KVH Industries Names Brent Bruun President, Chief Executive Officer, and Director
MIDDLETOWN, R.I., June 22, 2022 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), today announced that its Board of Directors (the “Board”) has appointed Brent C. Bruun as President and Chief Executive Officer and a member of the Board. The Board also appointed two seasoned industry executives, David Kagan and David Tolley, as directors of KVH.
Mr. Bruun has served as KVH’s Interim President and Chief Executive Officer since March 2022. He first joined KVH in 2008 and played a critical role in the growth of the Company’s industry-leading mobile connectivity business.
Cathy-Ann Martine-Dolecki, Chair of the Board, commented, “We would like to congratulate Brent on his appointment as President and Chief Executive Officer. Our Nominating and Corporate Governance Committee conducted an extensive search process with the assistance of a nationally recognized executive placement firm and considered several well-qualified candidates. As the process continued, it became clear that Brent is the best choice to lead the Company going forward. He has the right experience, deep knowledge of KVH and our products and services, and management capabilities to successfully execute on our long-term strategy. We have already seen him succeed in the interim position and are confident that he is the right person to achieve the Company’s goals, including sustained profitability, positive operating income, and enhanced shareholder value.”
Mr. Bruun commented, “I am very excited to take on the permanent Chief Executive Officer role and appreciate the confidence the Board has placed in me. I am committed to driving progress across both the mobile connectivity and inertial navigation businesses. I look forward to working with the Board, senior leadership, and my fellow employees around the world to expand upon our foundation of innovation, leadership, outstanding products, and commitment to customers as we work to build sustainable results and drive profitability.”
Ms. Martine-Dolecki continued, “We are also pleased to welcome Dave Kagan and David Tolley to the Board. Both individuals bring important experience and perspectives. Mr. Kagan is a satellite industry veteran with more than 25 years of relevant experience. Currently the CEO of Globalstar, Inc., he brings executive leadership and turnaround expertise, as well as finance and transaction experience. Mr. Tolley brings decades of extensive capital markets, financial and operating experience, having served most recently as Chief Financial Officer of each of Intelsat and OneWeb. He also brings expertise investing across the satellite and telecommunications industry and has significant board experience. We look forward to working with both of them.”
Brent Bruun Biography
David Kagan Biography
David Tolley Biography
Note to Editors: A high-resolution image of Mr. Brent C. Bruun is available at the KVH Press Room Image Library, kvh.com/Press-Room/Image-Library.
About KVH Industries, Inc.
This press release contains forward-looking statements that involve risks and uncertainties. For example, forward-looking statements include statements regarding our goal to achieve sustainable and profitable results, our new strategy, and our goals for greater cost discipline, improved profitability and increased shareholder value. Actual results could differ materially from the results projected in or implied by the forward-looking statements made in this press release. Factors that might cause these differences include, but are not limited to, the uncertain outcome of our restructuring plan and related reduction in force, including the loss of valuable employees; uncertainties created by our leadership transition, including challenges and potential additional expenses in retaining our continuing employees, particularly in the current competitive labor market characterized by rising wages; uncertainties created by our new business strategy, which may impact customer recruitment and retention; the uncertain impact of ongoing disruptions in our supply chain and associated increases in our costs. These and other factors are discussed in more detail in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 10, 2022. Copies are available through our Investor Relations department and website, investors.kvh.com. We do not assume any obligation to update our forward-looking statements to reflect new information and developments.
KVH is a registered trademark of KVH Industries, Inc. All other trademarks are the property of their respective companies.