Radisys Corporation’s largest shareholder, David Nierenberg, resigned from its Board of Directors on January 17, 2014.
Scott Gibson (News - Alert), Radisys Chairman of the Board of Directors commented, “I want to thank David for his leadership and the significant contributions he has made to the company. His efforts have helped position the company for greater long-term success in 2014 and beyond.” Radisys, a leader of wireless infrastructure solutions for aerospace, defense applications and telecom, will not backfill Mr. Nierenberg’s board seat and, therefore, effective today, Radisys’ board will consist of six independent directors plus Brian Bronson, Radisys’ President and Chief Executive Officer.
In a news release, Mr. Nierenberg stated, “When I joined the Radisys Board of Directors back in early 2011, I intended to leverage my experience in corporate strategy, corporate governance and business consulting to help shape the company’s strategic direction and long-term objectives,”
He further commented, “In partnership with the full Radisys board, we have made meaningful progress over the last three years and have set the company in the right direction:
- The company has reduced its cost structure by nearly 35 percent since late 2011, significantly enhancing its competitiveness while at the same time preserving investment in key growth technologies;
- We have charted a strategic direction that is expected to ultimately yield sustainable long-term profit growth;
- We have added significant telecom market experience to the Board of Directors, greatly enhancing our ability to meet the requirements of the dynamic telecommunications market; and
- The current management and Board team is the best that I have seen throughout my 10 years of interaction with the company and I feel confident they will successfully execute the strategy.
Given our progress, I want to turn my attention to other matters outside of Radisys knowing the company retains a strong strategic direction, a talented management team and an experienced Board of Directors.”
Edited by Cassandra Tucker