Matthijs Glastra Appointed Chairman of the Board of Directors of Novanta Inc.
Novanta Inc. (NASDAQ: NOVT) has announced that Matthijs Glastra will take on the role of Chairman of the Board effective after the Annual Meeting on May 13, 2021. He succeeds Stephen W. Bershad, who retires after 11 years of impactful leadership. Also, Lonny Carpenter will become the independent Lead Director. In recognition of Bershad’s contributions, he will be appointed Chairman Emeritus. Glastra noted that the company is well-positioned for sustained growth, despite challenges posed by the COVID-19 pandemic.
- Matthijs Glastra's promotion as Chairman may provide continuity in leadership.
- Bershad's tenure has strengthened Novanta, positioning it well for future growth.
- Leadership transition may raise concerns about continuity amid change.
- Bershad’s departure could result in a loss of experience on the Board.
Novanta Inc. (Nasdaq: NOVT) (the “Company”), a trusted technology partner to medical and advanced technology equipment manufacturers, announced today that its Board of Directors has appointed Matthijs Glastra, currently Chief Executive Office, to the additional role of Chairman of the Board, effective after the Company’s Annual Meeting of Shareholders on May 13, 2021. Mr. Glastra will succeed Stephen W. Bershad, who after a highly successful eleven year tenure, will retire from the Board and will not stand for re-election at Novanta’s Annual Meeting.
In addition, Novanta also announced that the independent directors have appointed current Board member Lonny Carpenter as independent Lead Director, also effective after the Annual Meeting. The Lead Director presides over all meetings of the Board at which the Chairman is not present, including executive sessions of the independent directors, calls meetings of the independent directors and serves as liaison between the Chairman and the independent directors. Mr. Carpenter joined the Novanta Board of Directors in May 2018 after a successful 30-year career at Stryker Corporation, most recently serving as Group President, Global Quality and Business Operations.
In recognition of Mr. Bershad’s extensive contributions to the Company, the Board of Directors has appointed him Chairman Emeritus, effective upon his retirement from the Board. While this position is honorary, without voting rights, and no special governance rights, Mr. Bershad will be available for consultation to the Board.
“Steve Bershad is the reason Novanta exists today. After acquiring a stake in the Company in 2009, Steve successfully recapitalized and restructured the Company, giving us the platform to create a world leading and flourishing enterprise,” said Matthijs Glastra. “We are extremely grateful for his guidance, leadership and dedicated service over the last eleven years. His contributions to the Company will have a lasting impact. One of Steve’s most important contributions to Novanta is building a strong and diverse Board of Directors and leadership team that ensures continuity of our mission.”
“This timing is consistent with my goal of providing a five year overlap with CEO Matthijs Glastra,” said Mr. Bershad. “The Company has done very well under Matthijs’ leadership as CEO since September 2016, and is now well positioned, both strategically and financially, for sustained growth in spite of the challenges of the COVID-19 pandemic. We are also extremely fortunate to have a group of strong board members, many of whom have served the Company for a number of years as well as some new members who have recently joined the Board with very strong, diverse and relevant backgrounds and expertise. This gives me great confidence that the Company is in good hands.”
About Novanta
Novanta is a leading global supplier of core technology solutions that give medical and advanced industrial original equipment manufacturers (“OEMs”) a competitive advantage. We combine deep proprietary technology expertise and competencies in photonics, vision and precision motion with a proven ability to solve complex technical challenges. This enables Novanta to engineer core components and sub-systems that deliver extreme precision and performance, tailored to our customers’ demanding applications. The driving force behind our growth is the team of innovative professionals who share a commitment to innovation and customer success. Novanta’s common shares are quoted on Nasdaq under the ticker symbol “NOVT”.
More information about Novanta is available on the Company’s website at www.novanta.com. For additional information, please contact Novanta Inc. Investor Relations at (781) 266-5137 or InvestorRelations@novanta.com.
Safe Harbor and Forward-Looking Information
Certain statements in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on current expectations and assumptions that are subject to risks and uncertainties. These forward-looking statements include, but are not limited to, statements regarding the Company being well positioned, both strategically and financially, for sustained growth, continuity of the Company’s mission and other statements that are not historical facts.
These forward-looking statements are neither promises nor guarantees, but involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, but not limited to, the following: economic and political conditions and the effects of these conditions on the Company’s customers’ businesses and level of business activities; risks associated with the COVID-19 pandemic and other events outside its control; the Company’s significant dependence upon its customers’ capital expenditures, which are subject to cyclical market fluctuations; the Company’s dependence upon its ability to respond to fluctuations in product demand; and the Company’s ability to continually innovate and successfully commercialize its innovations. Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect the Company’s operating results and financial condition are discussed in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as updated by our future filings with the Securities and Exchange Commission (“SEC”). Such statements are based on the Company’s beliefs and assumptions and on information currently available to the Company. The Company disclaims any obligation to publicly update or revise any such forward-looking statements as a result of developments occurring after the date of this document except as required by law.
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