Ambrose. With over 35 years of industry experience, Wentworth brings valuable insights as a former Data I/O customer and successful business leader. He aims to capitalize on the company's strengths, generate growth, add new revenue streams, and explore organic and inorganic opportunities. The transition plan includes Ambrose assisting during the transition period and remaining available as a consultant for 12 months.
Data I/O (NASDAQ: DAIO) ha annunciato un piano di transizione per il CEO, con il veterano del settore Bill Wentworth che assumerà il ruolo di Presidente e CEO. Wentworth, attualmente membro del consiglio, diventerà Presidente il 1 settembre 2024 e CEO il 1 ottobre 2024, sostituendo Anthony Ambrose. Con oltre 35 anni di esperienza nel settore, Wentworth porta preziose intuizioni come ex cliente di Data I/O e leader di successo nel business. Il suo obiettivo è sfruttare i punti di forza dell'azienda, generare crescita, aggiungere nuove fonti di reddito e esplorare opportunità organiche e inorganiche. Il piano di transizione prevede che Ambrose assista durante il periodo di transizione e rimanga disponibile come consulente per 12 mesi.
Data I/O (NASDAQ: DAIO) ha anunciado un plan de transición para el CEO, con el veterano de la industria Bill Wentworth que asumirá el cargo de Presidente y CEO. Wentworth, actualmente miembro de la junta, asumirá el cargo de Presidente el 1 de septiembre de 2024 y el de CEO el 1 de octubre de 2024, reemplazando a Anthony Ambrose. Con más de 35 años de experiencia en la industria, Wentworth aporta valiosos conocimientos como ex cliente de Data I/O y líder empresarial exitoso. Tiene como objetivo capitalizar las fortalezas de la empresa, generar crecimiento, agregar nuevas fuentes de ingresos y explorar oportunidades orgánicas e inorgánicas. El plan de transición incluye que Ambrose asista durante el período de transición y se mantenga disponible como consultor durante 12 meses.
Data I/O (NASDAQ: DAIO)는 CEO 전환 계획을 발표했으며, 업계 베테랑 Bill Wentworth가 사장 겸 CEO로 취임할 예정입니다. 현재 이사로 활동하고 있는 Wentworth는 2024년 9월 1일부터 사장직을, 2024년 10월 1일부터 CEO 직책을 맡으며, Anthony Ambrose를 대체합니다. 35년 이상의 산업 경험을 가진 Wentworth는 전 Data I/O 고객이자 성공적인 비즈니스 리더로서 귀중한 통찰력을 제공합니다. 그는 회사의 강점을 활용하고, 성장을 창출하며, 새로운 수익원을 추가하고, 유기적 및 비유기적 기회를 탐색하는 것을 목표로 하고 있습니다. 전환 계획에는 Ambrose가 전환 기간 동안 지원하고 12개월 동안 컨설턴트로 남아 있는 것이 포함됩니다.
Data I/O (NASDAQ: DAIO) a annoncé un plan de transition pour le poste de PDG, avec le vétéran de l'industrie Bill Wentworth qui prendra les fonctions de Président et PDG. Actuellement membre du conseil d'administration, Wentworth assumera le rôle de Président le 1er septembre 2024 et celui de PDG le 1er octobre 2024, remplaçant Anthony Ambrose. Fort de plus de 35 ans d'expérience dans l'industrie, Wentworth apporte des connaissances précieuses en tant qu'ancien client de Data I/O et leader d'entreprise prospère. Son objectif est de tirer parti des points forts de l'entreprise, de générer une croissance, d'ajouter de nouvelles sources de revenus et d'explorer des opportunités organiques et inorganiques. Le plan de transition comprend l'assistance d'Ambrose pendant la période de transition et sa disponibilité en tant que consultant pendant 12 mois.
Data I/O (NASDAQ: DAIO) hat einen Plan für den CEO-Wechsel bekannt gegeben, bei dem der Branchenveteran Bill Wentworth Präsident und CEO werden soll. Wentworth, der derzeit Mitglied des Vorstands ist, wird am 1. September 2024 die Rolle des Präsidenten und am 1. Oktober 2024 die des CEO übernehmen und damit Anthony Ambrose ersetzen. Mit über 35 Jahren Erfahrung in der Branche bringt Wentworth wertvolle Einblicke als ehemaliger Kunde von Data I/O und erfolgreicher Unternehmensleiter mit. Sein Ziel ist es, die Stärken des Unternehmens zu nutzen, Wachstum zu generieren, neue Einnahmequellen zu erschließen und organische sowie anorganische Möglichkeiten zu erkunden. Der Übergangsplan sieht vor, dass Ambrose während der Übergangszeit unterstützt und 12 Monate lang als Berater zur Verfügung steht.
