Ms. Newquist’s Background Ideal to Drive Growth
of Identiv’s Leading Specialty IoT Solutions Business
Company Focused on Digital Transformation of
Global Healthcare Market and Related Segments
Identiv, Inc. (NASDAQ: INVE), a global digital
security and identification leader in the Internet of Things (IoT),
today announced that Kirsten Newquist, a proven corporate leader
with nearly 30 years’ experience in building successful businesses,
has joined the company as President, IoT Solutions. Ms. Newquist
will assume the role of CEO of Identiv upon closing of the
company’s recently announced transaction with security solutions
provider Vitaprotech.
Ms. Newquist’s broad professional background spans corporate
strategy, business development, product marketing, product
development, project management, and global sales and marketing.
She joins Identiv after 17 years at Avery Dennison Corporation,
where she was most recently the Global Vice President, Avery
Dennison Smartrac, its RFID division. She previously held other
leadership roles within Avery, including Global Vice President and
General Manager of Avery Dennison Medical, where she significantly
grew sales and profitability through patient-centric product
innovation and an expanded manufacturing footprint. Prior to Avery,
Ms. Newquist held senior positions at Copia Associates, Ancora
Management Group, and Iwerks Entertainment.
“I am tremendously excited to be joining Identiv’s executive
team at this critical juncture in the company’s history,” said
Kirsten Newquist, President, IoT Solutions at Identiv. “Identiv has
a unique and compelling opportunity to expand its early leadership
position within the specialty IoT market. Its design, development,
and production capabilities are well-suited across a wide range of
segments, including healthcare, industrial, luxury goods, wine and
spirits, and specialty retail.”
Ms. Newquist added, “In particular, Identiv has shown notable
strength in the healthcare, pharmaceutical, and medical device
vertical. The company has already shown promising potential to
deliver life-changing applications that improve patient safety and
patient outcomes. I am very much looking forward to collaborating
with our IoT team and visionary customers to accelerate the
development of pioneering specialty IoT applications.”
“Following an extensive executive search, our Board was thrilled
to find Kirsten Newquist to lead the exciting growth and market
leadership opportunity of our IoT business,” said James Ousley,
Chairman of the Board of Identiv. “She has that rare balance of
market vision and passion for robust, customer-focused execution
that creates significant value-creation opportunities in business.
We’re convinced that we’ve found the right leader to build on our
specialty IoT leadership position and to realize our opportunity to
be a key enabler of the digital healthcare revolution, one of the
great market opportunities in today’s global economy.”
Steven Humphreys, CEO of Identiv, noted, “Kirsten is the perfect
leader to grow Identiv IoT during this transformational market
period. Her expertise in RFID, especially within the strategically
important healthcare industry, her proven success identifying new
applications and use cases, as well as her customer-centric
approach, are a great fit with Identiv. She’s a world-class
business leader who is also pragmatic and detail-oriented, with a
strong focus on gross margins and operational excellence. We’re
thrilled to welcome her to Identiv and excited to provide the
foundation for her leadership of our IoT business, which is poised
to play a key role in the transformation of some of today’s most
important industries.”
As noted in a press release issued on April 3, 2024, the
transaction with Vitaprotech is expected to close in the third
quarter of 2024, subject to stockholder approval and other
customary closing conditions. The transaction is also subject to
review and approval by the Committee on Foreign Investment in the
United States (CFIUS) and the Federal Trade Commission under the
Hart-Scott-Rodino (HSR) Act.
About Identiv
Identiv, Inc. is a global leader in digitally securing the
physical world. Identiv's platform encompasses RFID and NFC,
cybersecurity, and the full spectrum of physical access, video, and
audio security.
Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are those involving future events
and future results that are based on current expectations as well
as the current beliefs and assumptions of management of Identiv and
can be identified by words such as “anticipate,” “believe,”
“continue,” “plan,” “will,” “intend,” “expect,” “outlook,” and
similar references to the future. Any statement that is not a
historical fact, including statements regarding: Identiv’s
strategy, opportunities, focus and goals; expected benefits of new
management, including the belief that Ms. Newquist’s background is
ideal to drive the growth of Identiv’s business and that her
background creates value creation opportunities; opportunities in
the markets and industry in which Identiv operates; beliefs
regarding the strengths of Identiv’s business, including the belief
that its design, development, and production capabilities are
well-suited across a wide range of segments; and the timing of the
closing of the transaction. Forward-looking statements are only
predictions and are subject to a number of risks and uncertainties,
many of which are outside Identiv’s control, which could cause
actual results to differ materially and adversely from those
expressed in any forward-looking statements. Factors that could
cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to: the
risk that the conditions to the closing of the transaction are not
satisfied, including the risk that required approvals from
Identiv’s stockholders or regulatory approvals are not obtained;
the failure of the transaction to close for any reason; risks that
the transaction disrupts current business, plans and operations of
Identiv or its business prospects; diversion of management’s
attention from Identiv’s ongoing business; the ability of Identiv
to retain and hire key personnel; the effect of the change in
management and risks related to such transition following the
completion of the transaction; competitive responses to the
transaction; costs, fees or expenses resulting from the
transaction; potential adverse reactions or changes to business
relationships resulting from the announcement or completion of the
transaction; Identiv’s ability to continue the momentum in its
business; Identiv’s ability to successfully execute its business
strategy; Identiv’s ability to satisfy customer demand and
expectations; the loss of customers, suppliers or partners; the
success of Identiv’s products and strategic partnerships; industry
trends and seasonality; the impact of macroeconomic conditions and
customer demand, inflation and increases in prices; and the other
factors discussed in its periodic reports, including its Annual
Report on Form 10-K for the year ended December 31, 2023, and
subsequent reports filed with the U.S. Securities and Exchange
Commission (the “SEC”). All forward-looking statements are based on
information available to Identiv on the date of this press release,
and Identiv assumes no obligation to update such statements.
