Synchronoss Technologies Appoints Jeff Miller Interim President and Chief Executive Officer
September 21 2020 - 4:35PM
Synchronoss Technologies, Inc. (NASDAQ: SNCR),
a global leader and innovator of cloud, messaging, digital and
IoT products, today announced that its Board of Directors has
appointed Jeff Miller as interim President and Chief Executive
Officer, effective immediately, in addition to his role as Chief
Commercial Officer. He succeeds Glenn
Lurie who has resigned as the
Company’s President and Chief Executive Officer, and
as a member of its Board
of Directors, following the Board of Directors’ review of
allegations of personal misconduct by Mr. Lurie in violation of the
Company’s policies. His resignation is not related to the Company’s
strategy, financial or business performance. Given the expectation
that all employees will respect Synchronoss’ values and adhere to
the Company’s code of conduct, the Board has accepted Mr. Lurie’s
resignation. The Board of Directors will conduct an executive
search to identify a permanent President and Chief
Executive Officer.
“Synchronoss continues to develop innovative
technology and solutions for some of the world’s leading technology
and telecommunications companies,”
said Stephen Waldis, Founder and Chairman of
the Board of Synchronoss. “The Board and I look forward to
working with Jeff, our Chief Financial
Officer David Clark and the
broader Synchronoss management team to drive
forward the ongoing transformation of Synchronoss, building
on the strength of our customer relationships, and
delivering long-term value to our shareholders. We anticipate a
smooth leadership transition as we commence a
robust search process for the Company’s next
CEO.”
Mr.
Miller joined Synchronoss in 2018 as Chief
Commercial Officer from IDEAL Industries, a firm
focused on designing and delivering solutions for smart
commercial buildings and spaces, where he was President of the
Technology Group. Mr. Miller previously
served 16 years with Motorola, most
recently as Corporate Vice President and General Manager of
Operations in North America for Motorola Mobility, LLC, a
division of Lenovo, and held various leadership positions in
Sales Management, Marketing and Product Management at AT&T
during an 11-year tenure.
Jeff Miller, Interim President and CEO,
commented, “We see many attractive opportunities for growth
across our Cloud, Messaging, Digital and IoT platforms. I look
forward to maintaining the depth and long-term nature of
our global customer
relationships, a hallmark of Synchronoss, as now, more than
ever, our customers look to us to address their business
challenges. I welcome the opportunity to work
closely with the Board and our management team
to drive enhanced performance throughout our
organization, capitalize on strategic opportunities in the
telecom and digital spaces and help position
Synchronoss for our next stage of growth.”
In parallel, Synchronoss
is maintaining its 2020 guidance on EBITDA of $20 million
to $25 million, as previously communicated in its
second quarter earnings release dated August 10, 2020.
Additional details relating to the Company’s financial
performance and business outlook will be provided during its
customary quarterly earnings call in November 2020.
About Synchronoss Technologies,
Inc.
Synchronoss transforms the way companies create
new revenue, reduce costs and delight their subscribers with cloud,
messaging, digital and IoT products, supporting hundreds of
millions of subscribers across the globe. Synchronoss’ secure,
scalable and groundbreaking new technologies, trusted partnerships,
and talented people change the way TMT customers grow their
businesses. For more information, visit us
at www.synchronoss.com.
Forward-looking Statements
This press release includes statements
concerning the Company and its future expectations, plans and
prospects that constitute “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
For this purpose, any statements contained herein that are not
statements of historical fact may be deemed to be forward-looking
statements. Without limiting the foregoing, the words “may,”
“should,” “expects,” “plans,” “anticipates,” “could,” “intends,”
“believes,” “potential” or “continue” or other similar expressions
are intended to identify forward-looking statements. The Company
has based these forward-looking statements largely on its current
expectations and projections about future events and financial
trends that it believes may affect its business, financial
condition and results of operations. These forward-looking
statements speak only as of the date of this press release and are
subject to a number of risks, uncertainties and assumptions
including, without limitation, risks relating to the Company’s
ability to sustain or increase revenue from its larger customers
and generate revenue from new customers, the Company’s expectations
regarding expenses and revenue, the sufficiency of the Company’s
cash resources, the Company’s growth strategies, the anticipated
trends and challenges in the business and the market in which the
Company operates, the Company’s expectations regarding federal,
state and foreign regulatory requirements, the pending lawsuits
against the Company described in its most recent SEC filings, and
other risks and factors that are described in the “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” sections of the Company’s Annual Report
on Form 10-K for the year ended December 31, 2019, which is on file
with the SEC and available on the SEC’s website at www.sec.gov. The
Company does not undertake any obligation to update any
forward-looking statements contained in this press release as a
result of new information, future events or otherwise.
Media Contacts:
Diane
Rose CCgroup (North America) T: +1
727.238.7567 E: diane@ccgrouppr.com
Richard
FoggCCgroup (International) T: +44 7887 845
238E: synchronoss@ccgrouppr.com
Investor Contact:
David Clark Chief
Financial Officer +1
800.575.7606 investor@synchronoss.com
Synchronoss Technologies (NASDAQ:SNCR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Synchronoss Technologies (NASDAQ:SNCR)
Historical Stock Chart
From Sep 2023 to Sep 2024