Perceptron, Inc. (NASDAQ: PRCP) today announced that the Company's Chairman of the Board, Jay Freeland, will also become Interim President and Chief Executive Officer effective immediately, following the resignation of David Watza as a director and officer of the Company. The search for a permanent CEO has already been initiated, under the Board's guidance and direction.
"I'm excited to work with Perceptron's Board to maximize the value of this Company for our shareholders," Mr. Freeland stated. "The strength of Perceptron's core technology, its new products and its talented employees is not reflected in the current share price. I have a number of ideas around our strategic direction and the best path forward, and will explore all of our options vigorously."
"Following discussions with the Board and the management team over the course of this year, I believe that in the near-term, a thorough evaluation of our cost and organizational structure should drive improved margins and enable greater productivity," Mr. Freeland added. "Moreover, as we look for the optimal go-to-market strategy, we will also consider our product and business mix to ensure we are only pursuing the highest return products and business lines.
"The Board is encouraged by the Company's growth potential, yet we also recognize that the global automotive market is changing rapidly and uncertainty is increasing. In order to anticipate and benefit from this change, the Board will take a critical eye to various strategic options, including potential divestitures and strategic business partnerships. I expect to weigh our organic growth prospects against the benefits of larger partnerships and other alternatives."
Mr. Freeland joined Perceptron's Board of Directors in December of 2018 and became Chairman in May of 2019. Prior to joining Perceptron, he served as President and CEO of FARO Technologies, Inc. (NASDAQ: FARO) for approximately ten years, before retiring in December of 2015. He also served in a variety of executive capacities at General Electric for almost twelve years before that.
"Perceptron is an excellent company with highly motivated and skilled professionals," Mr. Freeland concluded. "We have great technology that offers significant value to our customers. Along with Perceptron's senior leadership team, I will look to make informed decisions and drive substantial value creation. I look forward to updating our shareholders throughout the year on our progress."