Lantronix Inc. Appoints Mathi Gurusamy as Chief Strategy Officer to Drive Strategic Growth and Build Market Leadership
May 13 2024 - 7:00AM
Lantronix Inc. (NASDAQ: LTRX), a global provider of compute and
connectivity IoT solutions, today announced the appointment of
Mathi Gurusamy as its chief strategy officer (CSO), effective May
13, 2024. In his new role, Gurusamy will spearhead the company’s
strategic planning and execution of growth opportunities, manage
merger and acquisition activities, and drive go-to-market
strategies that address key IoT technology trends to bolster
Lantronix’s growth.
“With a successful career spanning more than two decades in IoT
and high-tech, Mathi has demonstrated remarkable expertise in
leading companies through periods of growth,” said Saleel Awsare,
president and CEO of Lantronix. “Mathi’s deep understanding of and
strategic insight into the IoT space will be invaluable during this
exciting time as Lantronix builds on strength with its compute and
connect focus.”
In Mathi’s previous roles as CEO and COO at Mobilogix and Telit
Cinterion, respectively, he successfully navigated complex market
dynamics and led organizations through significant growth phases.
His strategic approach and innovative thinking aligns with
Lantronix’s goals of market expansion and leadership. He holds an
Executive Master of Business Administration from the University of
Western Ontario and a bachelor’s degree in Business Administration
from Central Michigan University.
“I am excited to join the Lantronix team and help drive its
strategic direction,” said Gurusamy. “I look forward to leveraging
my experience to further enhance Lantronix’s competitive position
and capitalize on growth opportunities that advance its mission in
the IoT space.”In connection with the commencement of the
employment of Gurusamy as CSO, Lantronix has agreed to issue
Gurusamy inducement awards consisting of 95,691 restricted share
units (RSUs) and 66,248 performance-based share units (PSUs), with
the number of PSUs assuming target level of performance. The RSU
award is scheduled to vest over three years as follows: one-third
of the award is scheduled to vest on June 1, 2025, and the
remaining RSUs are scheduled to vest ratably each quarter
thereafter over a period of two years. The PSU award is scheduled
to vest based on the company’s relative total stockholder return
(TSR) over a three-year period beginning on the employment
commencement date. Each award is subject to the terms and
conditions of the applicable award agreement. The inducement
RSUs and PSUs are granted as employment inducement awards in
accordance with NASDAQ Listing Rule 5635(c)(4).
About Lantronix
Lantronix Inc. is a global provider of compute and connectivity
IoT solutions that target high-growth industries including Smart
Cities, Automotive and Enterprise. Lantronix’s products and
services empower companies to succeed in the growing IoT markets by
delivering customizable solutions that address each layer of the
IoT Stack. Lantronix’s leading-edge solutions include Intelligent
Substations infrastructure, Infotainment systems and Video
Surveillance, supplemented with advanced Out-of-Band Management
(OOB) for Cloud and Edge Computing.
For more information, visit the Lantronix website.
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: This news release contains forward-looking
statements within the meaning of federal securities laws, including
without limitation statements related to our expectations
concerning the Company’s prospects for strategic growth and market
expansion and leadership. These forward-looking statements are
based on our current expectations and are subject to substantial
risks and uncertainties that could cause our actual results, future
business, financial condition, or performance to differ materially
from our historical results or those expressed or implied in any
forward-looking statement contained in this news release. The
potential risks and uncertainties include, but are not limited to,
such factors as the effects of negative or worsening regional and
worldwide economic conditions or market instability on our
business, including effects on purchasing decisions by our
customers; our ability to mitigate any disruption in our and our
suppliers’ and vendors’ supply chains due to the COVID-19 pandemic
or other outbreaks, wars and recent tensions in Europe, Asia and
the Middle East, or other factors; future responses to and effects
of public health crises; cybersecurity risks; changes in applicable
U.S. and foreign government laws, regulations, and tariffs; our
ability to successfully implement our acquisitions strategy or
integrate acquired companies; difficulties and costs of protecting
patents and other proprietary rights; the level of our
indebtedness, our ability to service our indebtedness and the
restrictions in our debt agreements; and any additional factors
included in our Annual Report on Form 10-K for the fiscal year
ended June 30, 2023, filed with the Securities and Exchange
Commission (the “SEC”) on Sept. 12, 2023, including in the section
entitled “Risk Factors” in Item 1A of Part I of such report; in our
Quarterly Report on Form 10-Q for the fiscal quarter ended Mar. 31,
2024, filed with the SEC on May 2, 2024, including in the section
entitled “Risk Factors” in Item 1A of Part II of such report; as
well as in our other public filings with the SEC. Additional risk
factors may be identified from time to time in our future filings.
The forward-looking statements included in this release speak only
as of the date hereof, and we do not undertake any obligation to
update these forward-looking statements to reflect subsequent
events or circumstances.
© 2024 Lantronix, Inc. All rights reserved. Lantronix is a
registered trademark. Other trademarks and trade names are those of
their respective owners.
Lantronix Media
Contact: Gail
Kathryn MillerCorporate Marketing &Communications
Managermedia@lantronix.com949-212-0960
Lantronix Analyst and Investor
Contact: Jeremy
WhitakerChief Financial Officerinvestors@lantronix.com
949-450-7241
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a7d6c178-341d-4c17-9ba3-be985b5f5f25
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