NEW YORK - Rubric Capital Management LP, an investment advisor with a 9.1% stake in Xperi (NASDAQ:ADEA) Inc. (NYSE: XPER), has nominated two candidates for election to the technology company's board, seeking to address what it describes as a history of underperformance and poor decisions by the current board.
Rubric's nominees, Thomas A. Lacey and Deborah S. Conrad, bring a wealth of leadership, marketing, and financial expertise to the table, with the aim of driving sustained growth and profitability for Xperi. Lacey, with a tenure as CEO of Xperi's predecessor company, is noted for his operational and capital allocation skills. Conrad's marketing acumen is drawn from over 27 years at Intel Corporation (NASDAQ: NASDAQ:INTC), culminating in her role as Corporate Vice President and Chief Marketing Officer.
David Rosen, Managing Partner of Rubric, criticized Xperi's current board for its capital mismanagement and the company's performance since its spin-off, highlighting a 28% decline in Xperi shares against positive returns from comparable benchmarks. He pointed out the sale of Xperi's AutoSense division and over 10% equity issuance to insiders as examples of the board's questionable decisions.
Rubric's move to nominate new directors comes as part of a preliminary proxy statement filed for Xperi's 2024 Annual Meeting of Stockholders. The investment advisor has called for stockholders to read the proxy statement and other proxy materials, which will be made available by the Securities and Exchange Commission (SEC).
This news is based on a press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.