Movella Holdings Inc. Announces Leadership Transition
December 20 2023 - 9:00AM
Movella Holdings Inc. (NASDAQ: MVLA) (“Movella” or “Company”), a
leading full-stack provider of sensors, software, and analytics
that enable the digitization of movement, announced today that Ben
A. Lee, President and Chief Executive Officer (“CEO”), will be
departing the Company to pursue other interests. Mr. Lee
has resigned as President, CEO, and as a member of Movella’s Board
of Directors (the “Board”) effective December 31, 2023.
Consistent with the Board's established succession planning
process, Eric C. Salzman, currently an independent board member,
has been appointed as Interim CEO effective January 1,
2024. It is expected that Mr. Lee will serve as a
consultant to the Company for a three-month period to ensure a
seamless transition.
“I’m very excited about the future prospects of
Movella” said Eric Salzman. “Under Ben’s leadership, the Company
has built world-class inertial sensor technologies, assembled a
dedicated and passionate team, and has identified several growth
markets to pursue. I intend to build on this foundation to
accelerate our development and release of new products, drive
operational excellence, and chart a path toward both growth and
profitability”.
“After over a decade of growing and transforming
the Company from a semiconductor MEMS sensor startup to a
Nasdaq-listed full-stack provider of sensors, software, and
analytics, I believe the timing is right for a leadership
transition,” said Ben A. Lee. “I want to thank all the amazing
people across Movella for their contribution through the years.
It's been an honor to lead this Company and serve our employees,
customers, and partners. I will work with Eric and the Board to
help ensure a smooth transition and I will continue to be a
shareholder and fan of Movella’s amazing products.”
“On behalf of the Movella Board, I want to thank
Ben for his commitment and tireless efforts,” said Brent Lang,
Chairman of the Board. “Ben has been instrumental in bringing
Movella’s technology to this point, and we wish him the best in his
future endeavors”.
Further information will be provided via form
8-K as it becomes relevant.
About Movella Holdings Inc.
Movella is a leading full-stack provider of
sensors, software, and AI analytics that transforms movement data
into lifelike animations and valuable, actionable insights. Our
motion capture technology enables a wide array of innovative
solutions in end markets including entertainment and gaming, health
and sports, and automation and mobility. We bring meaning to
movement for some of the most esteemed global brands including
Electronic Arts, EPIC Games, 20th Century Studios, Netflix, BMW,
Toyota, and Siemens. For more details, www.movella.com.
This press release contains forward-looking
statements regarding future events and our future results that are
subject to the safe harbors created under the Private Securities
Litigation Reform Act of 1995. These statements reflect the beliefs
and assumptions of Movella’s management as of the date hereof.
Words such as “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,”
“project,” “seek,” “should,” “target,” “will,” “would,” variations
of such words, and similar expressions are intended to identify
forward-looking statements. These forward-looking statements
include, but are not limited to, statements regarding: the future
acceleration of Movella’s development and release of new products,
driving operational excellence, charting a path of growth and
profitability, and the expectations regarding the consulting
arrangement and leadership transition. Readers are cautioned that
these forward-looking statements are only predictions and are
subject to risks, uncertainties and assumptions that are difficult
to predict. Movella’s actual results could differ materially and
adversely from those expressed in or contemplated by the
forward-looking statements. Factors that could cause actual results
to differ include, but are not limited to, those risk factors
contained in Movella’s filings with the Securities Exchange
Commission (the “SEC”) available at www.sec.gov, including
without limitation, Movella’s annual report on Form 10-K, quarterly
reports on Form 10-Q and subsequent filings made by Movella with
the SEC. Readers are cautioned not to place undue reliance on any
forward-looking statements, which speak only as of the date on
which they are made. Except as required by law, Movella undertakes
no obligation to update or revise any forward-looking
statements. Media
media@movella.com
Investors
investors@movella.com
(725) 238-5682
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