Tessco Announces Appointment of John D. Beletic as Chair of the Board of Directors - Seite 2

Additionally, the Board expects that Dennis Shaughnessy will not stand for reelection at the 2021 Annual Meeting of Shareholders, as a next step in the Board’s evolution and refreshment over the next few years.

The Board’s Nominating and Governance Committee will seek qualified candidates to fill future vacancies through various means, as necessary, including the assistance of an executive search firm. The Nominating and Governance Committee will consider the needs of the Board and the qualifications of each candidate, as well as diversity in accordance with the Board Diversity Guidelines. At least one new director candidate to be nominated by the Board for election at the 2021 Annual Meeting of Shareholders is expected to be diverse. Most importantly, the Board will seek candidates who have demonstrated a capacity to become strong independent directors, with a focus on protecting the interests of all shareholders.

Mr. Beletic has served as a director of the Company since July 1999 and as Lead Director since August 2008. Mr. Beletic was CEO of X-IO Technologies from November 2011 to May 2014 and served on its board until 2016. Mr. Beletic was a venture partner or operating partner with Oak Investment Partners, a venture capital firm, from July 2002 to April 2018. Mr. Beletic serves on the board of Shareablee, a social media analytics company, and J5 Infrastructure, a provider of site selection, zoning and engineering services to the mobile carrier industry. Earlier in his career, Mr. Beletic served as CEO of telecommunications companies Tigon Corporation, PageMart Wireless, and Weblink Wireless.

Business Strategy Recap

At the Annual Meeting of Shareholders held on July 25, 2020, Mr. Mukerjee provided a recap of the Company’s business strategy, which has evolved over recent months as a result of close collaboration between the management team and the Board.

The Company’s initiatives for fiscal 2021, as previously discussed on TESSCO’s first-quarter results conference call include:

Managed Decline of Retail

By managing the decline of the Company’s Retail business, management will be able to better focus its attention on its growing Carrier and Commercial infrastructure businesses. Doing so will limit the negative impact of the retail business, both to operating results and the balance sheet, while permitting redeployment of capital to more profitable areas of the Company.