HOD HASHARON, Israel, Aug. 21,
2023 /PRNewswire/ -- Valens Semiconductor
(NYSE: VLN), a premier provider of high-performance
connectivity solutions for the audio-video and automotive markets,
today announced that after more than eight years of serving as
Chief Financial Officer, Dror
Heldenberg will be stepping down to pursue other
opportunities, effective September 1,
2023. Mr. Heldenberg will continue to advise Valens
Semiconductor to support a smooth transition.
Yael Rozenberg Haine, Vice
President of Finance, will be appointed Interim Chief Financial
Officer, effective September 1, 2023.
Ms. Rozenberg Haine is a seasoned finance executive and a 10-year
veteran of Valens Semiconductor. Prior to joining the Company in
2013, Ms. Rozenberg served in various finance positions at Broadcom
and at Provigent, which was acquired by Broadcom. She started her
career at KPMG. Yael holds a BA in Accounting and Economics from
Ben-Gurion University in Israel. She has worked side-by-side with Dror
on completing the Company's initial public offering (IPO) and
managing all aspects of financial planning and reporting. Valens
Semiconductor has launched a search for a permanent Chief Financial
Officer.
"Dror has made many important contributions to Valens
Semiconductor over the past eight plus years. With his management,
we have achieved significant milestones including becoming a public
company and listing our stock on the New York Stock Exchange. He
also played a pivotal role in shaping our financial strategy to
support our growth and our path to profitability," said
Gideon Ben Zvi, Chief Executive
Officer of Valens Semiconductor. "I want to thank Dror for his
wisdom, professionalism and devotion and wish him all the best in
his future endeavors. We are fortunate to have an executive with
Yael's experience and knowledge of the Company and the
semiconductor industry to serve as Interim Chief Financial
Officer."
"I'm grateful for the opportunity to have served as Chief
Financial Officer of Valens Semiconductor. I'm especially proud of
our success in transitioning Valens Semiconductor into a leader in
high-performance connectivity for the audio-video and automotive
markets, and to have played a key role in our listing on the New
York Stock Exchange, and progress executing against the Company's
long-term growth opportunities and journey towards profitability,"
said Mr. Heldenberg. "I look forward to continuing to support our
incredible team of professionals to ensure a smooth transition, and
I wish Valens Semiconductor continued success in the
future."
Forward Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target" or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding our anticipated future results, including
financial results, currency exchange rates, and contract wins, and
future economic and market conditions. These statements are based
on various assumptions, whether or not identified in this press
release, and on the current expectations of Valens Semiconductor's
("Valens") management and are not predictions of actual
performance. 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 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 Valens
Semiconductor.
These forward-looking statements are subject to a number of
risks and uncertainties, including the cyclicality of the
semiconductor industry; the effects of health epidemics, such as
the recent global COVID-19 pandemic; the impact of the global
pandemic caused by COVID-19 on our customers' budgets and on
economic conditions generally, as well as the length, severity of
and pace of recovery following the pandemic; competition in the
semiconductor industry, and the failure to introduce new
technologies and products in a timely manner to compete
successfully against competitors; if Valens fails to adjust its
supply chain volume due to changing market conditions or fails to
estimate its customers' demand; disruptions in relationships with
any one of Valens' key customers; any difficulty selling Valens'
products if customers do not design its products into their product
offerings; Valens' dependence on winning selection processes; even
if Valens succeeds in winning selection processes for its products,
Valens may not generate timely or sufficient net sales or margins
from those wins; sustained yield problems or other delays in the
manufacturing process of products; our ability to effectively
manage, invest in, grow, and retain our sales force, research and
development capabilities, marketing team and other key personnel;
our ability to timely adjust product prices to customers following
price increase by the supply chain; our ability to adjust our
inventory level due to sudden reduction in demand due to inventory
buffers accrued by customers; our expectations regarding the
outcome of any future litigation in which we are named as a party;
our ability to adequately protect and defend our intellectual
property and other proprietary rights; the market price and trading
volume of the Valens ordinary shares may be volatile and could
decline significantly; political, economic, governmental and tax
consequences associated with our incorporation and location in
Israel; and those factors
discussed in Valens' Form 20-F filed with the SEC on
March 2, 2022 under the heading "Risk
Factors," and other documents of Valens filed, or to be filed, with
the SEC. If any of these risks materialize or our assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that Valens does not presently know or that Valens
currently believes are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect Valens'
expectations, plans or forecasts of future events and views as of
the date of this press release. Valens anticipates that subsequent
events and developments may cause Valens' assessments to change.
However, while Valens may elect to update these forward-looking
statements at some point in the future, Valens specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing Valens' assessment as of
any date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
About Valens Semiconductor
Valens Semiconductor pushes the boundaries of connectivity by
enabling long-reach, high-performance video and data transmission
for the Audio-Video and Automotive industries. Valens' HDBaseT®
technology is the leading standard in the Audio-Video market with
tens of millions of Valens' chipsets integrated into thousands of
products in a wide range of applications. Valens' Automotive
chipsets are deployed in systems manufactured by leading customers
and are on the road in vehicles around the world. Valens is a key
enabler of the evolution of ADAS and autonomous driving and its
advanced technology is the basis for the new industry standard for
high-speed in-vehicle connectivity. For more information, visit
https://www.valens.com/.
Investor Contacts:
Daphna Golden
Vice President Investor Relations
Valens Semiconductor Ltd.
investors@valens.com
Moira Conlon
Financial Profiles, Inc.
Valens@finprofiles.com
Media Contact:
Yoni Dayan
Head of Communications
Valens Semiconductor Ltd.
yoni.dayan@valens.com
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SOURCE Valens Semiconductor