KVH Announces Transformative Initiatives - Seite 2

In conjunction with the strategic reorganization, the Company also announced certain management changes and transitions.

Roger Kuebel, KVH’s Chief Financial Officer, will be stepping down from his role effective March 31, 2024. The Board of Directors of the Company has promoted Anthony Pike, KVH’s Vice President Finance and Corporate Controller, to serve as the Company’s Chief Financial Officer, effective April 1, 2024. To ensure a smooth transition, Mr. Kuebel will remain available to the Company through April 12, 2024.

Robert Balog, KVH’s Chief Operating Officer with responsibilities for product engineering, will also be departing the Company effective April 12, 2024. Richard Driscoll, KVH’s Senior Vice President, Network Operations & Service Development, has taken on the additional responsibilities of Chief Technology Officer, effective immediately.

Brent Bruun, President and CEO of KVH, stated, “I would like to thank Roger, Bob and the other valued employees departing KVH and express my sincere gratitude for their commitment, hard work, and many contributions over the years.” Mr. Bruun continued, “While this realignment of resources is difficult for all of us, it is important progress for the Company in its evolution toward becoming a leaner, more agile, hardware-agnostic business focused on providing value-added solutions and services for our subscriber base.”

As a result of these actions, the Company expects to reduce headcount by 75 employees, or approximately 20% of its workforce. A third of the reduction in personnel will take place by mid-March 2024, with the balance completed in the second quarter of 2024.

The Company expects to realize annualized cost savings of approximately $9.3 million from the headcount reductions, with the full impact of these savings to be realized in 2025. KVH estimates that it will incur approximately $3.3 million of pre-tax charges for severance and other costs related to the restructuring, through the second quarter of 2024.

KVH expects to release earnings and host a conference call in early March to discuss the Company’s ongoing strategic evolution along with fourth quarter and full-year 2023 results.

Recent Announcements Supporting KVH’s Strategic Evolution

January 9, 2024	KVH Expands Multi-Orbit Hybrid Network with Eutelsat OneWeb High-speed, Low-latency Service
October 30, 2023	KVH and Kognitive Networks Sign Exclusive Maritime Agreement
September 6, 2023	KVH Enhances Maritime Hybrid Communication Solutions with Starlink
August 17, 2023	KVH and Intelsat Reaffirm Satellite Partnership with Three-year Renewal
May 9, 2023	KVH ONE OpenNet Program Brings Benefits of KVH Global HTS Network to Non-KVH Antennas

About Anthony Pike