OSS Chief Executive Officer David Raun to Step Down Following Appointment of Successor
Mr. Raun to Continue as a Member of the Board of Directors
ESCONDIDO, Calif., Feb. 09, 2023 (GLOBE NEWSWIRE) -- One Stop Systems, Inc. (Nasdaq: OSS), a leading provider of AI Transportable compute and storage solutions at the edge, announced today that its chief executive officer, David Raun, will be stepping down, effective upon the appointment of his successor. The company has not yet identified a candidate to fill the position, however it has retained an internationally recognized search firm to aid in this effort. Mr. Raun will continue to serve as a member of the company’s Board of Directors.
Under Raun’s leadership, OSS has been executing a multi-year strategy to position the company for accelerated growth and greater long-term shareholder value. Soon after assuming his role in 2020, Raun fortified the balance sheet through profitability and increased cash infusions, producing a solid cash position. In 2021, Raun implemented new product and market strategies, innovating on the company’s core competencies, leading to new business engagements in military and industrial AI and Autonomous Transportation applications. Although the company continues to have success in Autonomous Trucking and other verticals, the focus and investments have been on AI Transportables in high-margin recurring opportunities throughout the Department of Defense (DOD).
As a result, in 2023, OSS expects to announce the incorporation of its latest technologies into some key military programs that it has been working on with the DOD and major prime contractors over the past few years, and additional projects are well underway. Much of this activity is centered around its new flagship “Rigel” platform, offering the most-compact, highest-performance ruggedized compute and storage product enabling AI and autonomy on the ground and in the air. The DOD and several prime contractors have indicated to OSS that adding this type of capability throughout the military theater is key toward maintaining the military superiority our country has enjoyed for decades.
“I am pleased and excited with the progress of the management team and the Board in repositioning OSS over the last few years to create great long-term value going forward,” said David Raun. “Based on this and the success we are currently seeing with the DOD, I feel it’s time to bring in new leadership with deep experience and high-level contacts in the defense sector to scale the opportunities and growth. In parallel with this announcement, today we also implemented several internal organizational changes to align our U.S.-based operations with this same objective. Meanwhile, during the search for my successor, I remain committed to our shareholders and our people to continue pushing forward, while facilitating a smooth transition. Once complete, I look forward to contributing as an active board member and significant shareholder.”