KVH Industries Names Brent Bruun President, Chief Executive Officer, and Director
22 June 2022 - 9:00PM
KVH Industries, Inc., (Nasdaq: KVHI), today announced that its
Board of Directors (the “Board”) has appointed Brent C. Bruun as
President and Chief Executive Officer and a member of the Board.
The Board also appointed two seasoned industry executives, David
Kagan and David Tolley, as directors of KVH.
Mr. Bruun has served as KVH’s Interim President and Chief
Executive Officer since March 2022. He first joined KVH in 2008 and
played a critical role in the growth of the Company’s
industry-leading mobile connectivity business.
Cathy-Ann Martine-Dolecki, Chair of the Board, commented, “We
would like to congratulate Brent on his appointment as President
and Chief Executive Officer. Our Nominating and Corporate
Governance Committee conducted an extensive search process with the
assistance of a nationally recognized executive placement firm and
considered several well-qualified candidates. As the process
continued, it became clear that Brent is the best choice to lead
the Company going forward. He has the right experience, deep
knowledge of KVH and our products and services, and management
capabilities to successfully execute on our long-term strategy. We
have already seen him succeed in the interim position and are
confident that he is the right person to achieve the Company’s
goals, including sustained profitability, positive operating
income, and enhanced shareholder value.”
Mr. Bruun commented, “I am very excited to take on the permanent
Chief Executive Officer role and appreciate the confidence the
Board has placed in me. I am committed to driving progress across
both the mobile connectivity and inertial navigation businesses. I
look forward to working with the Board, senior leadership, and my
fellow employees around the world to expand upon our foundation of
innovation, leadership, outstanding products, and commitment to
customers as we work to build sustainable results and drive
profitability.”
Ms. Martine-Dolecki continued, “We are also pleased to welcome
Dave Kagan and David Tolley to the Board. Both individuals bring
important experience and perspectives. Mr. Kagan is a satellite
industry veteran with more than 25 years of relevant experience.
Currently the CEO of Globalstar, Inc., he brings executive
leadership and turnaround expertise, as well as finance and
transaction experience. Mr. Tolley brings decades of extensive
capital markets, financial and operating experience, having served
most recently as Chief Financial Officer of each of Intelsat and
OneWeb. He also brings expertise investing across the satellite and
telecommunications industry and has significant board experience.
We look forward to working with both of them.”
Brent Bruun Biography Brent C. Bruun has served
as Interim President and Chief Executive Officer of KVH since March
2022. He also served as Chief Operating Officer of KVH beginning in
2016, as well as Interim Chief Financial Officer of the Company.
Prior to that, he was executive vice president of mobile broadband,
senior vice president of global sales and business development, and
vice president of global sales and business development. He
previously served as senior vice president of strategic initiatives
for SES AMERICOM, a satellite operator providing services via its
fleet of 16 geosynchronous satellites covering North America.
Earlier in his career, Mr. Bruun held positions at KPMG LLP and
General Electric. He holds a B.S. in accounting from Alfred
University and is a certified public accountant.
David Kagan BiographyDavid (Dave) B. Kagan has
served as Chief Executive Officer of Globalstar, Inc. (NYSE: GSAT)
since September 2018, where he also served as President and Chief
Operating Officer from December 2017 to September 2018 and from
January 2016 to March 2017. From March 2017 to November 2017, he
was the Chief Operating Officer of Speedcast International Limited.
Mr. Kagan previously served as President of ITC Global LLC, a
premier VSAT satellite services provider, from August 2014 to
September 2015, and President and Chief Executive Officer of Globe
Wireless LLC from June 2011 until it was sold to Inmarsat in August
2014. Prior to that, he served as President and Chief Executive
Officer of Maritime Telecommunications Network, a major satellite
services provider to the cruise, yachting, and maritime markets,
from January 1997 to December 2008. Earlier in his career, he was
Vice President-Finance, Treasurer, and Co-Chief Financial Officer
at Norwegian Cruise Line from 1994 to 1997. Mr. Kagan holds a
master’s degree of Business Administration from Florida Atlantic
University and a bachelor’s degree in both Finance and Marketing
from the University of South Florida, Tampa.
David Tolley BiographyDavid M. Tolley most
recently served as Executive Vice President and Chief Financial
Officer of Intelsat S.A. from June 2019 to March 2022, where he
helped to lead a multi-billion dollar restructuring of one of the
world’s largest satellite providers. Before joining Intelsat, Mr.
Tolley served as Chief Financial Officer for Network Access
Associates Ltd. (formerly known as WorldVu Satellites Limited)
(“OneWeb”) beginning in 2017. From 2000 to 2011, Mr. Tolley served
as a Senior Managing Director in the Private Equity Group at
Blackstone, where he led satellite services strategy and investing
and served on the Private Equity Investment Committee. From 1990 to
2000, he was a Vice President at Morgan Stanley in the Investment
Banking Division, where he provided banking and advisory services
to established and emerging companies in the broader communications
sector. He has served on the boards of directors of eight public
and private companies, including ExteNet Systems from 2016 to 2019,
New Skies Satellites from 2004 to 2006 and Centennial
Communications from 2001 to 2005. Mr. Tolley holds a Master of
Business Administration degree from Columbia Business School and a
Bachelor of Science degree in Economics and History from the
University of Michigan.
Note to Editors: A high-resolution image of Mr. Brent C. Bruun
is available at the KVH Press Room Image Library,
kvh.com/Press-Room/Image-Library.
About KVH Industries, Inc.KVH Industries, Inc.,
is a global leader in mobile connectivity and inertial navigation
systems, innovating to enable a mobile world. A 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 goal to achieve
sustainable and profitable results, our new strategy, and our goals
for greater cost discipline, improved profitability and increased
shareholder value. 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, the uncertain outcome
of our restructuring plan and related reduction in force, including
the loss of valuable employees; uncertainties created by our
leadership transition, including challenges and potential
additional expenses in retaining our continuing employees,
particularly in the current competitive labor market characterized
by rising wages; uncertainties created by our new business
strategy, which may impact customer recruitment and retention; the
uncertain impact of ongoing disruptions in our supply chain and
associated increases in our costs. 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 May 10, 2022. Copies
are available through our Investor Relations department and
website, 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. All other trademarks are the property of their respective
companies.
Contact: |
|
KVH Industries, Inc.Roger Kuebel401-608-8945rkuebel@kvh.com |
|
Longacre Square PartnersDan Zacchei / Joe
Germanidzacchei@longacresquare.com jgermani@longacresquare.com |
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