Business
Digimarc Announces Retirement of Bruce Davis and Appointment of Riley McCormack as CEO
BEAVERTON, Ore., April 12, 2021 /PRNewswire/ -- Digimarc Corporation (NASDAQ: DMRC), creator of the Digimarc Platform, today announced the retirement of Bruce
About this update from Digimarc Corporation
[{"type":"text","content":"BEAVERTON, Ore., April 12, 2021 /PRNewswire/ -- Digimarc Corporation (NASDAQ: DMRC), creator of the Digimarc Platform, today announced the retirement of Bruce Davis as Digimarc's President and Chief Executive Officer and as Chairman and member of Digimarc's Board of Directors, effective immediately. Riley McCormack, a current member and Lead Director of the Digimarc Board, has been appointed as the Company's President and Chief Executive Officer, effective today, and will remain as a director of the Company. \n\n \n \n \n \n \n \n\n \nDavis's retirement from management and the board is unrelated to the company's financial reporting and business performance, nor was his decision to leave due to any disagreement with the Company's operations, policies or practices. \nAlicia Syrett, an independent director, was elected Chair of the Board of Directors, splitting the role of CEO and Board Chair for the first time since the mid 2000's. The position of Lead Director was eliminated. The size of the Board was reduced from 10 to 8 members. Sheela Zemlin was elected to succeed Mr. McCormack as Chair of the Compensation Committee. \n\"Bruce has led this company through an incredible maturation and many successful advancements over his 23 years as CEO,\" Mr. McCormack said. \"I want to publicly recognize that where we are today and where we will be tomorrow is and will be an enduring monument to his vision, hard work and leadership. I have no doubt this company is going to change the world, and Bruce Davis has earned, and will always have, a significant portion of the credit. I speak on behalf of the Company and the Board when I thank him for all he has done and wish him nothing but the best in his future endeavors. I know he will continue to be a resource and advocate for the company. I also know I have big shoes to fill.\"\nAccording to Davis, \"It's time for a change. I have spent the last six months since the transformational investment from TCM|Strategic intensely engaged with Riley. During his long tenure as a shareholder, he demonstrated an extraordinary dedication to the company and awe-inspiring interest in fostering its success. He has earned this opportunity and I have equipped him to the best of my ability to succeed during our time together. I will do all I can to support his leadership and the Board's direction as I transition ...