Former IBM DP Executive Greg Smith Named CEO; 40-Year Power Generation Veteran Kevin Tangen Appointed EVP of Engineering and Technology
Fort Lauderdale, FL, Nov. 05, 2026 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (the “Company”) (NASDAQ: RIME), a diversified holding company that owns and operates Azure Energy (“Azure”), a strategic advisor to renewable power plant developers, and SemiCab Holdings, an AI-enabled logistics and distribution company, today announced that its Board of Directors has appointed Greg Smith as Chief Executive Officer, effective October 30, 2026. Mr. Smith succeeds Andrew Thompson, who is stepping down for health reasons and transitioning to a key business development role to focus on the Company’s rapidly increasing pipeline of prospective new business opportunities in the southeastern US.
Mr. Smith is a member of the Company's Board of Directors, with more than 30 years of management and operational leadership experience from IBM, where he held progressively senior management positions overseeing complex, multinational organizations. His experience includes responsibility for annual budgets of approximately $2 billion, business process management, operational efficiency, and the development of high-value client relationships. Mr. Smith's appointment is intended to provide leadership continuity while strengthening the Company's focus on operational execution and the accelerated development of its renewable power generation business.
“I am honored to take on the role of Chief Executive Officer at this important stage in Algorhythm's development,” said Mr. Smith. “Having served on the Board and been invested in Azure Energy for a number of years, I have developed a strong understanding of the Company's businesses, strategic priorities, and opportunities ahead. My immediate focus will be on strengthening operational execution, while working with our talented team to advance the Company's growth objectives and create long-term shareholder value.”
The Company also appointed Kevin Tangen to the role of EVP of Engineering and Technology, adding a 40 year industry veteran to the leadership team. Mr. Tangen is the founder of Azure Engineering, a specialty power generation engineering firm with deep expertise in a wide range of power generation solutions, including renewable natural gas and biomass designs. Mr. Tangen has been a leader in the field for over 40 years, and together with his team has been involved in over 50 power plant design and construction projects. These projects collectively deployed over $5 billion in capital investment to generate over 15 GW of power. Azure Engineering has a deep and active relationship with Azure Energy, which Mr. Tangen was also a 50% co-founder prior to its sale to Algorhythm Holdings in September of this year.
“I am excited to take on this new opportunity in direct support of the new Azure Energy and the entire team at Algorhythm,” commented Mr. Tangen. “Azure Energy has three active projects where I have personally been involved in the engineering to date. It is my belief that by taking on this new role, I can help ensure the entire team across the two organizations move in closer coordination as we hit critical milestones and look to take each project to the key next phases of development in the near term. I also believe that with the new focus on business development, we will need to work even closer together as we head into a potentially pivotal 2027.”
As part of the leadership transition, Mr. Thompson will take on a leadership role in new business development at Azure Energy. Mr. Thompson is specifically tasked with executing on opportunities with municipal partners and commercial sponsors for powered land projects suitable for hyperscaler data center and advanced manufacturing end users. The Company expects the leadership transition to support continuity in its ongoing operations and strategic initiatives, including the development and commercialization of Azure Energy's renewable power generation projects.
About Algorhythm Holdings
Algorhythm Holdings, Inc. is a holding company with two businesses: Azure Holdings and SemiCab Holdings.
Azure Energy provides strategic and technical advisory services for renewable biomass power generation infrastructure. For additional information, please go to: http://www.azure-energy.co.
SemiCab is an AI-enabled logistics software provider. Since 2020, SemiCab has enabled major retailers, brands, and transportation providers to address common supply-chain problems globally. Its AI-enabled, cloud-based Collaborative Transportation Platform achieves the scalability required to predict and optimize millions of loads and hundreds of thousands of trucks. With SemiCab’s AI platform, shippers pay less and carriers make more without having to change a thing. For additional information, please go to: http://www.semicab.com.
Investor Relations Contact
Brendan Hopkins
407-645-5295
investors@algoholdings.com
www.algoholdings.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in Algorhythm’s reports to the SEC, including, without limitation, Algorhythm’s Annual Report on Form 10-K for the year ended December 31, 2025. You should not place undue reliance on any forward-looking statement, each of which applies only as of the date of this press release. Except as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform our statements to actual results or changed expectations, or as a result of new information, future events or otherwise.