MultiSensor AI Announces Appointment of Stuart Flavin, III as Interim Chief Executive Officer

Rhea-AI Summary

MultiSensor AI Holdings (Nasdaq: MSAI) announced a leadership transition with the appointment of Stuart Flavin, III ('Trip') as Interim Chief Executive Officer, succeeding Gary Strahan who stepped down as CEO. Trip, a current board member, brings extensive experience including roles as VP of Innovation at P&G's Global Shave Care business and Partner at McKinsey & Company. The transition aligns with MSAI's goal of becoming a SaaS leader in Predictive Maintenance. Former CEO Gary Strahan will remain in a consulting capacity while the board conducts a search for a permanent successor.

Positive

• Appointment of experienced executive with relevant industry expertise
• Former CEO remains as consultant ensuring smooth transition
• Strategic alignment towards SaaS business model

Negative

• Temporary leadership situation with interim CEO
• Departure of company founder from CEO position

Leadership Changes to Further Advance Growth Strategy and Execution Objectives

HOUSTON, TX / ACCESSWIRE / November 27, 2024 / MultiSensor AI Holdings, Inc. (Nasdaq:MSAI), a pioneer in the emerging industrial AI-driven condition-based maintenance and process solution industry, today announced a leadership transition as MultiSensor AI evolves into its goal of being a SaaS leader in Predictive Maintenance and to position the Company for its next phase of growth. The Board of Directors is pleased to announce that, consistent with its succession plans, it has appointed fellow Board member Stuart Flavin, III ("Trip") to also serve as Interim Chief Executive Officer. Trip succeeds Gary Strahan who has stepped down as CEO to focus on the next phase of his professional career.

David Gow, MSAI's Chairman, said: "Today's selection of Trip to be Interim Chief Executive Officer is an exciting moment for the Company, its employees, and its stakeholders. We expect Trip's deep familiarity with our business and industry to further augment our strategic initiatives. In addition, Trip has a wealth of historic experience directly relevant to the growth opportunities facing MultiSensor AI today. Trip has had significant expertise in driving innovation across companies large and small, for example, serving as VP of Innovation for P&G's Global Shave Care business from July 2009 to October 2012, where he focused on innovation strategy, product/technical roadmap planning, and program execution. Prior to that, he was the VP of Global Operations for the Blades and Razors Business from January 2006 to June 2009 and, before this, Trip was a Partner at McKinsey & Company where he focused on operational excellence across many industrial companies and co-led the Operations Practice. We are delighted to have Trip serve the Company in the additional capacity of Interim Chief Executive Officer."

Mr. Gow continued, "The Board and I want to thank Gary for his contributions to the Company as MSAI's founder and for what he has done to progress the industry over the course of his long and impressive career in infrared sensing. The Company is fortunate to retain Gary in a consulting capacity for a period of time, as the Board conducts a search for a permanent successor, and we look forward to benefitting from his continued training of the next generation of thermographers through his leadership in the classrooms of Company clients. We wish him continued health and happiness in the next chapter of his life."

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as "will," "believe," "anticipate," "expect," "estimate," "intend," "plan," or their negatives or variations of these words, or similar expressions. All statements contained in this press release that do not strictly relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Company management's expectations regarding its strategic priorities and objectives, future plans and business prospects. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including the "Risk Factors" section of the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, as such factors may be updated from time to time in the Company's other filings with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. Any forward-looking statement made in this press release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, the Company expressly disclaims any obligations to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

About MultiSensor AI (MSAI)

MultiSensor AI's SmartIR is an AWS-powered software platform that leverages MSAI-built thermal imaging, acoustic imaging, and vibration sensing devices for condition-based monitoring of critical mechanical and electrical assets and manufactured outputs. MSAI's solutions are deployed by organizations to protect critical assets across a wide range of industries including data centers, distribution & logistics, manufacturing, utilities, and oil & gas. MSAI's sensing solutions are built around high-resolution thermal imaging along with visible, acoustic, vibration and laser spectroscopy imagers and sensors. This full-stack solution measures heat, sound, and gas in the surrounding environment, helping companies gain insight to efficiently manage their most important assets and infrastructure. MSAI designs and manufactures digital thermal sensing solution platforms with edge and cloud-based software.

For more information, please visit https://multisensorai.com/.

MSAI Contact:
Michael Cummings
Alpha IR
Phone: +1 (617) 461-1101
e-mail: michael.cummings@alpha-ir.com
website: www.multisensorai.com

SOURCE: MultiSensor AI Holdings, Inc.

View the original press release on accesswire.com

FAQ

Who is the new interim CEO of MultiSensor AI (MSAI)?

Stuart Flavin, III ('Trip') has been appointed as the interim CEO of MultiSensor AI (MSAI), succeeding Gary Strahan.

What is Trip Flavin's background before joining MultiSensor AI (MSAI)?

Trip Flavin previously served as VP of Innovation for P&G's Global Shave Care business (2009-2012), VP of Global Operations for Blades and Razors Business (2006-2009), and was a Partner at McKinsey & Company.

What happened to MultiSensor AI's (MSAI) former CEO Gary Strahan?

Gary Strahan stepped down as CEO to focus on the next phase of his professional career but will remain with MSAI in a consulting capacity while the board searches for a permanent successor.