Additional Information and Where to
Find It
On April 2, 2024, Identiv entered into a Stock and Asset
Purchase Agreement with Hawk Acquisition, Inc., whereby Identiv
agreed to sell its physical security business to Buyer (the
“Transaction”). Identiv intends to file with the SEC a proxy
statement on Schedule 14A with respect to its solicitation of
proxies for approval of the Transaction (the “Proxy Statement”).
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY
STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED
BY IDENTIV AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN
THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION.
Investors and security holders may obtain copies of these documents
and other documents filed with the SEC by Identiv free of charge
through the website maintained by the SEC at www.sec.gov. Copies of
the documents filed by Identiv are also available free of charge in
the “Investors—Financials” section of Identiv’s website at
identiv.com/investors/financials.
Participants in the
Solicitation
Identiv, its directors, director nominees, certain of its
officers, and other members of management and employees (as set
forth below) are or may be deemed to be “participants” (each a
“Participant” and collectively, the “Participants”) in the
solicitation of proxies from stockholders of Identiv in connection
with the Transaction.
Information about Identiv’s executive officers and directors,
including compensation, is set forth in the sections entitled
“Election of Directions,” “Executive Compensation,” including
“Executive Compensation—Compensation Discussion and Analysis,” and
“Corporate Governance—Compensation of Directors” of Identiv’s
definitive proxy statement for its 2023 Annual Meeting of
Stockholders, filed with the SEC on April 28, 2023 (the “2023 Proxy
Statement”), as well as its Current Reports on Form 8-K filed with
the SEC on April 13, 2023, October 11, 2023, and April 3, 2024.
As of March 31, 2024, each Participant, other than Gary Kremen
and James E. Ousley, set forth below beneficially owned less than
1% of Identiv’s issued and outstanding common stock. Information
about the ownership of common stock by Identiv’s executive officers
and directors is set forth in the section entitled “Security
Ownership of Certain Beneficial Owners and Management” of the 2023
Proxy Statement. To the extent holdings by the directors and
executive officers of Identiv securities reported in the 2023 Proxy
Statement have changed, such changes have been reflected in Form 4s
filed with the SEC as set forth next to such executive officer’s or
director’s name below. Any further changes will be reflected in
Forms 3, 4 or 5 to be filed with the SEC, as well as the section
entitled “Security Ownership of Certain Beneficial Owners and
Management” of Identiv’s definitive Proxy Statement, and other
materials to be filed with the SEC. All these documents are or will
be available free of charge at the SEC’s website at www.sec.gov and
in the “Investors—Financials” section of Identiv’s website at
identiv.com/investors/financials.
Directors*^
Security Ownership
of Directors
Certain Officers and Other
Employees*
Security Ownership of
Executive Officers
Laura Angelini
Form 4 filed on August 2,
2023.
Steven Humphreys (Chief Executive
Officer and Director)
Form 4s filed on May 2, 2023, May
10, 2023, May 11, 2023, May 15, 2023, June 2, 2023, July 5, 2023,
August 2, 2023, September 1, 2023, October 2, 2023, November 2,
2023, December 1, 2023, January 2, 2024, February 1, 2024, March 1,
2024, and April 1, 2024.
Gary Kremen
Form 4 filed on August 2,
2023.
Justin Scarpulla (Chief Financial
Officer and Secretary)
N/A
Richard E. Kuntz, M.D.
Form 4 filed on August 2,
2023.
Kirsten F. Newquist (President,
IoT Solutions)
N/A
James E. Ousley
Form 4 filed on August 2,
2023.
* The business address is 2201 Walnut Avenue, Suite 100,
Fremont, California 94538. ^ Excludes Steven Humphreys, Identiv’s
Chief Executive Officer, who is listed under “Certain Officers and
Other Employees.”
Each of Hawk Acquisition, Inc. and Seven2 SAS (together,
Vitaprotech) is or may be deemed to be a “participant” in the
solicitation of proxies from stockholders of Identiv in connection
with the transactions contemplated by the agreement. Information
about the ownership of securities of Vitaprotech is set forth in
the Schedule 13D filed by Vitaprotech on April 12, 2024. In
addition, each of Bleichroeder LP and Bleichroeder Holdings LLC
(together, “Bleichroeder”) is or may be deemed to be a
“participant” in the solicitation of proxies from stockholders of
Identiv in connection with the transactions contemplated by the
agreement. Information about the ownership of securities of
Bleichroeder is set forth in the section entitled “Security
Ownership of Certain Beneficial Owners and Management” of the 2023
Proxy Statement and Amendment No. 2 to the Schedule 13D filed by
Bleichroeder on April 4, 2024. Any further changes will be
reflected in the section entitled “Security Ownership of Certain
Beneficial Owners and Management” of Identiv’s definitive Proxy
Statement, and other materials to be filed with the SEC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240415322514/en/
Identiv Media Contact: press@identiv.com
Identiv IR Contact: IR@identiv.com
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