ZAGG Inc. (ZAGG) Corporate Objectives and Management Updates Call August 28, 2012, 04:30 pm ET Executives Kim Rogers-Carrete - Genesis Select Randy Hales - President and Interim CEO Robert Pedersen - Founder Brandon O’Brien - CFO Analysts Presentation Operator
ZAGG assumes no obligation to revise any forward-looking statements that may be made on today's call. And with that I would now like to turn the call over to Randy Hales, ZAGG's Interim CEO. Randy.Randy Hales Thank you, Kim and thank you everyone for joining us on today's webcast. The purpose of this call is for Brandon and me to give investors, particularly our retail and individual investors and other interested parties the opportunity to send in questions and for us to address the concerns many of you have expressed surrounding the recent departure of Robert Pedersen, the former CEO and co-founder of ZAGG. Thank you to everyone who’s submitted a question and we'll be addressing your questions after our prepared comments. In connection with Robert Pedersen's recently reported sales of ZAGG's shares has a result of a margin call, the ZAGG board in counsel with Robert made a mutual decision concerning Robert's ongoing role at ZAGG, but helped this decision upheld the board's priority to protecting shareholder value. Robert will remain with the company as an executive consultant and will be available to us on an as needed basis. Since we issued the press for this call, we've had a very positive development, a Form 4 which filed today for the block sale that took place on Friday, August 24, in which Robert Pedersen sold 1.2 million shares of ZAGG stock. This sale completely closes out Robert’s margin position and therefore he will no longer be subject to margin cost. We have Robert here with us today and we will be hearing from him a little later in the call. If you would like additional information around Robert's recent stock sales and departure, I would refer you to the SEC website sec.gov where you will find the Form-4s and the 8-Ks that were recently filed.
First of all, I would like to thank Robert as the co-founder of ZAGG for the many contributions that he has made in building the company to where it is today. Secondly, I would like to assure you that there will be no change in the strategic direction that we implemented earlier this year with regard to product, brand and distribution and the ongoing operations of the company.Robert and I have enjoyed an excellent working relationship since I joined the team last December as the President and COO. Prior to joining the executive team, I worked closely with Robert as a member of the Board of Directors. Immediately after joining the company Robert and I began working with the ZAGG leadership team to identify and establish corporate objectives that would serve to guide the company and our employees for the foreseeable future. Once those objectives were established, Robert handed much of the responsibilities for the day-to-day operations over to me and since that time I have worked with our employees, customers, vendors and suppliers to communicate and implement those objectives. For some time now our key retail relationships had been managed by our Executive Vice President of Sales Derek Smith and his account management team. I have enjoyed spending quite a bit of time traveling with Derek these past eight months getting to know our key customers. ZAGG has announced standing leadership team in place and our employees are closely aligned with our corporate objectives that support our drive to become a $1 billion company. We believe the company is well positioned for its next phase of development and growth and I am pleased to be working with such a talented, professional and loyal group. Recently ZAGG strengthened and expanded its bench with the addition of Kent Wuthrich, Executive Vice President of Marketing and [Ben Doddfree] Vice President of Product Management. Earlier this year we significantly enhanced our product focus with the implementation of dedicated product teams. We tasked the product managers with both filling holes in our existing product lines and creating product roadmaps that will serve to guide our new product activity as we continue to introduce creative product solutions. Read the rest of this transcript for free on seekingalpha.com