Lexington Technology Group, Inc. announced today that seasoned technology and IP executive Jeff Ronaldi will become the company’s chief executive officer effective November 9, 2012. Ronaldi, who is currently a Lexington board advisor, would also become CEO of DSS, Inc. (NYSE MKT: DSS) upon completion of its pending merger with Lexington, expected in early 2013. Lexington’s current CEO, Will Rosellini, will step down effective November 9, 2012 and remain an advisor to Lexington’s wholly owned subsidiary Bascom Research.
“LTG is a platform for proven managers, and Jeff has been a part of the team from the start, previously serving as a member of our advisory board,” says Lexington Chief Operating Officer Peter Hardigan. “We’re very pleased that he now has the opportunity to lead the company, as he brings an unparalleled combination of general management and patent monetization experience to the CEO role. Jeff’s experience at trial is integral to our success and his network, reputation, resources and access to deal flow are invaluable. We believe that this is a big win for both LTG and, if the merger is completed, for DSS shareholders.”
Over the past two decades, Ronaldi has realized more than $160 million in return for $12 million in patent investments. Most recently he was CEO of Turtle Bay Technologies, Ltd, a wholly owned subsidiary of Juridica Capital. In 2012, he was behind two successful patent verdicts: Shelbyzyme’s $50 million verdict against Genzyme and a $20 million willful infringement verdict against Citrix Systems Inc. Previously he managed a venture capital group within the Fortune 500-company SPX Corp., where among other investments he managed patent infringement litigation against Microsoft Inc. that resulted in a $62.3 million verdict and ultimately settled for $60 million.
During the 1990s, Ronaldi managed a number of technology startup and fast-growth companies. He helped UUNET (now Verizon) go public and was instrumental in highly successful product development for the company. He took a division of Concentric Network (now XO Communications) from its launch to a 90-employee, $150 million run rate in 18 months, ultimately taking that company public as well.
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