Business
SGH Announces Board Transitions
Board directors Ajay Shah and Jason White, both nominated by Silver Lake, which recently exited its ownership position in SGH, will not stand for re-election
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[{"type":"text","content":"\n\nBoard directors Ajay Shah and Jason White, both nominated by Silver Lake, which recently exited its ownership position in SGH, will not stand for re-election at the SGH 2022 annual meeting of shareholders; director and co-founder Mukesh Patel will also step down as of the annual meeting;\n\n\nAll remaining SGH directors will be independent, apart from SGH chief executive officer and director Mark Adams, building on the Company’s recent corporate governance initiatives; and\n\n\nSGH also re-affirms guidance for the second fiscal quarter of 2022.\n\n\n MILPITAS, Calif.--(BUSINESS WIRE)--\nSMART Global Holdings, Inc. (“SGH” or the “Company”) (Nasdaq: SGH) today announced that Silver Lake-nominated directors Ajay Shah and Jason White will not stand for re-election at the SGH 2022 annual meeting of shareholders, following Silver Lake’s recent sell down of its ownership position in the Company. Mukesh Patel, director and co-founder, will also step down as of the 2022 annual meeting.\n\nWith this change, the SGH board will be entirely independent, with the exception of SGH director and chief executive officer Mark Adams, and women will constitute one third of the board. Having an independent, and increasingly diverse board demonstrates SGH’s commitment to strong governance and enhanced risk oversight.\n\nAjay Shah and Mukesh Patel co-founded the Company in 1988. After co-leading the acquisition of the Company in 2011 by funds affiliated with Silver Lake, Mr. Shah served as chairman of the board and more recently as chief executive officer and executive chairman of the board. He will remain as an advisor to the Company after he leaves the board.\n\n“When I look back at what the world of technology looked like in 1988, I am amazed at just how far we have come. I am very proud of where SGH is today with a dynamic and performance-driven culture, which is delivering strong growth and earnings. We now have a diverse base of market-leading businesses built organically and through accretive, synergistic acquisitions over the last few years. I am confident in the leadership of Mark and the management team to continue to drive the Company forward, and its future is in excellent hands,” said Ajay Shah.\n\n“I could have never imagined our growth journey,” said Mukesh Patel. “From a small private memory company of 30 employees based in the Sili...