Velodyne Lidar Announces Virginia Boulet as Chairperson of the Board

Rhea-AI Summary

Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW) has appointed Virginia Boulet as the new Chairperson of the Board of Directors, effective immediately. She succeeds Michael Dee, who will remain on the Board. Boulet, a governance leader with over 30 years of experience, expressed her confidence in the management team. CEO Ted Tewksbury thanked Dee for his leadership. The announcement comes during a pivotal time for Velodyne as it aims to advance its intelligent vision solutions for various industries.

Positive

• Virginia Boulet appointed as new Chairperson, bringing over 30 years of governance experience.
• Management team is regarded highly, suggesting confidence in future operational and financial improvements.

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• None.

SAN JOSE, Calif.--(BUSINESS WIRE)-- Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW), (the “Company”) today announced that Virginia Boulet was appointed the Chairperson of the Board of Directors, effective immediately. Michael Dee, the former Chairperson of the Board informed the Board of his intent to transition out of the Chairperson role. He will continue to serve as a member of the Board.

“These are exciting times for Velodyne and I am pleased my fellow board members have chosen me to assume the role of Chairperson. The Company is led by a terrific management team and I am confident they will execute on their business plans to deliver better operational and financial results,” said Ms. Boulet.

Ms. Boulet has served as a member of Velodyne’s Board since November 2021. She is a corporate governance leader with more than 30 years of experience in corporate and securities law.

Mr. Dee joined the Velodyne Board in September 2020 and has served as its Chairperson since July 2021. The Board wishes to thank him for his extraordinary time commitment and efforts during his time as Chairperson.

“I would like to thank Michael for his support and guidance as I transitioned into the CEO role. We are grateful for Michael’s leadership as Chairperson and his contributions to the Company,” said Dr. Ted Tewksbury, CEO of Velodyne Lidar. “Virginia has contributed immense value to our Board since joining last year. I look forward to working closely with her and the rest of the Board to achieve our strategic plans and deliver leading-edge intelligent vision solutions to our customers.”

Forward Looking Statements

This press release contains "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 including, without limitation, all statements other than historical fact and include, without limitation, statements regarding Velodyne’s target markets, new products, development efforts, and competition. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," “can,” "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Velodyne's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include uncertainties regarding government regulation and adoption of lidar, the uncertain impact of the COVID-19 pandemic on Velodyne's and its customers' businesses; Velodyne's ability to manage growth; Velodyne's ability to execute its business plan; uncertainties related to the ability of Velodyne's customers to commercialize their products and the ultimate market acceptance of these products; the rate and degree of market acceptance of Velodyne's products; the success of other competing lidar and sensor-related products and services that exist or may become available; uncertainties related to Velodyne's current litigation and potential litigation involving Velodyne or the validity or enforceability of Velodyne's intellectual property; and general economic and market conditions impacting demand for Velodyne's products and services. For more information about risks and uncertainties associated with Velodyne’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Velodyne’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. All forward-looking statements in this press release are based on information available to Velodyne as of the date hereof, Velodyne undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

About Velodyne Lidar

Velodyne Lidar (Nasdaq: VLDR, VLDRW) ushered in a new era of autonomous technology with the invention of real-time surround view lidar sensors. Velodyne, a global leader in lidar, is known for its broad portfolio of breakthrough lidar technologies. Velodyne’s revolutionary sensor and software solutions provide flexibility, quality and performance to meet the needs of a wide range of industries, including robotics, industrial, intelligent infrastructure, autonomous vehicles and advanced driver assistance systems (ADAS). Through continuous innovation, Velodyne strives to transform lives and communities by advancing safer mobility for all. For more information, visit www.velodynelidar.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220719005486/en/

Investor Contact:

Jim Fanucchi

Darrow Associates

InvestorRelations@velodyne.com

Media Contact:

Liv Allen

(415) 370-0716

velodyne@codewordagency.com

Source: Velodyne Lidar, Inc.

FAQ

Who was appointed as the new Chairperson of Velodyne Lidar?

Virginia Boulet has been appointed as the new Chairperson of Velodyne Lidar's Board of Directors.

When did Michael Dee transition out of the Chairperson role?

Michael Dee informed the Board of his intent to transition out of the Chairperson role effective immediately.

What can investors expect from Velodyne Lidar after the Board changes?

Investors may anticipate improved operational and financial results as the new Chairperson, Virginia Boulet, expresses confidence in the management team's abilities.

What is Velodyne Lidar's stock symbol?

Velodyne Lidar's stock symbols are VLDR and VLDRW.

What type of company is Velodyne Lidar?

Velodyne Lidar is a leader in lidar technology, providing sensor and software solutions for various applications, including autonomous vehicles.