David Hall Comments on the Election of Eric Singer to Velodyne Lidar’s Board of Directors Based on Preliminary Meeting Results

Rhea-AI Summary

David Hall, the largest holder of Velodyne Lidar's common stock, announced the preliminary results of the 2021 Annual Meeting, highlighting the election of Eric Singer to the Board of Directors. Hall emphasized the need for accountability, criticizing the Board’s recent disregard for stockholder interests. Singer aims to enhance governance and restore stockholder value through his extensive experience with tech companies. He expressed gratitude for stockholder trust and commitment to fostering accountability and innovation at Velodyne. Final results will be certified by the inspector of elections.

Positive

• Eric Singer's election is expected to enhance governance and accountability.
• David Hall's involvement signifies strong stockholder support for change.
• Singer's experience in improving tech company performance could positively impact Velodyne.

Negative

• The previous Board has been criticized for a lack of accountability.
• Concerns remain about the company's anti-stockholder culture.

David Hall, the largest holder of outstanding common stock of Velodyne Lidar, Inc. (NASDAQ:VLDR) (“Velodyne Lidar” or the “Company"), today commented on the preliminary results of the Company’s 2021 Annual Meeting of Stockholders (the “Annual Meeting”). Based on preliminary voting results provided by the inspector of elections, Eric Singer – Mr. Hall’s nominee – has been elected to Velodyne Lidar’s eight-member Board of Directors (the “Board”).

Mr. Hall commented:

“Marta and I are very pleased that stockholders have elected Eric to the Board at this critical point in time. He can bring sorely-needed accountability to the Board, which has demonstrated a fundamental disregard for stockholders’ interests in recent months. Eric is a highly-qualified director with significant experience helping broken tech companies improve their governance, operations and performance. He is an expert when it comes to corporate governance, capital allocation, operations optimization and strategic planning. While much more work is needed to fix the Company’s anti-stockholder culture, I believe Velodyne Lidar has the potential to return to its position at the forefront of lidar technology invention and innovation. Electing Eric is a step in the right direction.”

Mr. Singer commented:

“I am grateful that stockholders, including a tech luminary such as David Hall, have placed their trust in me to help usher in a new era of improved governance at Velodyne Lidar. Now that the election contest is behind us, I am firmly committed to working collaboratively with my fellow directors to help the Company get on a path to delivering stockholder value. I believe we can restore a culture of accountability and true technological innovation at Velodyne Lidar.”

Final results of the Annual Meeting will be published by the Company once they are certified by the Company’s inspector of elections.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210611005465/en/

FAQ

What did David Hall say about the Board of Directors of Velodyne Lidar?

David Hall expressed dissatisfaction with the Board's disregard for stockholder interests and emphasized the need for accountability.

Who was elected to the Board of Velodyne Lidar?

Eric Singer was elected to the eight-member Board of Directors during the Annual Meeting.

What experience does Eric Singer bring to Velodyne Lidar?

Eric Singer has significant experience in corporate governance and improving tech companies' operations and performance.

What are the next steps after the Annual Meeting for Velodyne Lidar?

The final results of the Annual Meeting will be certified and published by the inspector of elections.