IRVINE, Calif., May 13, 2024 (GLOBE NEWSWIRE) -- Lantronix Inc. (NASDAQ: LTRX), a global provider of compute and connectivity IoT solutions, today announced the appointment of Mathi Gurusamy as its chief strategy officer (CSO), effective May 13, 2024. In his new role, Gurusamy will spearhead the company’s strategic planning and execution of growth opportunities, manage merger and acquisition activities, and drive go-to-market strategies that address key IoT technology trends to bolster Lantronix’s growth.
“With a successful career spanning more than two decades in IoT and high-tech, Mathi has demonstrated remarkable expertise in leading companies through periods of growth,” said Saleel Awsare, president and CEO of Lantronix. “Mathi’s deep understanding of and strategic insight into the IoT space will be invaluable during this exciting time as Lantronix builds on strength with its compute and connect focus.”
In Mathi’s previous roles as CEO and COO at Mobilogix and Telit Cinterion, respectively, he successfully navigated complex market dynamics and led organizations through significant growth phases. His strategic approach and innovative thinking aligns with Lantronix’s goals of market expansion and leadership. He holds an Executive Master of Business Administration from the University of Western Ontario and a bachelor’s degree in Business Administration from Central Michigan University.
“I am excited to join the Lantronix team and help drive its strategic direction,” said Gurusamy. “I look forward to leveraging my experience to further enhance Lantronix’s competitive position and capitalize on growth opportunities that advance its mission in the IoT space.”
In connection with the commencement of the employment of Gurusamy as CSO, Lantronix has agreed to issue Gurusamy inducement awards consisting of 95,691 restricted share units (RSUs) and 66,248 performance-based share units (PSUs), with the number of PSUs assuming target level of performance. The RSU award is scheduled to vest over three years as follows: one-third of the award is scheduled to vest on June 1, 2025, and the remaining RSUs are scheduled to vest ratably each quarter thereafter over a period of two years. The PSU award is scheduled to vest based on the company’s relative total stockholder return (TSR) over a three-year period beginning on the employment commencement date. Each award is subject to the terms and conditions of the applicable award agreement. The inducement RSUs and PSUs are granted as employment inducement awards in accordance with NASDAQ Listing Rule 5635(c)(4).
About Lantronix
Lantronix Inc. is a global provider of compute and connectivity IoT solutions that target high-growth industries including Smart Cities, Automotive and Enterprise. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that address each layer of the IoT Stack. Lantronix’s leading-edge solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.
For more information, visit the Lantronix website.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including without limitation statements related to our expectations concerning the Company’s prospects for strategic growth and market expansion and leadership. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 12, 2023, including in the section entitled “Risk Factors” in Item 1A of Part I of such report; in our Quarterly Report on Form 10-Q for the fiscal quarter ended Mar. 31, 2024, filed with the SEC on May 2, 2024, including in the section entitled “Risk Factors” in Item 1A of Part II of such report; as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. The forward-looking statements included in this release speak only as of the date hereof, and we do not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances.
© 2024 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.
Lantronix Media Contact:
Gail Kathryn Miller
Corporate Marketing &
Communications Manager
media@lantronix.com
949-212-0960
Lantronix Analyst and Investor Contact:
Jeremy Whitaker
Chief Financial Officer
investors@lantronix.com
949-450-7241
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a7d6c178-341d-4c17-9ba3-be985b5f5f25
