Mobileye Appoints Elaine L. Chao to Its Board of Directors

Rhea-AI Summary

Mobileye Global (Nasdaq: MBLY) announced the appointment of Elaine L. Chao to its Board of Directors as an independent director, effective June 7, 2024. Chao, a former U.S. Secretary of Transportation and Labor, brings extensive experience in technology, transportation, and business transformation. Her background includes roles in public, private, and nonprofit sectors, with two Cabinet positions confirmed by the U.S. Senate. She has served on several public company boards and holds degrees from Harvard and Mount Holyoke. Mobileye's CEO, Prof. Amnon Shashua, expressed confidence in Chao's positive impact on the company's mission to advance road safety through technology.

Mobileye, a leader in autonomous driving and driver-assistance technologies, has equipped about 170 million vehicles globally. The company, an independent entity from Intel since 2022, focuses on AI, computer vision, mapping, and integrated hardware/software, offering solutions from ADAS to autonomous vehicles.

Positive

• Elaine L. Chao's appointment brings significant experience in technology and transportation.
• Chao's bipartisan Senate confirmations highlight her credibility and expertise.
• Mobileye continues to attract high-profile leaders to its board, enhancing its strategic direction.
• Mobileye's technology is already present in approximately 170 million vehicles worldwide.
• The company offers a diverse product portfolio, from ADAS to autonomous vehicles.

Negative

• The press release lacks specific details on how Chao's appointment will directly impact financial performance.
• No immediate financial benefits or market responses to the appointment are mentioned.

JERUSALEM--(BUSINESS WIRE)-- Mobileye Global Inc. (Nasdaq: MBLY) announced today the appointment of Elaine L. Chao to the Mobileye Global Inc. Board of Directors as an independent director, effective as of June 7, 2024.

“It’s an honor to have former U.S. Secretary of Transportation and U.S. Secretary of Labor Elaine Chao join Mobileye’s board as an independent director,” said Patrick P. Gelsinger, chair of Mobileye’s board of directors. “Elaine’s experience in technology, transportation and business transformation will bring a wealth of knowledge to our mission of advancing road safety through advanced technology.”

Secretary Chao has had a distinguished career as a national and global leader in the public, private and nonprofit sectors. She has been confirmed to two Cabinet positions by the United States Senate on a strong bipartisan basis, serving as the 24th U.S. Secretary of Labor from 2001 to 2009 and the 18th U.S. Secretary of Transportation from 2017 to 2021. She was the first woman of Asian American heritage to serve in a U.S. Presidential cabinet. Beyond her extensive government service, Secretary Chao has also served as a director for several public companies, from Fortune 500 firms to technology and transportation innovators, as well as across the nonprofit sector.

“Having known Secretary Chao for several years, I know she will make an immediate and positive contribution to Mobileye’s board,” said Mobileye President and CEO Prof. Amnon Shashua. “She has long been a vocal advocate for breakthrough technology that benefits all road users, a key part of our mission at Mobileye.”

Secretary Chao earned her master’s in business administration from Harvard Business School and her undergraduate degree in economics from Mount Holyoke College. She was President and CEO of United Way America, Director of the Peace Corps, and a banker with Citicorp and Bank of America. In recognition of her accomplishments in public service, she is also the recipient of 38 honorary doctorate degrees.

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Mobileye (Nasdaq: MBLY) leads the evolution of mobility with our autonomous driving and driver-assistance technologies, based on world-renowned expertise in artificial intelligence, computer vision, mapping, and integrated hardware and software. Since our founding in 1999, Mobileye has enabled the wide adoption of advanced driver-assistance systems while pioneering groundbreaking technologies such as REM™ crowdsourced mapping, True Redundancy™ sensing, Responsibility-Sensitive Safety™ (RSS™) driving policy and Driving Experience Platform (DXP). These technologies support a product portfolio structured for scale and designed to unlock the full potential of mobility, offering a range of solutions from premium ADAS to autonomous vehicles. By the end of 2023, approximately 170 million vehicles worldwide have been equipped with Mobileye technology. In 2022, Mobileye listed as an independent company separate from Intel (Nasdaq: INTC), which retains majority ownership. For more information, visit https://www.mobileye.com.

“Mobileye,” the Mobileye logo and Mobileye product names are registered trademarks of Mobileye Global. All other marks are the property of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240607234668/en/

Investor Relations Contact: investors@mobileye.com

Media Contact: PR@mobileye.com

Source: Mobileye Global Inc.

FAQ

What is the significance of Elaine L. Chao joining Mobileye's Board of Directors?

Elaine L. Chao brings extensive experience in technology, transportation, and business transformation, which is expected to benefit Mobileye's strategic direction in advancing road safety through technology.

When will Elaine L. Chao join Mobileye's Board of Directors?

Elaine L. Chao will join Mobileye's Board of Directors as an independent director effective June 7, 2024.

How does Mobileye's technology impact the automotive market?

Mobileye's technology is integrated into approximately 170 million vehicles globally, offering solutions from advanced driver-assistance systems to autonomous vehicles.

What is Mobileye's stock symbol?

Mobileye's stock symbol is MBLY.

What experience does Elaine L. Chao bring to Mobileye?

Elaine L. Chao has served as U.S. Secretary of Transportation and Labor, and has extensive experience in public, private, and nonprofit sectors, including roles in several public companies.