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Sierra Wireless (NASDAQ: SWIR) (TSX: SW), the leading IoT solutions provider, today announced that Kent Thexton plans to retire from his position as President & CEO. Kent has committed to remain with the Company until June 30th to allow his successor to be hired and to support an orderly transition. The Board of Directors have commenced a process to find Kent’s successor and have engaged a top tier executive search firm to undertake a search for his replacement.
In May 2018, Kent moved from Chair of the Board of Directors into the role of President & CEO of Sierra Wireless to help lead the Company’s transformation from an IoT module provider, to an end-to-end IoT solutions provider. During the past two and a half years, Sierra Wireless has built a broad portfolio of IoT Solutions offerings, including Cellular Connectivity, Enterprise Software as a Service, IoT Applications and Managed Network Services. Under Kent’s leadership, Sierra Wireless is now positioned for growth and to continue to lead the IoT solutions market. When Kent started in the CEO role, Recurring & Other Services revenue was 12% of total revenue, and in the Third Quarter of 2020 recurring revenue had increased to 26% of total revenue.
“Kent has been a valuable and tireless leader for Sierra Wireless in both his roles as Chair of the Board and as President & CEO,” said Robin Abrams, Chair of the Board of Directors. “We want to thank him for his strong efforts in transforming the business and we wish him the best in his retirement.”
“It has been a great privilege for me to serve as the President & CEO of Sierra Wireless over the past two and a half years,” said Kent. “Given that much of the work of the transformation is now behind us and Sierra Wireless is in prime position to fully capitalize on the tremendous growth happening in the IoT market, the timing is right to bring in a long-term leader to run the business.”
Sierra Wireless expects revenue to be above Street consensus of $116.5m in the Fourth Quarter of 2020, as well as being above Street consensus of $110.0 million in the First Quarter of 2021. The Company also expects to report approximately $170 million in cash and no debt at the end of December 31, 2020.
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is the leading IoT solutions provider that combines devices, network services and software to unlock value in the connected economy. Companies globally are adopting IoT to improve operational efficiency, create better customer experiences, improve their business models and create new revenue streams. Whether it is an integrated solution to help a business securely connect edge devices to the cloud, or a software/API service to help manage processes associated with billions of connected assets, or a platform to extract real-time data to make the best business decisions, Sierra Wireless will work with you to develop the right industry-specific solution for your next IoT endeavor. Sierra Wireless operates a 24/7/365 Global Network Operation Center (GNOC) and R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com.
“Sierra Wireless” is a registered trademark of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners.
Certain statements and information in this press release are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (collectively, “forward-looking statements”) and may include statements and information relating to plans and timing regarding the Company’s CEO transition; our 2021 corporate update; financial guidance for our fiscal year 2020 and the first quarter of 2021; our business outlook for the short and long term; statements regarding our strategy, plans, goals, objectives, expectations and future operating performance; the Company’s liquidity and capital resources; the Company’s financial and operating objectives and strategies to achieve them; general economic conditions; estimates of our expenses, future revenues, financial results and capital requirements; statements with respect to the Company’s estimated working capital; expectations with respect to the adoption of Internet of Things (“IoT”) solutions; and expectations regarding trends and growth in the IoT market and wireless module market. Forward-looking statements are provided to help you understand our views of our short and long term plans, expectations and prospects. We caution you that forward-looking statements may not be appropriate for other purposes.
• Are based on our management’s current expectations and we caution investors that forward-looking statements, particularly those that relate to longer periods of time, are subject to substantial known and unknown material risks and uncertainties. Many factors could cause our actual results, achievements and developments in our business to differ significantly from those expressed or implied by our forward-looking statements, including without limitation, the following factors. These risk factors and others are discussed in our Annual Information Form and Management’s Discussion and Analysis of Financial Condition and Results of Operations, which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in our other regulatory filings with the Securities and Exchange Commission in the United States and the provincial securities commissions in Canada:
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