IRVINE, Calif. - Lantronix Inc. (NASDAQ:LTRX), a global provider of Internet of Things (IoT) solutions, announced today the appointment of Mathi Gurusamy as its new Chief Strategy Officer (CSO), effective immediately. Gurusamy brings over two decades of experience in the IoT and high-tech industries to the role, where he will lead strategic planning and growth initiatives for the company.
Previously holding leadership positions such as CEO at Mobilogix and COO at Telit Cinterion, Gurusamy has a track record of steering companies through significant growth. His expertise in IoT market trends is expected to enhance Lantronix's strategic direction and market position.
Saleel Awsare, Lantronix's president and CEO, expressed confidence in Gurusamy's ability to contribute to the company's growth, citing his deep understanding and strategic insight into the IoT space.
Gurusamy, who holds an Executive MBA from the University of Western Ontario and a bachelor's degree in Business Administration from Central Michigan University, shared his enthusiasm for joining the Lantronix team and focusing on strategic opportunities in the IoT market.
In addition to his appointment, Lantronix has agreed to issue Gurusamy inducement awards totaling 95,691 restricted share units (RSUs) and 66,248 performance-based share units (PSUs), with the PSUs assuming target level performance.
The RSUs are set to vest over three years, with the first third vesting on June 1, 2025, and the remainder vesting quarterly over the following two years. The PSUs will vest based on the company's total stockholder return over a three-year period starting today.
Lantronix specializes in compute and connectivity IoT solutions, targeting industries such as Smart Cities, Automotive, and Enterprise. Their products and services are designed to empower companies to succeed in the IoT markets by providing customizable solutions that address each layer of the IoT Stack.
This news is based on a press release statement.
InvestingPro Insights
As Lantronix Inc. (NASDAQ:LTRX) welcomes Mathi Gurusamy as the new chief strategy officer, the company's financial health and market performance remain crucial for investors monitoring its growth trajectory in the competitive IoT sector. According to InvestingPro, Lantronix's market capitalization stands at 132.29 million USD, reflecting its position in the market. Despite a challenging past six months, with the stock price declining by 27.37%, analysts predict that the company will be profitable this year. This anticipated turnaround in profitability aligns with the strategic expertise Gurusamy brings to the team.
InvestingPro Tips suggest that while Lantronix operates with a moderate level of debt, its liquid assets exceed short-term obligations, indicating a sound liquidity position that could support its strategic growth initiatives. Additionally, the company's valuation implies a strong free cash flow yield, which could be an attractive point for investors seeking companies with potential for cash generation.
For those interested in a deeper dive into Lantronix's financials and strategic positioning, InvestingPro offers additional insights and metrics. Currently, there are 10 more InvestingPro Tips available that could provide further clarity on the company's performance and potential. To access these insights, visit https://www.investing.com/pro/LTRX and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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