LivePerson Founder Robert P. LoCascio Files Preliminary Proxy Statement, Nominates Two Highly Qualified Candidates Focused on AI and Enterprise B2B to the LivePerson Board of Directors
Robert P. LoCascio, founder and former CEO of LivePerson (NASDAQ: LPSN), has nominated two independent candidates for election to the company's Board of Directors. The nominees, Walter Bachtiger and Michal Czwarno, bring expertise in artificial intelligence and B2B operations. LoCascio aims to address LivePerson's recent challenges, including an 80% stock value decline since August 2023 and a $100 million revenue loss due to customer churn.
LoCascio believes a refreshed Board with deep understanding of LivePerson's operations and AI market dynamics can help the company regain its market-leading position. The nominees are expected to bring relevant expertise to restore the company's historical strategy of innovation and provide a stockholder perspective to the Board.
Robert P. LoCascio, fondatore e ex CEO di LivePerson (NASDAQ: LPSN), ha nominato due candidati indipendenti per l'elezione al Consiglio di Amministrazione dell'azienda. I nomi proposti, Walter Bachtiger e Michal Czwarno, apportano competenze nel campo dell'intelligenza artificiale e delle operazioni B2B. LoCascio intende affrontare le sfide recenti di LivePerson, tra cui un declino del valore delle azioni dell'80% da agosto 2023 e una perdita di ricavi di 100 milioni di dollari a causa della perdita di clienti.
LoCascio è convinto che un Consiglio rinnovato, con una profonda comprensione delle operazioni di LivePerson e delle dinamiche del mercato dell'IA, possa aiutare l'azienda a riconquistare la sua posizione di leadership di mercato. Si prevede che i candidati apportino competenze rilevanti per ripristinare la storica strategia di innovazione dell'azienda e offrire una prospettiva degli azionisti al Consiglio.
Robert P. LoCascio, fundador y ex CEO de LivePerson (NASDAQ: LPSN), ha nominado a dos candidatos independientes para las elecciones en la Junta Directiva de la empresa. Los nominados, Walter Bachtiger y Michal Czwarno, aportan experiencia en inteligencia artificial y operaciones B2B. LoCascio busca abordar los recientes desafíos de LivePerson, incluyendo una devaluación del 80% en el valor de las acciones desde agosto de 2023 y una pérdida de ingresos de 100 millones de dólares debido a la pérdida de clientes.
LoCascio cree que una Junta renovada con un profundo entendimiento de las operaciones de LivePerson y de las dinámicas del mercado de IA puede ayudar a la empresa a recuperar su posición de liderazgo en el mercado. Se espera que los nominados traigan experiencia relevante para restaurar la estratégica histórica de innovación de la empresa y proporcionar una perspectiva de los accionistas a la Junta.
로버트 P. 로카스시오(Robert P. LoCascio)는 LivePerson (NASDAQ: LPSN)의 창립자이자 전 CEO로서 회사 이사회에 선출될 두 명의 독립 후보자를 지명했습니다. 지명된 후보자는 Walter Bachtiger와 Michal Czwarno로, 인공지능과 B2B 운영에 대한 전문성을 지니고 있습니다. 로카스시오는 2023년 8월 이후 80%의 주가 하락과 고객 이탈로 인한 1억 달러의 수익 손실 등 LivePerson의 최근 문제를 해결하고자 합니다.
로카스시오는 LivePerson의 운영 및 인공지능 시장 역학을 깊이 이해하는 새로워진 이사회가 회사가 시장 선두 자리를 되찾는 데 도움이 될 수 있다고 믿고 있습니다. 지명된 후보자들은 회사의 혁신 역사적 전략을 복구하고 이사회에 주주 관점을 제공하는 데 중요한 전문성을 가져올 것으로 기대됩니다.
Robert P. LoCascio, fondateur et ancien PDG de LivePerson (NASDAQ: LPSN), a proposé deux candidats indépendants pour élections au Conseil d'Administration de l'entreprise. Les candidats, Walter Bachtiger et Michal Czwarno, apportent une expertise en intelligence artificielle et en opérations B2B. LoCascio vise à s'attaquer aux défis récents de LivePerson, notamment une baisse de 80 % de la valeur de l'action depuis août 2023 et une perte de revenus de 100 millions de dollars due au départ de clients.
LoCascio est convaincu qu'un Conseil rajeuni, doté d'une compréhension approfondie des opérations de LivePerson et des dynamiques du marché de l'IA, peut aider l'entreprise à retrouver sa position de leader sur le marché. Les candidats devraient apporter une expertise pertinente pour restaurer la stratégie historique d'innovation de l'entreprise et fournir une perspective d'actionnaire au Conseil.
Robert P. LoCascio, Gründer und ehemaliger CEO von LivePerson (NASDAQ: LPSN), hat zwei unabhängige Kandidaten für die Wahl in den Aufsichtsrat des Unternehmens nominiert. Die nominierten Kandidaten, Walter Bachtiger und Michal Czwarno, bringen Fachwissen im Bereich Künstliche Intelligenz und B2B-Operationen mit. LoCascio beabsichtigt, die jüngsten Herausforderungen von LivePerson anzugehen, darunter einen Rückgang des Aktienwerts um 80% seit August 2023 und einen Umsatzverlust von 100 Millionen Dollar aufgrund von Kundenabwanderung.
