CalAmp (Nasdaq: CAMP), a connected intelligence company helping
people and organizations improve operational performance with a
data-driven solutions ecosystem, today announced that Jeff Gardner
will be stepping down from his role as Chief Executive Officer,
effective no later than October 30, 2023. The Company has commenced
a search for its next CEO and will be retaining an executive search
firm.
In announcing his departure, Jeff Gardner
shared, "It has been a privilege working with the amazing group of
colleagues at CalAmp. I am proud of all that we have accomplished
and the progress we have made in positioning the Company for growth
and profitability."
“Jeff’s leadership and his commitment to the
Company have helped to guide CalAmp through the COVID-19 pandemic
and the global supply chain crisis,” said Henry Maier, chair of
CalAmp’s Board of Directors. “We thank Jeff for his many
contributions and wish him all the best in his future
endeavors.”
Mr. Gardner was appointed as CalAmp’s President
and CEO on July 2, 2020 after serving as the Interim President and
CEO since March 25, 2020, and has served as a member of CalAmp’s
Board since 2015. During his tenure, the Company’s leadership team
has been strengthened, CalAmp has exited or monetized certain
non-strategic businesses and the cost structure has been
optimized.
About CalAmp
CalAmp (Nasdaq: CAMP) provides flexible
solutions to help organizations worldwide monitor, track and
protect their vital assets. Our unique combination of software,
devices and platform enables over 14,000 commercial and government
organizations worldwide to increase efficiency, safety and
transparency while accommodating the unique ways they do business.
With over 10 million active edge devices and 275+ issued or pending
patents, CalAmp is the telematics leader organizations turn to for
innovation and dependability. For more information, visit
calamp.com, or LinkedIn, Twitter, YouTube or CalAmp Blog.
CalAmp, LoJack, TRACKER , Here
Comes The Bus , Bus Guardian , iOn
Vision , CrashBoxx and associated logos are among
the trademarks of CalAmp and/or its affiliates in the United
States, certain other countries and/or the EU. Spireon acquired the
LoJack® U.S. Stolen Vehicle Recovery (SVR) business from CalAmp and
holds an exclusive license to the LoJack mark in the United States
and Canada. Any other trademarks or trade names mentioned are the
property of their respective owners.
Forward-Looking Statements
This announcement contains forward-looking
statements (including within the meaning of Section 21E of the U.S.
Securities Exchange Act of 1934, as amended, and Section 27A of the
U.S. Securities Act of 1933, as amended) concerning CalAmp. These
statements include, but are not limited to, statements that address
our expected future business and financial performance and
statements about (i) our plans, objectives and intentions with
respect to future operations, services and products, (ii) our
competitive position and opportunities, and (iii) other statements
identified by words such as such as “may”, “will”, “expect”,
“intend”, “plan”, “potential”, “believe”, “seek”, “could”,
“estimate”, “judgment”, “targeting”, “should”, “anticipate”,
“predict”, “project”, “aim”, “goal”, and similar words, phrases or
expressions. These forward-looking statements are based on
management’s current expectations and beliefs, as well as
assumptions made by, and information currently available to,
management, current market trends and market conditions, and
involve risks and uncertainties, many of which are outside of our
control, and which may cause actual results to differ materially
from those contained in forward-looking statements. Accordingly,
you should not place undue reliance on such statements. Particular
uncertainties that could materially affect future results include
any risks associated with global economic conditions and concerns;
the effects of global outbreaks of pandemics or contagious diseases
or fear of such outbreaks, such as the recent coronavirus
(COVID-19) pandemic; global component shortages due to supply chain
constraints caused by the COVID-19 pandemic; disruptions in sales,
operations, relationships with customers, suppliers, employees; our
ability to successfully and timely accomplish our transformation to
a SaaS solutions provider; our transition out of the automotive
vehicle financing business; competitive pressures; pricing
declines; demand for our telematics products; rates of growth in
our target markets; prolonged disruptions of our contract
manufacturers’ facilities or other significant operations; force
majeure or force-majeure-like events at our contract manufacturers’
facilities including component shortages; the ongoing
diversification of our global supply chain; our dependence on
outsourced service providers for certain key business services and
their ability to execute to our requirements; our ability to
improve gross margin; cost-containment measures; legislative,
trade, tariff, and regulatory actions; integration, unexpected
charges or expenses in connection with acquisitions; the impact of
legal proceedings and compliance risks; the impact on our business
and reputation from information technology system failures, network
disruptions, cyber-attacks, or losses or unauthorized access to, or
release of, confidential information; the ability of the Company to
comply with laws and regulations regarding data protection; our
ability to protect our intellectual property and the
unpredictability of any associated litigation expenses; any
expenses or reputational damage associated with resolving customer
product and warranty and indemnification claims; our ability to
sell to new types of customers and to keep pace with technological
advances; market acceptance of the end products into which our
products are designed; and other events and trends on a national,
regional and global scale, including those of a political,
economic, business, competitive, and regulatory nature. More
information on these risks and other potential factors that could
affect our financial results is included in our filings with the
U.S. Securities and Exchange Commission (“SEC”), including in the
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of our most
recently filed periodic reports on Form 10-K and Form 10-Q and
subsequent filings, which you may obtain for free at the SEC’s
website at http://www.sec.gov. We undertake no intent or obligation
to publicly update or revise any of these forward-looking
statements, whether as a result of new information, future events
or otherwise, which speak as of their respective dates except as
required by law.
CalAmp Investor Inquiries
Joel AchramowiczShelton Group+1
415.845.9964ir@calamp.com
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