Ramachandran to Oversee all Product
Execution as the Company Ramps Product Commercialization at
Scale
AEye, Inc. (NASDAQ: LIDR), a global leader in adaptive,
high-performance lidar solutions, today announced the promotion of
Dr. T.R. Ramachandran to the position of chief operating officer
for the company. Ramachandran, who joined AEye in November 2021 as
chief product officer, has been instrumental in AEye’s efforts to
commercialize and industrialize the Company’s products for scale,
leveraging his more than two decades of experience delivering
complex, market-leading solutions to large global customers.
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T.R. Ramachandran is promoted to COO to
oversee all product execution as AEye ramps product
commercialization at scale (Photo: Business Wire)
“Over the past year, T.R. has demonstrated an ability to move
the company from the prototype stage to product commercialization,”
said Blair LaCorte, CEO of AEye. “T.R. has an innate ability and
the experience to address and solve all of the issues associated
with bringing a complex product to market.”
The company also announced today that Blair LaCorte, the CEO of
AEye, has decided to transition to a more focused role for the
company and informed the board of directors he will be resigning as
CEO effective as of February 28, 2023. LaCorte will remain on the
company’s board of directors and concentrate on ensuring continuity
in leadership and working to form new and enhance existing
strategic partnerships between the company and its
stakeholders.
“The company has made significant progress since it went public
more than a year ago in August of 2021,” said LaCorte. “In the
third quarter, we released our award-winning adaptive software
platform and launched a production-intent B sample with our lead
automotive customer, Continental, for the Automotive market, as
well as our 4Sight™ product for Industrial, as well as Aerospace
and Defense, with pilot programs in multiple markets. In addition,
we announced the on schedule transfer to manufacturing lines with
partners to enable scale production in 2023.”
“I want to thank Blair for his seven years of service to AEye
and for the leadership and dedication he has demonstrated over that
time, bringing the company from the start-up stage through the
transition to a public company in 2021,” said Carol DiBattiste,
chair of the AEye board of directors. “Blair’s stewardship of the
company over this time is laudable, which was demonstrated by his
ability to assemble a talented and world-class team of leaders; we
are confident of a smooth transition in leadership as the company
moves into commercialization of its award-winning product.”
“Blair has been instrumental in the strategic growth of AEye.
His capacity to manage our burgeoning enterprise through the public
company transition as well as guide our progression forward made
him the right man for the job,” said Luis Dussan, founder &
CTO. “His new role will allow him to build important strategic
partnerships and ensure our goals are achieved as we enter the next
phase of our development.”
“No one could have been a better mentor to me. Blair’s business
acumen and people skills have created an environment where I could
grow as a senior manager and member of our executive team. I’m so
excited that Blair will continue to be a driving force for AEye,”
said Jordan Greene, co-founder & GM of Automotive.
The Company has launched a search for a successor to fill the
role of CEO. Both internal and external candidates are under
consideration. The search will be led by Timothy J. Dunn, the chair
of the company’s audit and compensation committees, and assisted by
members of management, including Dussan and Greene.
To ensure a smooth leadership transition, LaCorte has formed the
Office of the Chief Executive Officer, which he will chair through
the end of February. In addition to LaCorte, members of the Office
of the Chief Executive Officer will be Robert A. Brown, the
company’s chief financial officer, Andrew S. Hughes, the company’s
general counsel, and T.R. Ramachandran, the company’s chief
operating officer.
“Bob, Andrew, and T.R. have each been actively involved in the
significant strategic decisions for the company since they joined
AEye,” said Blair LaCorte, CEO of AEye. “With the Office of the
Chief Executive Officer in place, the transition to a new CEO will
be seamless and allow the company to continue on its path to
commercialization of its products designed to make transportation
safer for all, without interruption.”
About AEye
AEye’s unique software-defined lidar solution enables advanced
driver-assistance, vehicle autonomy, smart infrastructure,
logistics, and off-highway applications that save lives and propel
the future of transportation and mobility. AEye’s 4Sight™
Intelligent Sensing Platform, with its adaptive sensor-based
operating system, focuses on what matters most: delivering faster,
more accurate, and reliable information. AEye’s 4Sight™ products,
built on this platform, are ideal for dynamic applications which
require precise measurement imaging to ensure safety and
performance. AEye has a global presence through its offices in
Germany, Japan, Korea, and the United States.
Forward-Looking Statements
Certain statements included in this press release that are not
historical facts are forward-looking statements within the meaning
of the federal securities laws, including the safe harbor
provisions under the United States Private Securities Litigation
Reform Act of 1995. Forward-looking statements are sometimes
accompanied by words such as “believe,” “continue,” “project,”
“expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “predict,” “plan,” “may,” “should,” “will,” “would,”
“potential,” “seem,” “seek,” “outlook,” and similar expressions
that predict or indicate future events or trends, or that are not
statements of historical matters. Forward-looking statements are
predictions, projections, and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Forward-looking
statements included in this press release include statements about
AEye’s products, the Company’s progress in commercialization and
execution, and changes in the roles of members of the management
team, including the transition, among others. These statements are
based on various assumptions, whether or not identified in this
press release. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as and
must not be relied on by an investor as a guarantee, an assurance,
a prediction, or a definitive statement of fact or probability.
