Velodyne Lidar Announces Appointment of Ernest E. Maddock to Board of Directors
Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW), today announced that its Board of Directors has appointed Ernest E. Maddock to the Board, effective January 13, 2022. Mr. Maddock has been appointed as a Class III director and a member of the Board's Audit Committee.
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Mr. Maddock is an operations, technology and corporate finance executive with over 35 years of leadership experience, including 10 as a public company CFO. From 2015-2018, he served as Senior Vice President and Chief Financial Officer of Micron Technology. Mr. Maddock has extensive board experience, having chaired the audit committee of two public companies. He currently serves on the boards of directors of Ultra Clean Holdings Inc., a leading developer and supplier of critical subsystems, components and parts for the semiconductor industry, and Avnet, Inc., a global leader of electronic components and services.
"We are delighted to welcome a director of Ernie's caliber and experience as we continue to strengthen our Board of Directors," said Michael Dee, Chairman of the Velodyne Lidar Board. "Ernie brings an extensive background in public company operations, technology and corporate finance in industries that are highly relevant to Velodyne. A financial expert who has served as a public company CFO and on the audit committees of multiple companies, including as Chair of Ultra Clean and Intersil's respective audit committees, we believe Ernie is the ideal person to serve as an independent director on our Board and Audit Committee. We look forward to benefitting from his valuable insights and collaborative nature as we work towards shaping Velodyne's strategy, expanding our global footprint and driving long-term value for our shareholders."
Dr. Ted Tewksbury, CEO and Director of Velodyne Lidar, said, "This is an important time for our company and I am thrilled to have the opportunity to engage with Ernie as we build out our capabilities and execute our mission. We are already making tremendous progress, having shipped 15,000 sensors over the last 12 months1 and, with this valuable addition to our Board, our momentum is only continuing to build. With the industry on the cusp of mass adoption, I look forward to working with Ernie and my colleagues on the Board as we set out to capture this rapidly expanding market opportunity."
Before joining Micron in 2015, Mr. Maddock held leadership positions at multiple global companies, including Riverbed Technology, here he served as Executive Vice President and Chief Financial Officer and was additionally responsible for worldwide operations and information technology. Prior to Riverbed, he spent 15 years at Lam Research Corporation in roles of increasing responsibility across operations and finance, including as Group Vice President of Global Operations and Executive Vice President and Chief Financial Officer.
Mr. Maddock said, "Velodyne is the outright leader in this rapidly growing space thanks to its world class engineering team, relentless focus on innovation and cutting-edge offerings. I look forward to working closely with my colleagues on the Board and supporting our talented management team as they continue to develop and execute on our strategy. Thanks to their work to date, Velodyne has exceptional momentum across the business and is ideally positioned to capture the significant growth opportunities that lie ahead."
About Ernest E. Maddock
Mr. Maddock served as Chief Financial Officer of Micron Technology, Inc. from 2015 until his retirement in 2018. Prior to that, he served as Executive Vice President and Chief Financial Officer of Riverbed Technology, Inc. from 2013 to 2015. From 1997 to 2013, Mr. Maddock served in various roles at Lam Research Corporation, culminating in the position of Chief Financial Officer from 2008 to 2013. Mr. Maddock has served on the boards of directors of Ultra Clean Holdings Inc. (Nasdaq: UCTT) since June 2018 and Avnet (Nasdaq: AVT) since August 2021. Mr. Maddock previously served on the Board of Intersil Corporation (Nasdaq: ISIL) from 2015 until its acquisition in 2017. Mr. Maddock received a BS in Industrial Management from the Georgia Institute of Technology and an MBA with a specialization in Finance from Georgia State University.
About Velodyne Lidar
Velodyne Lidar (Nasdaq: VLDR, VLDRW) ushered in a new era of autonomous technology with the invention of real-time surround view lidar sensors. Velodyne, the global leader in lidar, is known for its broad portfolio of breakthrough lidar technologies. Velodyne's revolutionary sensor and software solutions provide flexibility, quality and performance to meet the needs of a wide range of industries, including autonomous vehicles, advanced driver assistance systems (ADAS), robotics, unmanned aerial vehicles (UAV), smart cities and security. Through continuous innovation, Velodyne strives to transform lives and communities by advancing safer mobility for all. For more information, visit www.velodynelidar.com.
Forward Looking Statements
This press release contains "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 including, without limitation, all statements other than historical fact and include, without limitation, statements regarding market growth, target markets, new products and development efforts. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "can," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Velodyne's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the uncertain impact of the COVID-19 pandemic on Velodyne's and its customers' businesses; Velodyne's ability to manage growth; Velodyne's ability to execute its business plan; uncertainties related to the ability of Velodyne's customers to commercialize their products and the ultimate market acceptance of these products; uncertainties regarding government regulation and adoption of lidar; the rate and degree of market acceptance of Velodyne's products; the success of other competing lidar and sensor-related products and services that exist or may become available; uncertainties related to Velodyne's current litigation and potential litigation involving Velodyne or the validity or enforceability of Velodyne's intellectual property; and general economic and market conditions impacting demand for Velodyne's products and services. For more information about risks and uncertainties associated with Velodyne's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Velodyne's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. All forward-looking statements in this press release are based on information available to Velodyne as of the date hereof, Velodyne undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
1 The twelve month period ended September 30, 2021
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