Leadership Changes at Lantronix: Strategic Transition Ahead
Leadership Changes at Lantronix: Strategic Transition Ahead
Lantronix Inc. (NASDAQ: LTRX), based in Irvine, California, is making headlines as it embarks on an important leadership transition. The company has announced the departure of Chief Financial Officer Jeremy Whitaker, who is moving on to a new opportunity at a private organization. His last day with Lantronix was September 13.
In light of this shift, the company has appointed Brent Stringham, who has been serving as the Controller, as the Interim CFO. Brent has been an integral part of Lantronix since 2012, bringing a wealth of experience and a deep understanding of the company's financial landscape. His previous roles include significant positions at Iteris Inc., Netlist Inc., and Ernst & Young, showcasing his comprehensive expertise in the financial sector.
During this transition, Lantronix has also engaged David McLennan, the former CFO of Sierra Wireless Inc., to provide consultancy and advisory support. McLennan, who retired in 2020, has an impressive record of fostering growth and stability in technology firms, making him a valuable asset as the company navigates this crucial period.
Saleel Awsare, CEO of Lantronix, expressed optimism regarding the company’s financial stability during this transitional phase. He highlighted the capabilities of both Brent and David, stating, "Lantronix is positioned for financial success with the skilled leadership of Brent and David. I want to personally thank Jeremy for his 18 years of dedication and exceptional contributions, and I wish him great success in his new role.”
Reflecting on his tenure, Jeremy Whitaker stated, "In choosing to depart at this time I have balanced the need to complete the year-end results at Lantronix, with the pressing needs of my new position. It has been a privilege to contribute to the transformation of Lantronix into a global IoT leader. As I take on this new opportunity, I leave knowing the company is in excellent hands, with a strong financial foundation." This sentiment reflects the positive environment at Lantronix, characterized by collaboration and strategic foresight.
Lantronix is steadfast in its commitment to enhancing shareholder value while advancing its strategic objectives within the rapidly evolving IoT sector. The leadership change marks a pivotal moment, aligning with the company's mission to drive innovation in computing and connectivity solutions.
About Lantronix
Lantronix is a prominent provider of computing and connectivity solutions tailored for high-growth industries such as Smart Cities, Automotive, and Enterprise. The company's innovative products cater specifically to the increasing demands of the Internet of Things (IoT), enabling businesses to effectively navigate and leverage the complexities of this market. Their advanced offerings encompass Intelligent Substations infrastructure, Infotainment systems, and Video Surveillance, all bolstered by cutting-edge Out-of-Band Management (OOB) capabilities targeted at Cloud and Edge Computing. This level of innovation positions Lantronix among the frontrunners in the IoT space, continually delivering customized solutions that meet the unique requirements of their clients.
Lantronix is poised for future growth, with a strategic vision aimed at expanding its footprint in the global IoT arena. By leveraging their comprehensive expertise and innovative solutions, the company aspires to maintain its competitive edge and drive lasting value for its stakeholders.
Frequently Asked Questions
What is the reason behind Jeremy Whitaker's departure?
Jeremy Whitaker has accepted the CFO role at a private company, marking a new chapter in his career. His departure aligns with his decision to pursue new opportunities while completing the end-of-year results for Lantronix.
Who is appointed as the Interim CFO?
Brent Stringham, previously the company's Controller, has been appointed as the Interim CFO during the search for a permanent replacement.
What experience does Brent Stringham bring to his new role?
Brent has extensive experience in financial leadership, having worked at Lantronix since 2012 and previously held significant positions at Iteris Inc. and Netlist Inc.
Who will assist during this transition period?
David McLennan, the former CFO of Sierra Wireless Inc., will provide consulting and advisory support to Lantronix during this leadership transition.
What is Lantronix's focus in the IoT market?
Lantronix focuses on delivering innovative solutions for high-growth sectors, including Smart Cities, Automotive, and Enterprise, contributing to the expanding Internet of Things market.
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