KVH Industries Appoints Robert Tavares to Board of Directors
Announces Agreement with Vintage Capital Management MIDDLETOWN, R.I., April 08, 2020 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI) (“KVH” or the “Company”), today announced that it has reached an agreement (the “Agreement”) with Vintage Capital Management, LLC (“Vintage”) to appoint Robert Tavares to the Company’s Board of Directors (the “Board”) as an independent Class II director, effective immediately.
“We welcome Robert to the Board and are pleased to have come to this agreement with one of our significant shareholders,” said Martin Kits van Heyningen, KVH’s Chairman and Chief Executive Officer. “We remain fully focused on executing against our strategic plan, prudently operating our business and enhancing long-term value going forward.”
Pursuant to the Agreement, Vintage will withdraw its slate of directors and commits to voting its shares for all of KVH’s nominees at the 2020 Annual Meeting. Vintage has also agreed to certain customary provisions including a standstill. The Company’s agreement with Vintage will be filed on a Form 8-K with the Securities and Exchange Commission (“SEC”).
Kirkland & Ellis LLP served as legal counsel to KVH and Willkie Farr & Gallagher LLP served as legal counsel to Vintage with respect to the Cooperation Agreement.
About Robert Tavares
Mr. Tavares has over 30 years of experience in microelectronics and semiconductors for both commercial and defense applications. He served as CEO, President and member of the Board of the then-public company API Technologies. Prior to joining API, Mr. Tavares was President of Crane Electronics Inc., a provider of microelectronic-based solutions for power and microwave applications to the defense, commercial aerospace, and medical markets, President and Director of e2v US Operations, a leading supplier of technology solutions in RF power and semiconductors, and in various management roles at Tyco Electronics, M/A Com Division. He holds a B.S in Engineering from the University of Massachusetts, Dartmouth. |
