LivePerson Announces New Board Nominee and Additional Board of Directors Refreshment
LivePerson (LPSN) has entered into a cooperation agreement with Vector Capital Management, its largest shareholder owning approximately 12% of outstanding common stock. The company will nominate Dan Fletcher, CFO of Planful, as one of two nominees for election to the Board at the 2024 Annual Meeting. Following the meeting, an additional director will be appointed in cooperation with Vector. This board refreshment aims to enhance shareholder value by bringing new operational expertise and industry experience to support the company's strategic objectives.
LivePerson (LPSN) ha stipulato un accordo di cooperazione con Vector Capital Management, il suo principale azionista che detiene circa il 12% delle azioni ordinarie in circolazione. L'azienda nominerà Dan Fletcher, CFO di Planful, come uno dei due candidati per l'elezione al Consiglio di Amministrazione durante l'Assemblea Annuale del 2024. Dopo l'assemblea, un ulteriore amministratore verrà designato in cooperazione con Vector. Questo rinnovamento del consiglio ha l'obiettivo di aumentare il valore per gli azionisti portando nuove competenze operative ed esperienza nel settore per sostenere gli obiettivi strategici dell'azienda.
LivePerson (LPSN) ha entrado en un acuerdo de cooperación con Vector Capital Management, su mayor accionista que posee aproximadamente el 12% de las acciones comunes en circulación. La compañía nominara a Dan Fletcher, CFO de Planful, como uno de los dos candidatos para la elección a la Junta en la Reunión Anual de 2024. Después de la reunión, se nombrará un director adicional en cooperación con Vector. Este refresco de la junta tiene como objetivo mejorar el valor para los accionistas al aportar nueva experiencia operativa y en la industria para apoyar los objetivos estratégicos de la empresa.
LivePerson (LPSN)은 Vector Capital Management와 협력 계약을 체결하였습니다. 이는 약 12%의 보통주를 보유한 최대 주주입니다. 회사는 2024년 정기 회의에서 이사회에 선출될 두 후보 중 한 명으로 Planful의 CFO인 Dan Fletcher를 지명할 것입니다. 회의 후, Vector와 협력하여 추가 이사가 임명될 것입니다. 이사회 쇄신은 운영 전문성과 산업 경험을 새롭게 도입하여 회사의 전략적 목표를 지원함으로써 주주 가치를 향상시키는 것을 목표로 합니다.
LivePerson (LPSN) a signé un accord de coopération avec Vector Capital Management, son principal actionnaire possédant environ 12 % des actions ordinaires en circulation. La société nommera Dan Fletcher, CFO de Planful, comme l'un des deux candidats à l'élection au Conseil lors de l'Assemblée Générale de 2024. Après cette réunion, un directeur supplémentaire sera nommé en coopération avec Vector. Ce renouvellement du conseil vise à accroître la valeur pour les actionnaires en apportant de nouvelles expertises opérationnelles et une expérience sectorielle pour soutenir les objectifs stratégiques de l'entreprise.
LivePerson (LPSN) hat eine Kooperation mit Vector Capital Management geschlossen, dem größten Aktionär des Unternehmens, der etwa 12 % der ausstehenden Stammaktien besitzt. Das Unternehmen wird Dan Fletcher, CFO von Planful, als einen von zwei Kandidaten für die Wahl in den Vorstand auf der Hauptversammlung 2024 nominieren. Nach der Sitzung wird in Zusammenarbeit mit Vector ein zusätzlicher Direktor ernannt. Diese Erneuerung des Vorstands zielt darauf ab, den Aktionärswert zu steigern, indem neue betriebliche Expertise und Branchenerfahrung eingebracht werden, um die strategischen Ziele des Unternehmens zu unterstützen.
