Lantronix Announces CFO Departure and Transition Plan
Lantronix Inc. (NASDAQ: LTRX) announced the resignation of CFO Jeremy Whitaker, who departed on September 13, 2024, to join a private company. The company has appointed Brent Stringham, its current Controller, as Interim CFO while conducting a search for a permanent replacement. Stringham, with Lantronix since 2012, brings extensive financial expertise to the role.
To support the transition, Lantronix has engaged David McLennan, former CFO of Sierra Wireless Inc., as a consultant. CEO Saleel Awsare expressed confidence in the company's financial future with this leadership team. Whitaker, who served for 18 years, stated that he balanced completing year-end results at Lantronix with the needs of his new position.
Lantronix Inc. (NASDAQ: LTRX) ha annunciato le dimissioni del CFO Jeremy Whitaker, che si è dimesso il 13 settembre 2024 per unirsi a un'azienda privata. L'azienda ha nominato Brent Stringham, l'attuale Controller, come CFO ad interim mentre conduce una ricerca per un sostituto permanente. Stringham, con Lantronix dal 2012, porta un'ampia esperienza finanziaria nel suo ruolo.
Per supportare la transizione, Lantronix ha ingaggiato David McLennan, ex CFO di Sierra Wireless Inc., come consulente. Il CEO Saleel Awsare ha espresso fiducia nel futuro finanziario dell'azienda con questo team di leadership. Whitaker, che ha servito per 18 anni, ha dichiarato di aver bilanciato il completamento dei risultati di fine anno di Lantronix con le esigenze della sua nuova posizione.
Lantronix Inc. (NASDAQ: LTRX) anunció la renuncia del CFO Jeremy Whitaker, quien dejó su puesto el 13 de septiembre de 2024 para unirse a una empresa privada. La compañía ha nombrado a Brent Stringham, su actual Controller, como CFO interino mientras busca un reemplazo permanente. Stringham, quien ha estado en Lantronix desde 2012, aporta una amplia experiencia financiera al puesto.
Para apoyar la transición, Lantronix ha contratado a David McLennan, ex CFO de Sierra Wireless Inc., como consultor. El CEO Saleel Awsare expresó confianza en el futuro financiero de la compañía con este equipo de liderazgo. Whitaker, quien sirvió durante 18 años, declaró que equilibró la finalización de los resultados anuales de Lantronix con las necesidades de su nuevo puesto.
란트로닉스 인크. (NASDAQ: LTRX)가 CFO 제레미 휘태커의 사임을 발표했습니다. 그는 2024년 9월 13일에 사임하고 개인 회사에 합류했습니다. 회사는 영구적인 부임자를 찾는 동안 현재의 국장인 브렌트 스트링햄을 임시 CFO로 임명했습니다. 2012년부터 란트로닉스에서 근무해온 스트링햄은 이 역할에 광범위한 재무 전문성을 가져옵니다.
전환을 지원하기 위해 란트로닉스는 시에라 와이어리스 인크.의 전 CFO인 데이비드 맥레넌을 컨설턴트로 고용했습니다. CEO 살릴 아우사레는 이 리더십 팀과 함께 회사의 재무 미래에 대한 신뢰를 표현했습니다. 18년 동안 근무한 휘태커는 란트로닉스의 연말 결과를 완료하는 것과 그의 새로운 직무의 요구 사항을 조화롭게 처리했다고 밝혔습니다.
Lantronix Inc. (NASDAQ: LTRX) a annoncé la démission de son CFO Jeremy Whitaker, qui a quitté ses fonctions le 13 septembre 2024 pour rejoindre une entreprise privée. L'entreprise a nommé Brent Stringham, son contrôleur actuel, comme CFO par intérim en attendant la recherche d'un remplaçant permanent. Stringham, présent chez Lantronix depuis 2012, apporte une vaste expertise financière à ce poste.
Pour soutenir la transition, Lantronix a engagé David McLennan, ancien CFO de Sierra Wireless Inc., comme consultant. Le PDG Saleel Awsare a exprimé sa confiance dans l'avenir financier de l'entreprise avec cette équipe de direction. Whitaker, qui a occupé le poste pendant 18 ans, a déclaré qu'il avait harmonisé l'achèvement des résultats de fin d'année de Lantronix avec les exigences de son nouveau poste.
Lantronix Inc. (NASDAQ: LTRX) gab die Kündigung von CFO Jeremy Whitaker bekannt, der am 13. September 2024 zu einem privaten Unternehmen gewechselt ist. Das Unternehmen hat Brent Stringham, den aktuellen Controller, als Interim-CFO ernannt, während eine Suche nach einem dauerhaften Nachfolger durchgeführt wird. Stringham, der seit 2012 bei Lantronix ist, bringt umfangreiche Finanzkenntnisse in die Rolle ein.
