Technology Industry Veteran Kurt Busch Appointed CEO of Lantronix
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IRVINE, CA, Aug 23 (MARKET WIRE) --
Lantronix, Inc. (NASDAQ: LTRX), a leading global provider of smart
connectivity solutions that enable business and technology professionals
to access any device, anywhere, anytime, today announced that the Board
of Directors has appointed Kurt Busch as President and Chief Executive
Officer, effective immediately.
Prior to joining the company, Busch (40) served in senior leadership
positions at Mindspeed Technologies (NASDAQ: MSPD), a leading supplier of
semiconductor solutions for network infrastructure applications. Most
recently, he served as senior vice president and general manager for the
company's high performance analog division. Under Busch's leadership, the
division launched 40 products during his tenure that yielded
substantially increased revenues and expanded demand for the company's
products across broad markets including carrier, enterprise data center,
surveillance and professional video.
Since 1990, Busch has worked in the networking communications industry.
His experience includes business development roles at Analog Devices
(ADI) as well as roles in engineering, sales, marketing and general
management at Digital Equipment Corporation (DEC), Intel (INTC), and two
start-ups.
He earned a bachelor's degree in electrical and computer engineering and
a bachelor's degree in biological science from the University of
California at Irvine. In 1998, Busch completed an MBA from Santa Clara
University.
"Kurt's more than 20 years of progressive and successful technology
industry leadership makes him the ideal candidate to lead Lantronix at
this time," said Thomas Wittenschlaeger, Lantronix Chairman. "The entire
Board of Directors and I feel fortunate to have identified and recruited
so quickly a highly qualified candidate who has the broad and current
experience in device networking, product management, technological
innovation and corporate development."
"Our shareholders clearly appreciate how important focus, dedication and
executive leadership are to the success of Lantronix, and why the Board
has concentrated such efforts on a rapid and decisive realignment
thereof," continued Wittenschlaeger. "The reduction in size and cost of
the board, the appointment of proven technology leadership and a renewed
commitment to innovation and execution on matters ranging from product
evolution to IP to market execution all represent a refocus aimed towards
reasserting and growing Lantronix' competitive advantage as a leader in
the device networking marketplace."
"With a well-established reputation in the device networking solutions
market, a strong global distribution channel and world-class engineering
team, I believe that Lantronix represents a tremendous opportunity," said
Busch. "My focus will be on leveraging the company's core assets to grow
Lantronix's market share in the expanding M2M space and deliver improved
value to our shareholders."
About Lantronix
Lantronix, Inc. (NASDAQ: LTRX) is a global leader of
secure communication technologies that simplify remote access, management
and control of any electronic device. Our smart connectivity solutions
empower businesses to make better decisions based on real-time
information, and gain a competitive advantage by generating new revenue
streams, improving productivity and increasing efficiency and
profitability. Easy to integrate and deploy, Lantronix products remotely
connect and control electronic equipment via the Internet, provide secure
remote access to firewall-protected equipment, and enable remote
management of IT equipment over the Internet. Founded in 1989, Lantronix
serves some of the largest medical, security, industrial and building
automation, transportation, retail/POS, financial, government, consumer
electronics/appliances, IT/data center and pro-AV/signage entities in the
world. The company's headquarters are located in Irvine, Calif. For more
information, visit www.lantronix.com.
The Lantronix blog, http://www.lantronix.com/blog, features industry
discussion and updates. To follow Lantronix on Twitter, visit
http://www.twitter.com/Lantronix
This news release contains forward-looking statements, including
statements concerning our future business plans. These forward-looking
statements are based on current management and board expectations and are
subject to risks and uncertainties that could cause actual reported
results and outcomes to differ materially from those expressed in the
forward-looking statements. Factors that could cause our expectations and
reported results to vary, include, but are not limited to: our ability to
identify and profitably develop new products that will be attractive to
our target markets, including products in our device networking business
and the timing and success of new product introductions; changing market
conditions and competitive landscape; market acceptance of our products
by our customers; pricing trends; future revenues and margins; unusual or
unexpected expenses; ability to retain management personnel; and cash
usage including cash used for product development or strategic
transactions; and other factors that may affect financial performance.
For a more detailed discussion of these and other risks and
uncertainties, see our SEC filings, including our Quarterly Report on
Form 10-Q for the quarter ended March 31, 2011 and our Annual Report on
Form 10-K for the year ended June 30, 2010. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date hereof, and the Company undertakes no obligation to
update these forward-looking statements to reflect subsequent events or
circumstances.
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Company Contact:
Jim Kerrigan
Interim CFO
Lantronix
Jim.Kerrigan@lantronix.com
Tel 949-453-3990
Copyright 2011, Market Wire, All rights reserved.
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