- Secured cooperation agreement with largest shareholder (12% stake holder)
- Strategic board refreshment with addition of experienced CFO nominee
- Planned appointment of additional director with relevant industry experience
- Improved alignment with major shareholder Vector Capital Management
- Indicates ongoing need for operational improvements and turnaround efforts
Enters into a Cooperation Agreement with Vector Capital Management, the Company's Largest Shareholder
Continues Planned Board Refreshment through a Collaborative Process to Add New Directors
As part of the Company's ongoing process to refresh its board of directors (the "Board"), the Company is pleased to announce its plan to nominate Dan Fletcher, the Chief Financial Officer of Planful, a portfolio company of Vector, as one of the Company's two nominees for election to the Board at the Company's 2024 Annual Meeting of Stockholders, in accordance with the Cooperation Agreement. Mr. Fletcher brings extensive industry experience and operational expertise to the Company, which will help advance the Company's strategic objectives, and ultimately, its goal to enhance shareholder value. Additionally, following the conclusion of the Company's 2024 Annual Meeting, the Board will appoint an additional director to be identified in cooperation with Vector, having relevant experience to further complement the existing Board and to support the Company's business and value creation goals.
"The Company's Board and management remain focused on enhancing the Board with new directors who bring skills, expertise and industry experience to support the execution of the Company's strategy, with the goal of producing long-term value for all shareholders," said Jill Layfield, Chair of the Board. "We are pleased to nominate Mr. Fletcher, as well as to strengthen alignment with our largest shareholder. We believe our new board members will provide significant value, bringing additional operational expertise and industry experience to support our commitment to long-term value creation for all shareholders."
Alex Slusky, Managing Director and Chief Investment Officer of Vector, added, "As the Company's largest shareholder, we appreciate the collaborative relationship with the Company that has resulted in this agreement. The Board's nomination of Mr. Fletcher reinforces our confidence in the Company's corporate governance and management, and demonstrates its receptivity to shareholder input. Our shared objective is to contribute our experience and industry knowledge to support LivePerson's turnaround and delivery of enhanced value for all shareholders."
Pursuant to the terms of the Cooperation Agreement, Vector has agreed to certain customary standstill and mutual non-disparagement provisions. Vector has also agreed to a voting commitment and related provisions in connection with the Cooperation Agreement. The complete Cooperation Agreement will be included as an exhibit to a Current Report on Form 8-K, which will be filed by the Company with the
About LivePerson, Inc.
LivePerson, Inc. (NASDAQ: LPSN) is the enterprise leader in digital customer conversations. The world's leading brands — including HSBC, Chipotle, and Virgin Media — use our award-winning Conversational Cloud platform to connect with millions of consumers. We power nearly a billion conversational interactions every month, providing a uniquely rich data set and AI-powered solutions to accelerate contact center transformation, supercharge agent productivity, and deliver more personalized customer experiences. Fast Company named us the #1 Most Innovative AI Company in the world. To talk with us or our AI, please visit liveperson.com.
About Vector Capital Management, L.P.
Vector Capital is a leading,
Forward-Looking Statements
Statements in this press release regarding the Company that are not historical facts are forward-looking statements and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties, and actual events or results may differ materially from our expectations. Some of the factors that could cause events or results to differ from our expectations include, without limitation, our ability to execute on and deliver our current business and product plans and goals, and the other factors described in the "Risk Factors" sections of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 4, 2024 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on August 7, 2024. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
Important Additional Information
The Company intends to file a proxy statement and a GOLD universal proxy card with the SEC in connection with the 2024 Annual Meeting, which is scheduled to be held on November 4, 2024 at 10:00 a.m. Eastern Time via a live audio webcast at www.virtualshareholdermeeting.com/LPSN2024. STOCKHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT, ACCOMPANYING GOLD UNIVERSAL PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE 2024 ANNUAL MEETING. Stockholders will be able to obtain the Company's proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC at no charge at the SEC's website at www.sec.gov. Copies will also be available at no charge at the Company's website at https://ir.liveperson.com/.
Participant Information
The Company, its directors and John D.
Directors | ||||||
Name | Ownership | Filing Date | Filing Type | Hyperlink | ||
John Sabino (Chief Executive Officer) | 3,354,839 | 03/19/2024 | Form 4 | |||
| ||||||
Name | Ownership | Filing Date | Filing Type | Hyperlink | ||
John D. (Chief Financial Officer and Chief Operating Officer) | 1,127,604 | 09/24/2024 | Form 4 | |||
Media Contact:
Mike Tague
mtague@liveperson.com
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SOURCE LivePerson, Inc.
FAQ
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