Quarterhill Announces the Departure of John Rim, CFO
Quarterhill Inc. has announced the departure of CFO John Rim to pursue other interests, with Stephen Thompson appointed as interim CFO. Thompson, who previously held the CFO role from April to December 2017, has extensive public company experience and is a Chartered Professional Accountant. The Board is actively searching for a permanent CFO. CEO Bret Kidd expressed gratitude for Rim's contributions and highlighted the company's strengthened fundamentals as it transitions into the Intelligent Transportation Systems (ITS) sector, focusing on growth and acquisitions.
- Stephen Thompson's appointment as interim CFO leverages his previous experience with the company.
- Quarterhill's fundamentals are reportedly stronger as they transition to the ITS industry.
- The company aims for global leadership in ITS through organic growth and acquisitions.
- Departure of CFO John Rim may raise concerns regarding stability in financial leadership.
TORONTO, Jan. 31, 2022 /PRNewswire/ - Quarterhill Inc. ("Quarterhill") (TSX: QTRH) (OTCQX: QTRHF) and its Board of Directors today announced that John Rim, Chief Financial Officer ("CFO"), is leaving the company to pursue other interests.
The Board is engaging an executive search firm to recruit a new CFO and Mr. Rim has agreed to help support an orderly transition. Stephen Thompson, Senior Vice President Finance at Wi-LAN Inc. (a Quarterhill subsidiary), has been appointed interim CFO at Quarterhill while it undertakes its CFO search. Mr. Thompson previously served as interim CFO of Quarterhill from April 2017 to December 2017. In addition, Mr. Thompson has public company experience at three prior firms, holds a Bachelor of Commerce (honours) degree from Queens' University and is a Chartered Professional Accountant, Chartered Accountant (Ontario) as well as a Certified Public Accountant (Illinois, USA).
"I want to thank John for his contributions over the past 16 months in helping us execute on our growth strategy in the Intelligent Transportation Systems ("ITS") industry," said Bret Kidd, CEO at Quarterhill. "As we accelerate our transition to ITS, Quarterhill's fundamentals are stronger today than ever and we are excited to be moving into the next phase of our growth and evolution."
About Quarterhill Inc.
Quarterhill is a leading provider of tolling and enforcement solutions in the Intelligent Transportation System (ITS) industry, as well as, through its Wi-LAN Inc. subsidiary, a leader in Intellectual Property licensing. Our goal is global leadership in ITS, via organic growth of the Electronic Transaction Consultants, LLC (ETC) and International Road Dynamics, Inc. (IRD) platforms, and by continuing an acquisition-oriented investment strategy that capitalizes on attractive growth opportunities within ITS and its adjacent markets. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. For more information, visit www.quarterhill.com.
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SOURCE Quarterhill Inc.
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