Actual events and circumstances are very difficult or impossible to
predict and will differ from the assumptions. Many actual events
and circumstances are beyond the control of AEye. Many factors
could cause actual future events to differ from the forward-looking
statements in this press release, including but not limited to: (i)
the risks that product execution and product commercialization may
not occur in the time frame anticipated, or at all; (ii) the risks
that Mr. Ramachandran may be unable to successfully leverage his
more than two decades of experience to continue to be instrumental
in AEye’s efforts to commercialize and industrialize AEye’s
products; (iii) the risks that Mr. Ramachandran’s innate ability
and experience may be unable to address and solve all of the issues
associated with bringing a complex product to market; (iv) the
risks that the leadership transition occasioned by the resignation
of Mr. LaCorte as Chief Executive Officer will cause disruption
among AEye, its employees, its customers, its vendors, and its
other stakeholders; (v) the risks that Mr. LaCorte’s concentration
on ensuring continuity in leadership and working to form new and
enhance existing strategic partnerships will not yield the results
anticipated, or at all; (vi) the risks that the significant
progress made since AEye went public may not continue to the extent
anticipated, or at all; (vii) the risks that the pilot programs in
multiple markets may not result in revenue to the extent
anticipated, or at all; (viii) the risks that the transfer to
manufacturing lines with partners may not result in scaled
production in 2023 as anticipated, or at all; (ix) the risks that
Mr. LaCorte’s new role at AEye may not allow him to build important
strategic relationships as anticipated, or at all; (x) the risks
that the search to identify a successor for Mr. LaCorte’s role as
Chief Executive Officer may take longer than anticipated; (xi) the
risks that the Office of the Chief Executive Officer may not ensure
a smooth or seamless leadership transition to the extent
anticipated, or at all; (xii) the risks that the transition to a
new Chief Executive Officer may cause disruptions in AEye’s path to
commercialization more than anticipated; (xiii) the risks that our
partners will not build out the high-volume and low-cost
manufacturing capabilities as anticipated, or at all, or in the
timeframe anticipated; (xiv) the risks that AEye may not be able to
successfully navigate either or both of the supply chain
disruptions it faces or the inflationary challenges that currently
exist and which may continue for a time period that is longer than
anticipated, or is more severe than contemplated; (xv) the risks
that the traction gained by AEye to date will translate into future
growth, revenue, or profitability to the extent anticipated or in
the timeframe contemplated, or at all; (xvi) the risks that AEye
will be unable to strengthen its competitive position or deliver on
its key objectives in 2023 due to supply chain disruptions,
economic uncertainties, or otherwise; (xvii) the risks that AEye’s
products will not meet the diverse range of performance and
functional requirements of AEye’s target markets and customers;
(xviii) the risks that the size of the total available market for
the use of lidar will be smaller than predicted or take longer to
come to fruition than predicted; (xix) the risk that laws and
regulations are adopted impacting the use of lidar that AEye is
unable to comply with, in whole or in part; (xx) changes in
competitive and regulated industries in which AEye operates,
variations in operating performance across competitors, and changes
in laws and regulations affecting AEye’s business; (xxi) the risks
that AEye may not continue to execute against its business plan to
the extent anticipated, or at all; (xxii) the risks that lidar
adoption occurs slower than anticipated or fails to occur at all;
(xxiii) the risks that AEye’s products will not function as
anticipated by AEye, or by target markets and customers; (xxiv) the
risks that AEye may not be in a position to adequately or timely
address either the near or long-term opportunities that may or may
not exist in the evolving autonomous transportation industry; (xxv)
the risks that laws and regulations are adopted impacting the use
of lidar that AEye is unable to comply with, in whole or in part;
(xxvi) the risks associated with changes in competitive and
regulated industries in which AEye operates, variations in
operating performance across competitors, and changes in laws and
regulations affecting AEye’s business; (xxvii) the risks that AEye
is unable to adequately implement business plans, forecasts, and
other expectations, and identify and realize additional
opportunities; and (xxviii) the risks of downturns and a changing
regulatory landscape in the highly competitive and evolving
industry in which AEye operates. These risks and uncertainties may
be amplified by the COVID-19 pandemic, including the Delta and
Omicron variants, as well as future variants and subvariants, which
has caused significant economic uncertainty. The foregoing list of
factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section of the Quarterly Report on Form 10-Q
that AEye has most recently filed with the U.S. Securities and
Exchange Commission, or the SEC, and other documents filed by us or
that will be filed by us from time to time with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are
made.
Readers are cautioned not to put undue reliance on
forward-looking statements; AEye assumes no obligation and does not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. AEye gives no assurance that AEye will achieve any of
its expectations.
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Media Contacts
Jennifer Deitsch AEye, Inc. jennifer@aeye.ai 925-400-4366
Andie Davis Landis Communications Inc. AEye@landispr.com
415-717-9133
Investors Contacts
Clyde Montevirgen AEye, Inc. cmontevirgen@aeye.ai
925-400-4366
Will Stack Lambert & Co. AEye@lambert.com 212-971-9718
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