LoCascio ist der Ansicht, dass ein erneuerter Aufsichtsrat, der ein tiefes Verständnis für die operativen Abläufe von LivePerson und die Dynamik des KI-Marktes hat, dem Unternehmen helfen kann, seine marktführende Position zurückzugewinnen. Es wird erwartet, dass die Nominierten relevante Expertise einbringen, um die historische Innovationsstrategie des Unternehmens wiederherzustellen und dem Aufsichtsrat eine Perspektive der Aktionäre zu bieten.
- Nomination of two highly qualified candidates with AI and B2B expertise to the Board
- Potential for improved strategic direction and innovation in AI technology
- Opportunity to address recent challenges and regain market leadership
- 80% stock value decline since August 2023
- $100 million revenue loss due to customer churn
- Dilutive debt restructuring in May 2024
- Increased covenant restrictions and interest rate exposure
- Notable departures of key employees, especially from the data science team
Nominees Walter Bachtiger and Michal Czwarno Bring Much-Needed Expertise in Artificial Intelligence, Knowledge of LivePerson's Operations and Deep Understanding of Evolving AI Market Dynamics
The nominees, Walter Bachtiger, Founder and CEO of TimeTrust, a Silicon Valley FinTech company and former LivePerson Vice President, and Michal Czwarno, a strategic technology business leader with substantial experience in global strategy formation and execution, would bring much-needed AI industry and Business to Business ("B2B") experience to the Board.
LivePerson was at one time a leading AI company, but since August 2023, the value of its stock has fallen by approximately
Mr. LoCascio believes that a refreshed Board, with a deep understanding of LivePerson's operations and the evolving market dynamics surrounding AI and the contact center sector, would allow the Company to regain a market-leading position and the confidence of its stockholders. Mr. LoCascio also believes that with the right strategic plan and Board composition, the Company can rapidly unlock the potential of its unique data and platform assets. Mr. LoCascio's Nominees bring the relevant expertise, experience and knowledge to return the Company to its historical strategy of innovation, and bring an important and currently lacking stockholder mentality to the Board.
"I spent nearly three decades building LivePerson into an industry-leading conversational AI platform that was uniquely positioned to capitalize on the AI revolution, and the Company's performance has not reflected that opportunity," said Mr. LoCascio. "The current Board and management team would benefit greatly from a clear and cohesive plan around its operational and customer acquisition and retention strategy designed to reduce and prevent significant customer churn and restore value to the Company's stock price.
"I remain confident in LivePerson's business and am fully committed to helping restore the Company's reputation. With the right strategic plan, spearheaded by the right Board and management team, LivePerson can regain its AI industry leadership and provide tremendous value to its stockholders. Walter and Michal both bring unique and direct understanding of the Company's offerings, operations and rapidly evolving industry dynamics, along with relevant experience in key areas of the AI market. I know they would help quickly realign LivePerson's focus to further drive innovation and reestablish it as the partner of choice for some of the world's largest brands."
Biographies of the Nominees follow:
Walter Bachtiger
A current LivePerson stockholder, Walter Bachtiger is a seasoned SaaS and B2B executive currently serving as Founder and CEO of TimeTrust, a Silicon Valley Fintech company. From 2022 to 2024, Mr.Bachtiger served as Vice President of Voice AI at LivePerson, where he researched and delivered chat support systems to Fortune 500 companies powered by various commercial and open source LLMs (Transformers/ChatGPT) AI systems. Previously, from 2009 to 2021, he served as Founder and CEO of VoiceBase, Inc. before it was acquired by LivePerson. Since 2022, Mr. Bachtiger has also served on the advisory board of New Native AB, a fast growing Swedish AI investment and research company.
Michal Czwarno
Michal Czwarno is a strategic technology business leader, manager and entrepreneur with a proven track record in scaling software companies. Mr. Czwarno is the former Interim Head of GTM Operations, Enablement and Enterprise Strategy at Asana, a work management software company, where he served in 2023. Between 2014 and 2023, he served as President and Chief Revenue Officer at PageUp, where he led marketing, sales and sales development, professional services, customer success and renewals; and Vice-President of Expansion at DocuSign, a major document management software company, orchestrating key initiatives related to DocuSign's vision, strategy, product marketing, operations and enablement efforts globally.
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Cautionary Statement Regarding Forward-Looking Statements
This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein in any state to any person. The information herein contains "forward-looking statements". Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "potential," "targets," "forecasts," "seeks," "could," "should" or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct or that any of the objectives, plans or goals stated herein will ultimately be undertaken or achieved. If one or more of such risks or uncertainties materialize, or if the underlying assumptions of Robert P. LoCascio ("Mr. LoCascio") and Ikon LP (collectively, the "LoCascio Parties") prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Mr. LoCascio that the future plans, estimates or expectations contemplated will ever be achieved. Mr. LoCascio has neither sought nor obtained consent from any third party to use previously published information in this press release, including any quotes used in this press release.
Important Information
The LoCascio Parties, Walter Bachtiger and Michal Czwarno (collectively, the "Participants") intend to file a definitive proxy statement and accompanying form of WHITE proxy card with the Securities and Exchange Commission (the "SEC") to be used in connection with the 2024 Annual Meeting of Stockholders of LivePerson, Inc. (the "Company"). Stockholders of the Company are advised to read the definitive proxy statement and other documents related to the solicitation of proxies with respect to the Company by the Participants as they become available because they will contain important information. They will be made available at no charge on the SEC's website, https://www.sec.gov/.
Information about the Participants and a description of their direct or indirect interests by security holdings or otherwise can be found in the preliminary proxy statement filed with the SEC on Schedule 14A by Mr. LoCascio on August 20, 2024.
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