David Hall, Founder of Velodyne Lidar, Addresses Company’s Low-Road Smear Campaign
February 24 2021 - 5:00PM
Business Wire
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.”
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version on businesswire.com: https://www.businesswire.com/news/home/20210224006119/en/
Profile Greg Marose / Charlotte Kiaie, 347-343-2999
gmarose@profileadvisors.com / ckiaie@profileadvisors.com
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