KVH Industries Announces CFO Transition: Don Reilly to Retire; Brent Bruun Named Interim CFO/COO
18 September 2020 - 6:30AM
KVH Industries, Inc., (Nasdaq: KVHI), a leading provider of mobile
connectivity and inertial navigation solutions, announced today
that its Chief Financial Officer (CFO), Don Reilly, has indicated
his intention to retire later this year. Mr. Reilly will
transition his responsibilities as CFO to his interim successor and
will stay on in a consulting or part-time capacity to facilitate a
smooth transition to a permanent successor. The Board of
Directors appointed Brent Bruun as Interim CFO in addition to his
Chief Operating Officer (COO) responsibilities, effective November
2, 2020. The Board has initiated a process to identify a
successor for Mr. Reilly.
“On behalf of the entire board and management team, I thank Don
for his many contributions over the past four years at KVH,” said
Martin Kits van Heyningen, KVH’s chief executive officer.
“During Don’s tenure, KVH solidified its standing in the
markets we serve, and Don played a key role in helping to formulate
the exciting strategic growth opportunities that we are pursuing
today.”
Since 2016, Brent Bruun has served as KVH’s COO with operational
and financial responsibilities for corporate development and the
mobile connectivity business unit plus direct responsibility for
the inertial navigation business unit since 2018. Mr. Bruun
joined KVH in early 2008 and served as executive vice president of
the mobile broadband group, the company’s largest business unit,
and was instrumental in transforming KVH from a hardware to a
services company. Prior to joining KVH, Mr. Bruun, a
certified public accountant, was senior vice president with
satellite operator SES Americom, and gained his corporate financial
background from positions held with GE Capital and KPMG earlier in
his career.
“Brent’s strong financial management skills and operational
insight will continue our focus on productivity and cost control,”
said Kits van Heyningen. “His leadership and deep business
knowledge are invaluable and I am confident that he will facilitate
a smooth transition as we continue to serve our customers with
innovative products and first-rate services.”
About KVH Industries, Inc.
KVH Industries, Inc., is a global leader in mobile connectivity
and inertial navigation systems, innovating to enable a mobile
world. The market leader in maritime VSAT, KVH designs,
manufactures, and provides connectivity and content services
globally. KVH is also a premier manufacturer of
high-performance sensors and integrated inertial systems for
defense and commercial applications. Founded in 1982, the
company is based in Middletown, RI, with research, development, and
manufacturing operations in Middletown, RI, and Tinley Park, IL,
and more than a dozen offices around the globe.
This press release
contains forward-looking statements that involve risks and
uncertainties. For example, forward-looking statements
include statements regarding our CFO transition and interim
leadership. 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: unanticipated
challenges or delays in completing our CFO transition;
unanticipated challenges of a financial or accounting nature;
continued economic pressure resulting from the pandemic and the
responses of our customers, vendors and others, which continue to
strain our limited financial and management resources, which strain
will be exacerbated by the CFO transition; potential adverse
reactions to the CFO transition; and other unanticipated
consequences of the change in leadership of our financial and
accounting team. 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 July 31, 2020. Copies
are available through our Investor Relations department and
website, http://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.
Other trademarks are the property of their respective
companies.
Contact: |
|
KVH Industries, Inc. Brent Bruun 401-845-8194 bbruun@kvh.com |
|
FTI Consulting Christine Mohrmann 212-850-5600 |
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