Business
Ouster and Velodyne Achieve Guidance and Announce Combined Company Board of Directors in Anticipation of Closing of Merger of Equals
Ouster and Velodyne achieved Fiscal Year and Q4 2022 guidance, respectively Diverse Combined Company Board designees with deep company, industry, and
About this update from Ouster, Inc.
[{"type":"text","content":"\nOuster and Velodyne achieved Fiscal Year and Q4 2022 guidance, respectively\n\nDiverse Combined Company Board designees with deep company, industry, and financial expertise\n\nApproximately $315 million in combined cash1 as of December 31, 2022\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nOuster, Inc. (NYSE: OUST) (“Ouster”), a leading provider of high-resolution digital lidar, and Velodyne Lidar, Inc. (Nasdaq: VLDR; VLDRW) (“Velodyne”), a global player in lidar sensors and solutions, announced today the proposed designations for the Board of Directors of the Combined Company, subject to approval by the Ouster Board of Directors and closing the proposed merger of equals. The merger is expected to drive significant value creation and result in a stronger financial position through robust product offerings, increased operational efficiencies, and a complementary customer base in fast-growing end-markets.\n\nCombined Company Board of Directors\n\nAfter careful deliberation in the months following the announcement of the proposed merger, Ouster and Velodyne each selected their four designees to serve as directors of the Combined Company after the proposed merger closes.\n\nOuster’s four designees to the Board of the Combined Company include:\n\n\nAngus Pacala: Ouster Chief Executive Officer\n\n\nSusan Heystee: Ouster Board Chair; Ouster Compensation Committee Chair and Audit Committee member\n\n\nKarin Rådström: Ouster Nominating and Corporate Governance Committee member\n\n\nRiaz Valani: prior Ouster Board member and long-term investor\n\n\nVelodyne’s four designees to the Board of the Combined Company include:\n\n\nDr. Ted Tewksbury: Velodyne Chief Executive Officer\n\n\nVirginia Boulet: Velodyne Board Chair; Velodyne Nominating and Governance Committee Chair and Compensation Committee member\n\n\nErnest Maddock: Velodyne Audit Committee Chair and Compensation Committee member\n\n\nKristin Slanina: Velodyne Audit Committee and Nominating and Governance Committee member\n\n\n“The announced designees put forward for the Board of the Combined Company offer significant experience from their time as business leaders across the automotive, semiconductor, telecommunications, software, consumer products, and financial industries,” said Ouster CEO Angus Pacala. “These seasoned professionals are well-positioned to govern and guide the combined...