EMCORE Corporation Enters Into Cooperation Agreement with Bradley L. Radoff
Appoints Cletus C. Glasener and Jeffrey J. Roncka to its Board of Directors
Appoints Cletus C. Glasener as Chairman of the Board
Amends and Reconstitutes Strategy and Alternatives Committee
ALHAMBRA, CA, Jan. 11, 2024 (GLOBE NEWSWIRE) -- EMCORE Corporation (NASDAQ: EMKR) (“EMCORE” or the “Company”), the world’s largest independent provider of inertial navigation solutions to the aerospace and defense industry, today announced that it has entered into a cooperation agreement (the “Cooperation Agreement”) with Bradley L. Radoff and certain of his affiliates (“Radoff”), pursuant to which Cletus C. Glasener and Jeffrey J. Roncka were appointed to the Company’s board of directors (the “Board”) effective immediately. The Company also announced that Chairman Stephen L. Domenik has stepped down from the Board and the size of the Board was increased to six effective immediately to facilitate the appointment of the new Board members. Pursuant to the Cooperation Agreement, Mr. Glasener was appointed as Chairman of the Board.
Pursuant to the Cooperation Agreement, EMCORE has also agreed to amend and restate the charter for the Strategy and Alternatives Committee of the Board (the “Strategy and Alternatives Committee”) to include the oversight and completion of a business review of the Company’s operational performance, cost structure, and portfolio composition, as well as to explore all value creation levers available to the Company. The composition of the Strategy and Alternatives Committee will be reconstituted to consist of the independent directors of the Board and Mr. Roncka will serve as the Chair.
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Jeffrey Rittichier, EMCORE’s President, CEO and Board member, stated, “We are excited to welcome Cletus and Jeff to our Board, as we plan for the future growth of the Company. Their deep industry experience, leadership expertise, and diverse skills will add valuable insight to our Board as we focus on achieving our business objectives. On behalf of the entire Board, I also want to extend our appreciation to Steve Domenik for his many years of service to the Company.” Mr. Domenik’s term as a director of the Company was set to expire at the 2024 Annual Meeting due to the Company’s director service term limits, and Mr. Domenik agreed to retire early from the Board to facilitate the execution of the Cooperation Agreement.