CPI Card Group Announces Results of Annual Meeting; Welcomes Tom Furey as Director

Rhea-AI Summary

CPI Card Group Inc. (OTCQX: PMTS) announced the re-election of its six sitting directors and the election of Thomas Furey as a new independent director at its annual meeting. Furey, with over 25 years of experience in manufacturing and operations, is expected to bring valuable expertise to the board. Additionally, stockholders ratified KPMG LLP as the independent accounting firm and approved the compensation of named executive officers. An amendment to increase shares available under the Omnibus Incentive Plan was also approved. Detailed voting results are available in an SEC filing.

Positive

• Election of Thomas Furey as a new independent director, enhancing board expertise.
• Ratification of KPMG LLP as independent accounting firm, ensuring quality financial oversight.
• Approval of executive compensation aligns with shareholder interests.
• Increase in shares available under Omnibus Incentive Plan may motivate executives and align with company growth.

Negative

• None.

CPI Card Group Inc. (OTCQX: PMTS; TSX: PMTS) (“CPI” or the “Company”), a payment technology company and leading provider of credit, debit and prepaid solutions, announced that at its annual meeting of stockholders, held virtually yesterday, its stockholders voted to re-elect all six sitting directors to serve for a one-year term: Robert Pearce, Nicholas Peters, Scott Scheirman, Bradley Seaman, Marc Sheinbaum and Valerie Soranno Keating. Stockholders also voted to elect Thomas Furey as a new independent director.

Thomas Furey brings to CPI’s board over 25 years of experience in high volume manufacturing, operations and executive leadership. Mr. Furey currently serves as the Chairman and Chief Executive Officer of Sagetech Avionics, Inc. (“Sagetech”), a privately held aerospace electronics company. From 2014 to 2015, Mr. Furey served as Vice President of manufacturing and engineering at Unitec, Inc., a point-of-sale payments equipment company, before which he led his own operations consultancy firm from 2012-2013. From 2004 to 2012, Mr. Furey held various executive positions at Standard Register Company. He began his career as a Naval Flight Officer in the U.S. Navy. Mr. Furey holds a Bachelor of Science degree in mathematics from the U.S. Naval Academy, a Master of Science degree in Industrial Engineering from California State University Northridge, as well as a Master of Science degree in Mechanical Engineering and a Master of Business Administration degree from the Massachusetts Institute of Technology.

“We are pleased to welcome Tom to CPI’s Board of Directors,” said Bradley Seaman, Chairman of CPI’s Board of Directors. “Tom’s deep operational experience in manufacturing and strong executive leadership skills will be invaluable to CPI as we pursue our strategic plan to be the partner of choice by providing market-leading quality products and customer service with a market-competitive business model.”

In addition to the election of directors to CPI’s Board of Directors, CPI stockholders (i) ratified the retention of KPMG LLP as its independent registered public accounting firm for the year ending December 31, 2021, (ii) voted to approve, on an advisory basis, the compensation of the Company’s named executive officers, as described in CPI’s Proxy Statement filed with the Securities and Exchange Commission on April 13, 2021 (the “Proxy Statement”), (iii) voted to approve, on an advisory basis, holding an advisory vote on the compensation of the Company’s named executive officers every one year, and (iv) voted to approve an amendment and restatement of the CPI Card Group Inc. Omnibus Incentive Plan (the “Omnibus Plan”), as described in the Proxy Statement, to increase the total number of shares of the Company’s common stock reserved and available for issuance thereunder and make other administrative changes. CPI’s non-insider stockholders also voted to approve an amendment to the Omnibus Plan to increase the maximum number of shares of the Company’s common stock issuable to “Insiders” thereunder from 10% to 15% of the number of then issued and outstanding shares of the Company’s common stock.

Detailed voting results of CPI’s annual meeting of stockholders can be found in an 8-K filed today with the Securities and Exchange Commission, which is located on CPI’s investor relations website https://investor.cpicardgroup.com and on the SEC website.

About CPI Card Group Inc.

CPI Card Group® is a payment technology company and leading provider of credit, debit and prepaid solutions delivered physically, digitally and on-demand. CPI helps our customers foster connections and build their brands through innovative and reliable solutions, including financial payment cards, personalization and Software-as-a-Service (SaaS) instant issuance. CPI has more than 20 years of experience in the payments market and is a trusted partner to financial institutions and payments services providers. Serving customers from locations throughout the United States, CPI has a large network of high security facilities, each of which is registered as PCI compliant by one or more of the payment brands: Visa, Mastercard®, American Express® and Discover®. Learn more at www.cpicardgroup.com.

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FAQ

What were the results of CPI Card Group's annual meeting held on May 28, 2021?

CPI Card Group stockholders re-elected six directors and elected Thomas Furey as a new director. They ratified KPMG LLP as the independent accounting firm and approved executive compensation.

Who is Thomas Furey and what experience does he bring to CPI's Board?

Thomas Furey brings over 25 years of experience in manufacturing and operations, previously serving in executive roles and as CEO of Sagetech Avionics.

What changes were made to the Omnibus Incentive Plan at CPI Card Group?

Stockholders approved an amendment to increase shares available under the Omnibus Incentive Plan and raised the maximum for 'Insiders' from 10% to 15%.

What is the significance of the board elections for CPI Card Group?

The re-election and addition of directors like Thomas Furey are aimed at enhancing governance and strategic direction, crucial for the company's growth.