Everspin Announces Leadership Changes

Rhea-AI Summary

Everspin Technologies, Inc. (NASDAQ: MRAM) announced the resignation of Kevin Conley as President and CEO, effective January 30, 2021. Darin Billerbeck, previously non-executive Chairman, will serve as interim CEO and Executive Chairman. Billerbeck brings extensive semiconductor memory experience, having held leadership roles at Intel, Zilog, and Lattice Semiconductor. The company adjusted its fourth quarter 2020 revenue guidance to between $10.1 million and $10.5 million, down from earlier expectations of up to $10.9 million. No conference call will follow this announcement.

Positive

• Darin Billerbeck's extensive experience in the semiconductor memory market could drive future growth.
• Transition to interim CEO could bring fresh perspectives given Billerbeck's background.

Negative

• Lowered fourth quarter revenue guidance indicates potential ongoing revenue challenges.

Everspin Technologies, Inc. (NASDAQ: MRAM), the market leader in MRAM, today announced that Kevin Conley has notified the company of his decision to resign as President and CEO and as a member of Everspin’s Board of Directors, effective January 30, 2021. Darin Billerbeck, currently non-executive Chairman of the Board, will become interim CEO, effective January 30, 2021, and has also been appointed as Executive Chairman of the Board, effective December 9, 2020.

Darin brings a wealth of knowledge and experience in the semiconductor memory market, previously serving as the VP/GM of Intel’s Flash memory group, President and CEO of Zilog, and President and CEO of Lattice Semiconductor. Darin has served as a member of the Board since August 2018 and as non-executive Chairman of the Board since March 2019.

“I’m excited to join the Everspin executive team to help drive growth and profitability along with increasing shareholder value,” stated Mr. Billerbeck, “I want to thank Kevin for his contributions over the past 3 years. On behalf of the Board of Directors, I wish him well in his future endeavors.”

Updated Revenue Guidance for the Fourth Quarter of 2020

For the fourth quarter of 2020, Everspin currently expects total revenue in a range between $10.1 million and $10.5 million. This compares to guidance of a range of $10.1 million to $10.9 million previously provided on November 5, 2020.

Upcoming Investor Conferences

There will be no conference call associated with this announcement. Everspin’s CFO, Daniel Berenbaum, will participate in the following investor conferences:

• 12^th Annual Virtual CEO Summit on December 16^th, 2020
• 23^rd Annual Needham Virtual Growth Conference on January 11^th through 15^th, 2021

Portfolio managers and analysts who would like to request a meeting with management should contact a representative of the respective firm or Everspin’s investor relations.

About Everspin Technologies

Everspin Technologies, Inc. is the world’s leading provider of Magnetoresistive RAM (MRAM). Everspin MRAM delivers the industry’s most robust, highest performance non-volatile memory for Industrial IoT, Data Center, and other mission-critical applications where data persistence is paramount. Headquartered in Chandler, Arizona, Everspin provides commercially available MRAM solutions to a large and diverse customer base. For more information, visit www.everspin.com. NASDAQ: MRAM.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding future results that involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements, including, but not limited to the statements made under the caption “Business Outlook.” Forward-looking statements are identified by words such as “believe,” “will,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “could,” “potentially" or the negative of these terms or similar expressions. These include, but are not limited to our future plans, strategies, objectives, expectations, intentions and financial performance and the assumptions that underlie these statements. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks set forth in Everspin’s Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on August 6, 2020 and November 5, 2020 under the caption “Risk Factors” as well as in our other filings with the SEC. Any forward-looking statements made by Everspin in this press release speak only as of the date on which they are made and subsequent events may cause these expectations to change. Everspin disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201215006145/en/

FAQ

What are the reasons for Kevin Conley's resignation from Everspin?

Kevin Conley resigned as President and CEO of Everspin Technologies, effective January 30, 2021, but the specific reasons for his resignation were not disclosed in the press release.

Who is taking over as CEO after Kevin Conley's resignation?

Darin Billerbeck, the non-executive Chairman of the Board, will become the interim CEO effective January 30, 2021.

What is the new revenue guidance for Everspin for the fourth quarter of 2020?

Everspin expects fourth quarter revenue to be between $10.1 million and $10.5 million, revised down from previous guidance of $10.1 million to $10.9 million.

What experience does Darin Billerbeck bring to Everspin as interim CEO?

Darin Billerbeck has a significant background in the semiconductor memory market, having served in various leadership roles, including at Intel's Flash memory group and as CEO of Zilog and Lattice Semiconductor.

Will there be a conference call following the announcement of the CEO change?

No, Everspin has indicated that there will be no conference call associated with this announcement.