David Hall, Founder of Velodyne Lidar, Addresses Company’s Low-Road Smear Campaign

Rhea-AI Summary

David Hall and Marta Thoma Hall, who control approximately 58.4% of Velodyne Lidar's outstanding stock, addressed recent changes to the Board of Directors following a February 19 ambush. They criticized the Board's decision to censure them based on a secret investigation, labeling it as an attack on corporate democracy. They expressed concerns that their removal seemed more like a power grab than pro-stockholder action. Hall emphasized their commitment to restoring integrity and plans to provide further updates soon.

Positive

• Controlling shareholders (David and Marta Hall) hold approximately 58.4% voting control, indicating strong backing for their perspectives.

Negative

• Board's decision to censure Hall and Thoma Hall raises concerns about governance and transparency.
• Accusations of an internal power grab may indicate instability within the company.

David Hall, who with Marta Thoma Hall holds approximately 98,545,299 shares and holds voting control of approximately 58.4% of the outstanding common stock of Velodyne Lidar, Inc. (NASDAQ: VLDR) (“Velodyne Lidar” or the “Company"), today issued the following statement in response to the Company’s February 22, 2021 announcement regarding changes to its Board of Directors (the “Board”) and management team:

“As Board members and large stockholders, Marta and I have acted ethically and tirelessly to advance the best interests of Velodyne Lidar. We presided over years of growth and success that ultimately laid the groundwork for Velodyne Lidar to go public via a reverse merger in 2020. Since Anand Gopalan assumed the Chief Executive Officer role early last year, I have stepped back from day-to-day management and offered strategic perspectives when appropriate. I ultimately relinquished my Executive Chairman position in favor of simply serving as Chairman once it became clear this winter that Mr. Gopalan and others preferred to continuously ignore my input in favor of implementing their own agenda.

Marta and I firmly believe that the boardroom ambush that took place on February 19, 2021 is an affront to stockholders that undermines corporate democracy. The Board’s rash decision to censure us based on an opaque, secret investigation into baseless, unfounded claims simply reveals that the Company’s governance is broken. Moreover, stripping us of our respective positions – without justification – after many years of success appears more like an internal power grab than a pro-stockholder action. We are committed to righting these wrongs in the weeks ahead and plan to communicate substantive updates in the near-term.”

View source version on businesswire.com: https://www.businesswire.com/news/home/20210224006119/en/

FAQ

What did David Hall say about the recent changes to Velodyne Lidar's Board?

David Hall criticized the Board's censure of him and Marta Thoma Hall, calling it an affront to stockholders and a power grab.

How much voting control do David and Marta Hall have over Velodyne Lidar?

David and Marta Hall hold approximately 58.4% of the outstanding common stock of Velodyne Lidar.

What was the reason for the censure of Hall and Thoma Hall by the Board?

The Board's censure was based on a secret investigation into what Hall described as baseless claims.

When did the ambush and censure of Hall and Thoma Hall occur?

The ambush and censure occurred on February 19, 2021.

What actions are David and Marta Hall planning after their censure?

David and Marta Hall are committed to addressing the governance issues and plan to communicate updates in the near future.