Believes the Addition of Proven Stockholder Advocate and Tech Sector Veteran Represents First Step Toward Fixing the Company’s Broken Governance and Lagging Performance
SAN JOSE, Calif.–(BUSINESS WIRE)–David Hall, the largest holder of outstanding common stock of Velodyne Lidar, Inc. (NASDAQ:VLDR) (“Velodyne Lidar” or the “Company”), today commented on the preliminary results of the Company’s 2021 Annual Meeting of Stockholders (the “Annual Meeting”). Based on preliminary voting results provided by the inspector of elections, Eric Singer – Mr. Hall’s nominee – has been elected to Velodyne Lidar’s eight-member Board of Directors (the “Board”).
Mr. Hall commented:
“Marta and I are very pleased that stockholders have elected Eric to the Board at this critical point in time. He can bring sorely-needed accountability to the Board, which has demonstrated a fundamental disregard for stockholders’ interests in recent months. Eric is a highly-qualified director with significant experience helping broken tech companies improve their governance, operations and performance. He is an expert when it comes to corporate governance, capital allocation, operations optimization and strategic planning. While much more work is needed to fix the Company’s anti-stockholder culture, I believe Velodyne Lidar has the potential to return to its position at the forefront of lidar technology invention and innovation. Electing Eric is a step in the right direction.”
Mr. Singer commented:
“I am grateful that stockholders, including a tech luminary such as David Hall, have placed their trust in me to help usher in a new era of improved governance at Velodyne Lidar. Now that the election contest is behind us, I am firmly committed to working collaboratively with my fellow directors to help the Company get on a path to delivering stockholder value. I believe we can restore a culture of accountability and true technological innovation at Velodyne Lidar.”
Final results of the Annual Meeting will be published by the Company once they are certified by the Company’s inspector of elections.