Jason Dietrich named as
Executive Vice President and Chief Revenue Officer, and Júlio
Tesser named as Vice President, Latin
America
ATLANTA, June 12,
2023 /PRNewswire/ -- KORE Group Holdings, Inc.
(NYSE:KORE, KORE WS), the global pure-play Internet of Things
("IoT") hyperscaler and provider of IoT Connectivity, Solutions and
Analytics, announced today the appointment of two new leaders to
help drive KORE's next phase of growth. Jason Dietrich joins the Company as Executive
Vice President and Chief Revenue Officer, responsible for leading
KORE's global sales and marketing teams. Mr. Dietrich joins KORE,
effective immediately, and reports to President and Chief Executive
Officer Romil Bahl. Júlio Tesser
joins KORE as Vice President, Latin
America, and will lead KORE's efforts to expand its presence
in this key market.
"Jason brings to KORE nearly 25 years of sales leadership
experience across a wide range of IoT use cases and services,
including deep expertise in the industrial IoT space, which is set
to see explosive growth," said Bahl. "I am excited for Jason to
join KORE because he is a leader who will bring out the best in our
sales teams. He has an exceptional focus on the needs of our
customers, and we expect Jason to help KORE make the most of the
'Decade of IoT.'"
"With a powerful portfolio of IoT services, as well as many
marquee, industry-leading customers already taking advantage of
their 'one-stop shop' value proposition, KORE is incredibly well
positioned for the future. I am excited to put my experience to
work alongside a world-class team to help KORE take advantage of
the great opportunity before us," said Dietrich.
Bahl continued, "KORE has long been an IoT leader in
Brazil, and it was our fastest
growing geography when Julio was our head of sales for Brazil, back when I joined KORE. With Júlio's
leadership and extensive IoT experience, KORE's ability to maximize
market opportunities and further help our customers navigate the
IoT landscape will be greatly enhanced."
"I am excited to head KORE's business in Brazil, because I believe KORE's opportunity
to lead the Brazilian market has never been better. Also, with an
ever-growing number of enterprises and IoT solution providers
looking for simplified global connectivity including the challenges
particular to Brazil, KORE is
highly differentiated in its capability due to the long-term
presence of an in-country operation and world-class team," added
Tesser.
Disclosure of Inducement Grants
KORE also announced today that, as approved by the Compensation
Committee of KORE's Board of Directors, KORE has made certain
equity awards to Mr. Dietrich. The awards were made as a material
inducement to his joining KORE as Executive Vice President and
Chief Revenue Officer.
The awards made to Mr. Dietrich are as follows: (i) an award of
Restricted Stock Units ("RSUs") in respect of 325,732 shares of
KORE common stock, which will vest 50% on the second anniversary of
the grant date and 25% on each of third and fourth anniversaries of
the grant date and (ii) an award of 228,013 RSUs covering an
aggregate of up to 285,016 shares of KORE common stock, one-half of
which RSUs vest in three equal installments on the following three
anniversaries of the grant date, and one-half of which RSUs are
performance-based and which will be earned or forfeited based upon
the Company's performance relative to adjusted EBITDA and revenue
performance goals for the period of fiscal years 2023 through
2025.
The RSUs were all granted outside of KORE's 2021 Long-Term Stock
Incentive Plan, but generally have terms and conditions consistent
with those set forth in that plan. The award of RSUs to Mr.
Dietrich is being made in reliance on the employment inducement
exemption under the NYSE's Listed Company Manual Rule
303A.08. KORE is announcing the grant of the equity awards in
this press release to comply with Rule 303A.08 and intends to file
a Registration Statement on Form S-8 covering this award of
RSUs.
About KORE
KORE is a pioneer, leader, and trusted advisor delivering
mission critical IoT solutions and services. We empower
organizations of all sizes to improve operational and business
results by simplifying the complexity of IoT. Our deep IoT
knowledge and experience, global reach, purpose-built solutions,
and deployment agility accelerate and materially impact our
customers' business outcomes. For more information, visit
korewireless.com.
KORE Investors Contact:
Charley Brady
Vice President, Investor Relations
investors@korewireless.com
+1-678-392-2335
KORE Media Contact:
Alisa Moloney
Senior Director of Marketing
Email: amoloney@korewireless.com
+1-770-365-8382
Cautionary Note on Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "believe,"
"may," "will," "estimate," "continue," "anticipate," "intend,"
"expect," "should," "would," "plan," "predict," "potential,"
"seem," "seek," "future," "outlook," and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. In particular, statements
relating to KORE's business outlook, objectives, development,
plans, growth strategies and other strategic priorities; KORE's
estimated position and strengths in the IoT business; estimations
of addressable markets; and statements relating to KORE's future
growth, business, prospects and opportunities, as well as other
statements that are not historical facts, constitute
forward-looking statements. These statements are based on
various assumptions and on the current expectations of KORE's
management. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as and
must not be relied on by any investor or other person as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many
actual events and circumstances are beyond the control of KORE.
These forward-looking statements are subject to a number of risks
and uncertainties, including general economic, financial, legal,
political and business conditions and changes in domestic and
foreign markets; the potential effects of COVID-19; risks related
to the rollout of KORE's business and the timing of expected
business milestones; risks related to the loss, non-renewal,
termination or negotiation of the relationship with customers of
the IoT business acquired from Twilio; risks relating to the
integration of KORE's acquired businesses, including the IoT
business acquired from Twilio, changes in the assumptions
underlying KORE's expectations regarding its future business; the
effects of competition on KORE's future business; and the outcome
of judicial proceedings to which KORE is, or may become a party. If
the risks materialize or assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that KORE
presently does not know or that KORE currently believes are
immaterial that could also cause actual results to differ
materially from those contained in the forward-looking statements.
In addition, forward-looking statements reflect KORE's
expectations, plans or forecasts of future events and views as of
the date of this press release. KORE anticipates that subsequent
events and developments will cause these assessments to change.
However, while KORE may elect to update these forward-looking
statements at some point in the future, KORE specifically disclaims
any obligation to do so. These forward-looking statements should
not be relied upon as representing KORE's assessments as of any
date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
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SOURCE KORE Wireless