Business
LivePerson Founder Robert P. LoCascio Files Preliminary Proxy Statement, Nominates Two Highly Qualified Candidates Focused on AI and Enterprise B2B to the LivePerson Board of Directors
Nominees Walter Bachtiger and Michal Czwarno Bring Much-Needed Expertise in Artificial Intelligence, Knowledge of LivePerson's Operations and Deep
About this update from Liveperson, Inc.
[{"type":"text","content":"Nominees Walter Bachtiger and Michal Czwarno Bring Much-Needed Expertise in Artificial Intelligence, Knowledge of LivePerson's Operations and Deep Understanding of Evolving AI Market Dynamics \nNEW YORK, Aug. 20, 2024 /PRNewswire/ -- Robert P. LoCascio, Founder and former CEO of LivePerson, Inc. (\"LivePerson\" or the \"Company\") (NASDAQ: LPSN) and beneficial owner of approximately 2.4% of the outstanding shares of Company common stock, today announced that he has nominated two independent, highly qualified nominees (the \"Nominees\") for election to the LivePerson Board of Directors (the \"Board\") at the Company's 2024 Annual Meeting of Stockholders. Mr. LoCascio has filed a preliminary proxy statement with the Securities and Exchange Commission (\"SEC\").\n\nThe nominees, Walter Bachtiger, Founder and CEO of TimeTrust, a Silicon Valley FinTech company and former LivePerson Vice President, and Michal Czwarno, a strategic technology business leader with substantial experience in global strategy formation and execution, would bring much-needed AI industry and Business to Business (\"B2B\") experience to the Board.\nLivePerson was at one time a leading AI company, but since August 2023, the value of its stock has fallen by approximately 80%, including a 47% single-day drop following the Company's February 2024 earnings call in which management announced an unprecedented $100 million revenue loss due to customer churn. Further, Mr. LoCascio believes the Company undertook a debt restructuring plan in May 2024 that was dilutive to equity stockholders and increased the Company's covenants restrictions and exposure to interest rates. There are also notable recent departures of key employees, especially from the Company's data science team. The goal should be to reestablish LivePerson as a leading global provider in the conversational AI contact center space and the AI space overall.\nMr. LoCascio believes that a refreshed Board, with a deep understanding of LivePerson's operations and the evolving market dynamics surrounding AI and the contact center sector, would allow the Company to regain a market-leading position and the confidence of its stockholders. Mr. LoCascio also believes that with the right strategic plan and Board composition, the Company can rapidly unlock the potential of its unique data and platform assets. Mr. LoCasc...