Date: 06/06/2023

Lantronix Announces CEO Transition and Continuity Plan

Lantronix announced that Paul Pickle will be resigning from his role as president and chief executive officer and as a director of Lantronix to pursue another opportunity as the chief executive officer of Semtech Corporation (Nasdaq: SMTC). Mr. Pickle’s resignation will be effective as of a date yet to be determined, between June 8, 2023, and June 29, 2023. Until the effective date of his resignation, Mr. Pickle will continue in his current officer and director roles while the company conducts a search for a new CEO. If a new CEO has not been appointed by Mr. Pickle’s last day with the company, the company’s chief financial officer, Jeremy Whitaker, will serve as interim chief executive officer of the company until the board of directors appoints a new permanent CEO. Mr. Whitaker also served as the company’s interim CEO for brief periods during 2015 and 2019 and will continue to serve as CFO of the company, a position he has held since September 2011.

Since Mr. Pickle’s appointment as Lantronix’s CEO in April 2019, he has grown the company from approximately $47 million in annual net revenue as of the end of fiscal 2019 to an expected revenue in a range of $175 million to $185 million for fiscal 2024, including record revenue results for a number of quarters during that period.

“My decision to pursue another opportunity was very difficult. The growth numbers speak for themselves, and I am very proud of the accomplishments of the team at Lantronix and the growth strategy that the company has in place,” stated Mr. Pickle. “I remain a significant Lantronix shareholder and have full confidence in the management team to keep executing on our plans for the benefit of all shareholders,” he added.

Chairman Paul Folino said, “The Lantronix board of directors would like to thank Paul for his service to the company and wishes him success in his new position. We recognize and appreciate Paul’s leadership and lasting contributions to Lantronix. We are fortunate to continue to have a world-class leadership team in place, including our CFO Jeremy Whitaker, who is poised, if needed, to act as interim CEO. We believe that Jeremy, with the rest of the team, will continue to execute on the company’s growth strategies and achieve our recently projected revenue guidance for fiscal 2024 in the range of $175 million to $185 million.”

News Source: Lantronix