SGH announces transitions within its board of directors | Business thread
MILPITAS, Calif .– (COMMERCIAL THREAD) – SMART Global Holdings, Inc. (âSGHâ or the âCompanyâ) (Nasdaq: SGH) today announced that the directors appointed to Silver Lake, Ajay Shah and Jason White, will not stand for re-election at the SGH 2022 annual meeting of shareholders, following the recent sale by Silver Lake of its stake in the Company. Director and co-founder Mukesh Patel will also step down from the 2022 annual meeting.
With this change, SGH’s board of directors will be fully independent, with the exception of SGH’s director and CEO, Mark Adams, and women will constitute one-third of the board. Having an independent and increasingly diverse board of directors demonstrates SGH’s commitment to strong governance and increased risk oversight.
Ajay Shah and Mukesh Patel co-founded the company in 1988. After co-leading the acquisition of the company in 2011 by funds affiliated with Silver Lake, Mr. Shah served as Chairman of the Board and most recently Director general and executive chairman. from the administration board. He will remain as adviser to the Company after his departure from the board of directors.
“When I think back to what the tech world was like in 1988, I’m amazed at how far we’ve come. I am very proud of the current situation of SGH with a dynamic and performance-oriented culture, which generates solid growth and profits. We now have a diverse base of market-leading companies, built organically and through accretive and synergistic acquisitions over the past few years. I am confident in Mark’s leadership and the management team to continue moving the company forward, and his future is in excellent hands, âsaid Ajay Shah.
“I could never have imagined our journey of growth, âsaid Mukesh Patel. “From a small private memory company of 30 employees based in Silicon Valley to a global public company of 4,000 employees, SGH is a success story that I am proud to have been a part of.
CEO Mark Adams commented: âI want to take this opportunity to thank Ajay, Mukesh and Jason for their leadership and vision. I look forward to continuing to build on all that we have accomplished under their leadership and with the support and partnership of Silver Lake. By maintaining our focus on customer needs through high quality advanced semiconductor solutions and our team’s exceptional ability to deliver results, we will continue our positive transformation and deliver tremendous value to our stakeholders. ”
There is no change to the outlook previously shared by the Company for the first quarter of fiscal 2022.
This press release contains “forward-looking statements” including, but not limited to, statements regarding future events and the future financial performance of SGH (including the business outlook for the next fiscal quarter).
These forward-looking statements are based on current expectations and preliminary assumptions that are subject to factors and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. They are subject to a number of risks, uncertainties and other factors, many of which are beyond SGH’s control, including: business and economic conditions and growth trends in the technology and lighting industries , our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; disruptions in our operations, supply chain, or global markets due to the COVID-19 outbreak or otherwise; changes in trade regulations or unfavorable developments in international trade relations and agreements; changes in exchange rates; overall spending on information technology; credits for public expenditure; the success of our strategic initiatives, including additional investments in new products, additional capacity and acquisitions; the acquisition or failure of other companies or technologies to integrate and operate, or customer reactions to them, including Cree LED, Inc .; limitations or changes in the availability of the supply of materials and components; fluctuations in material costs; temporary or volatile nature of price trends in memory or elsewhere; deterioration of relationships with customers; production or manufacturing difficulties; competitive factors; technological changes; difficulties or delays in introducing new products; slowdown or contraction in the growth of the memory market in Brazil; reduction or elimination of incentives for local manufacturing in Brazil; changes in applicable tax regimes or rates; the prices of our customers’ finished products; strikes or labor disputes; deterioration or loss of relationships with one of our key suppliers in limited numbers; the inability to maintain or expand government operations; and other factors and risks detailed in documents filed by SGH with the United States Securities and Exchange Commission, which include SGH’s most recent reports on Forms 10-K and 10-Q, including future SGH deposits.
These factors and risks as described above and in these documents may not constitute all the factors and risks that could cause SGH’s actual results to differ materially from historical results and / or from any future results expressed or implied. by these statements. SGH and its subsidiaries operate in a constantly changing business environment and new factors emerge from time to time. SGH cannot predict such factors, nor assess the impact, if any, of such factors on the results of SGH or its subsidiaries.
Therefore, investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements should not be taken as a prediction of actual results. These forward-looking statements are made to this date, and SGH does not intend, and has no obligation, to update or revise the forward-looking statements to reflect events or circumstances that may arise after the date. of this press release, except as required by law.
About SMART Global Holdings – SGH
At SGH, our businesses are united by a desire to raise the bar, execute with discipline, and focus on the future of the technologies that support and advance the world. Through IT, memory and LED lighting solutions, we build long-term strategic partnerships with our customers.
Backed by a proven management team, we operate with excellence around the world while opening new avenues of growth for our business and industry.
Learn more about us at SGHcorp.com.