Velodyne Lidar (VLDR) - Get VELODYNE LIDAR INC. Report shares jumped on Monday after Founder David Hall, the biggest shareholder, urged two additional resignations at the automotive technology company
“I am pleased that following my calls for meaningful leadership changes at Velodyne Lidar, Dr. Anand Gopalan decided to resign as chief executive officer and a director,” he wrote in an open letter to the board.
“Though I believe this represents a first step in the right direction, the root of poor business management and the anti-stockholder culture at Velodyne Lidar remains.”
The upshot: “I am calling on Chairman Michael Dee and director Hamid Zarringhalam to resign from the board. I believe that both of these individuals have breached stockholders’ confidence and destroyed significant value in the company.”
Velodyne Lidar's stock recently traded at $7.20, up 17%. In 2021 through the close of Friday's trading, the San Jose, Calif., company's stock had dropped 73%.
The company applies its solutions in autonomous vehicles, driver assistance, delivery solutions, robotics, navigation, mapping and elsewhere.
TheStreet has requested comment from Velodyne Lidar regarding Hall's remarks.
“Since being installed on the board via a merger with Graf Industrial, a SPAC, Mr. Dee has spearheaded major business decisions that leave him responsible for the company’s nearly 80% stock price decline,” Hall said.
“Despite this poor performance and Mr. Dee’s lack of relevant skillsets or public company board experience, [the] board recently elevated Mr. Dee to the position of chairman.”
In addition, “Beyond his unsettling track record, I am deeply concerned that Mr. Dee and the board are considering transferring Velodyne Lidar’s sophisticated Alpha Prime lidar manufacturing know-how and associated trade secrets, the crown jewels of the company’s intellectual property portfolio, to Nikon NINOY, which is moving into the lidar space,” Hall wrote.