Um den Übergang zu unterstützen, hat Lantronix David McLennan, den ehemaligen CFO von Sierra Wireless Inc., als Berater engagiert. CEO Saleel Awsare äußerte sein Vertrauen in die finanzielle Zukunft des Unternehmens mit diesem Führungsteam. Whitaker, der 18 Jahre lang im Unternehmen war, stellte fest, dass er die Jahresend-Ergebnisse von Lantronix mit den Anforderungen seiner neuen Position in Einklang brachte.
- Appointment of experienced Interim CFO Brent Stringham, who has been with the company since 2012
- Engagement of David McLennan, former CFO of Sierra Wireless Inc., as a consultant during the transition
- CEO's expression of confidence in the company's financial future despite the CFO departure
- Departure of long-serving CFO Jeremy Whitaker after 18 years with the company
- Potential disruption in financial leadership during the transition period
Insights
The departure of a long-serving CFO like Jeremy Whitaker after 18 years is significant, but Lantronix's swift action in appointing an interim CFO and bringing in an experienced consultant mitigates potential disruption. Brent Stringham's 12-year tenure as Controller provides continuity, while David McLennan's background with Sierra Wireless adds valuable industry-specific expertise. This orderly transition suggests robust succession planning, a positive indicator for investors.
However, the timing of Whitaker's departure immediately after the fiscal year-end could raise questions about the company's financial position. Investors should closely monitor the upcoming earnings report for any unexpected revelations. The lack of specific financial guidance or reassurance about meeting targets in this announcement is notable and may lead to short-term market uncertainty.
Lantronix's position in the competitive IoT solutions market makes leadership stability crucial. The CFO transition comes at a time when the IoT sector is experiencing rapid growth, with a projected CAGR of
The engagement of David McLennan, with his experience at Sierra Wireless, a larger player in the IoT space, could signal Lantronix's ambitions for expansion or even position the company for potential M&A activity. Investors should watch for any shifts in strategy or capital allocation in the coming quarters, as these could indicate the new financial leadership's influence on the company's growth trajectory.
The handling of this CFO transition demonstrates strong corporate governance practices at Lantronix. The immediate appointment of an internal candidate as Interim CFO, coupled with the engagement of an experienced external advisor, shows a commitment to maintaining financial stability and transparency. This approach aligns with best practices in executive succession planning.
However, the abrupt nature of Whitaker's departure, just days after the fiscal year-end, could raise eyebrows among regulators and shareholders. While it's stated that Whitaker balanced completing year-end results with his new role's needs, this timing warrants scrutiny. Investors should look for timely filing of financial reports and any potential restatements or adjustments in the near term as indicators of the transition's smoothness and the robustness of the company's financial controls.
Experienced Leadership Team to Oversee Transition
IRVINE, Calif., Sept. 16, 2024 (GLOBE NEWSWIRE) -- Lantronix Inc. (NASDAQ: LTRX), a global leader in compute and connectivity IoT solutions, today announced the resignation of Chief Financial Officer (CFO) Jeremy Whitaker, who has accepted the CFO role at a private company. Whitaker departed on September 13, 2024.
Brent Stringham, currently the company’s Controller, is appointed Interim CFO while the company conducts a search for the next CFO. Stringham, an experienced financial leader, has been with Lantronix since 2012. He brings deep institutional knowledge and extensive financial expertise to the role. Prior to joining Lantronix, Brent held financial leadership positions at Iteris Inc., Netlist Inc., and Ernst & Young.
In addition, David McLennan, former CFO of Sierra Wireless Inc., who retired in 2020, has been engaged to provide consulting and advisory support during the transition. McLennan brings a proven track record of driving growth, international expansion, and financial stability during his tenure at leading technology companies.
Saleel Awsare, CEO of Lantronix, expressed confidence in the company's financial future: "Lantronix is positioned for financial success with the skilled leadership of Brent and David. I want to personally thank Jeremy for his 18 years of dedication and exceptional contributions, and I wish him great success in his new role.”
Jeremy Whitaker, outgoing CFO, commented: "In choosing to depart at this time I have balanced the need to complete the year-end results at Lantronix, with the pressing needs of my new position. It has been a privilege to contribute to the transformation of Lantronix into a global IoT leader. As I take on this new opportunity, I leave knowing the company is in excellent hands, with a strong financial foundation."
With this leadership transition plan in place, Lantronix remains firmly committed to delivering shareholder value and advancing its strategic objectives as a global leader in the IoT industry.
About Lantronix
Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth industries including Smart Cities, Automotive and Enterprise. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that address each layer of the IoT Stack. Lantronix’s leading-edge solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing. For more information, please visit www.lantronix.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including without limitation statements related to our leadership transition plan and positioning for financial success. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024; as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. The forward-looking statements included in this release speak only as of the date hereof, and we do not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances.
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Lantronix Media Contact:
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FAQ
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