- Appointment of experienced industry veteran Bill Wentworth as new CEO
- Wentworth's extensive 35-year industry experience, including as a former Data I/O customer
- Planned focus on growth, new revenue streams, and exploring organic and inorganic opportunities
- Company's strong position in the global automotive industry
- Data I/O's industry-leading programming technology and automated solutions
- Best balance sheet in the industry and impressive global customer base
- None.
“We are very pleased to announce a leadership transition plan today with Bill Wentworth coming on board to lead Data I/O,” said Sally Washlow, Independent Chair of the Board of Directors of Data I/O. “Already a highly respected Board member of the Company, Bill will take on an executive role as he becomes President effective September 1, 2024 and CEO effective October 1, 2024.”
Mr. Wentworth, age 58, comes to Data I/O with a wealth of industry experience spanning over 35 years, including private equity and M&A exposure. As the CEO of Source Electronics, the global market share leader in programming and test services, he was a Data I/O customer and led the sale of controlling interest of Source Electronics to HIG Capital in 2001 and the company’s subsequent sale to Avnet in 2008 with significant investor return. Under Mr. Wentworth’s leadership, Source developed compelling programming solutions for the automotive and consumer industries, expanding the business and limiting its industry and customer concentration. More recently, as President and owner of Wentworth Advisors, he has consulted in the programming, IT, and private equity markets, focusing on expanding deal flow, performing due diligence and Board service. Mr. Wentworth has been a member of the Board of Directors of Data I/O since May 2023, serving as Chair of the Corporate Governance & Nominating Committee and member of the Audit and Compensation Committees.
“I am incredibly excited to become the next leader at Data I/O,” said Bill Wentworth. “Data I/O is the leading supplier to the global automotive industry and has developed industry-leading programming technology, automated solutions, and software. As a longtime customer of Data I/O over the past 40 years, I was a hands-on user of the industry’s first programming solution, the Data I/O 1. As a Board member for the past year, I’ve brought unique perspectives to the Company’s products and go-to-market strategies. Data I/O has the best balance sheet in the industry, an impressive global customer base, and critical programming technologies for automotive electronics market leadership, thanks to Anthony and his team. Our first objectives will be to capitalize on these attributes to generate growth, add new revenue streams, investigate new go-to-market models, and build the most robust, consistent, and reliable solutions for the markets we serve. The team and I will be evaluating from day one a comprehensive set of organic and inorganic opportunities for growth. Using our current strengths and industry-leading position, we will invest and innovate for the future with a goal of attaining sustainably greater profits and returns for shareholders.”
“I would like to thank Anthony Ambrose for his 12 years as CEO,” said Sally Washlow. “Anthony led our transition to Automotive First and introduced the PSV family of programming systems, the most successful family of programming systems in the industry with over 500 systems sold in the past decade. Anthony will assist Bill during his transition period and will be available to consult for the Company for the next 12 months. We all wish him well in his retirement from Data I/O.”
“It’s been my great pleasure to lead Data I/O for the past 12 years,” said Anthony Ambrose. “I recently discussed succession planning with the Board of Directors and I am pleased to hand off leadership of Data I/O to Bill Wentworth. He has the experience in our industry and financial markets to take Data I/O to the next level, and I look forward to fully supporting him during the transition period and beyond.”
Mr. Wentworth will continue to serve on Data I/O’s Board of Directors, although he will be reclassified from an Independent member to an Executive member, with Committee participation subject to change. After October 31, 2024, Mr. Ambrose will no longer be a member of Data I/O’s Board of Directors following his retirement as CEO of the Company, leaving 4 members of which 3 will be independent.
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 electronics devices. Today, our customers use Data I/O’s data programming solutions and security deployment platform to secure the global electronics supply chain and protect IoT device intellectual property from point of inception to deployment in the field. OEMs of any size can program and securely provision devices from early samples all the way to high volume production prior to shipping semiconductor devices to a manufacturing line. Data I/O enables customers to reliably, securely, and cost-effectively bring innovative new products to life. These solutions are backed by a portfolio of patents and a global network of Data I/O support and service professionals, ensuring success for our customers. Learn more at dataio.com/Company/Patents.
Learn more at dataio.com.
Forward-Looking Statements Disclaimer
Statements in this news release concerning strategic business planning, executive management and Board of Director membership, economic outlook, expected revenue, expected margins, expected savings, expected results, expected expenses, orders, deliveries, backlog and financial positions, semiconductor 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 demand for the Company’s products and the impact from geopolitical conditions including any related international trade restrictions. These factors include uncertainties as to the ability to record revenues based upon the timing of product deliveries, shipping availability, installations and acceptance, accrual of expenses, 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.
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Data I/O Corporation
Jennifer Higgins
Director Corporate Marketing
425-867-6922
higginj@dataio.com
Investor Relations
Darrow Associates, Inc.
Jordan Darrow
512-551-9296
jdarrow@darrowir.com
Source: Data I/O Corporation
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