WILMINGTON, Del., Sept. 17, 2014 (GLOBE NEWSWIRE) -- InterDigital, Inc. (Nasdaq:IDCC), a wireless research and development company, today announced that Steven T. (Terry) Clontz, Chairman of the Board, has informed the company of his intention to retire from the company's Board of Directors at the end of his term, which extends until the June 2015 Annual Meeting of Shareholders. He will be succeeded as Chairman by S. Douglas (Doug) Hutcheson at that time.
"In the over fifteen years that I have served as a director, InterDigital has been through tremendous, positive changes. Throughout that time, my colleagues on the board and I have worked to ensure that shareholder value is foremost in the company's planning, as it is today. I can unequivocally state that my decision comes at a time when InterDigital is in the strongest position in its history," said Mr. Clontz. "InterDigital continues to deliver leading-edge technologies, the licensing program is firmly established with continued prospects for growth, and the company is exploring new avenues for growth, which makes this an opportune time to bring in new leadership at the board level."
"Terry's contributions as a board member, and as Chairman since 2010, have been enormous. Over the course of Terry's tenure on the board, InterDigital's share price has multiplied almost tenfold, despite the volatility that is inherent in the mobile industry and the many changes during that period. His insight, expertise and guidance have delivered, and continue to deliver, great value to the company and its shareholders. The timing of his decision and the designation of Doug Hutcheson to succeed him as Chairman in June 2015 ensure an orderly transition and continued strong leadership," said William J. Merritt, President and CEO of InterDigital.
Mr. Clontz joined InterDigital's Board of Directors in April 1998 and was elected Chairman of the Board in January 2010. His 40-year career in global telecommunications includes a decade as President and Chief Executive Officer of StarHub, a Singapore-based telecommunications and media company. Mr. Hutcheson is CEO of Laser Inc. and former CEO of Leap Wireless and its operating subsidiary, Cricket Wireless, which were acquired by AT&T in March 2014. He joined InterDigital's Board of Directors in July 2014.
About InterDigital®
InterDigital develops technologies that are at the core of mobile devices, networks, and services worldwide. We solve many of the industry's most critical and complex technical challenges, inventing solutions for more efficient broadband networks and a richer multimedia experience years ahead of market deployment. InterDigital has licenses and strategic relationships with many of the world's leading wireless companies. Founded in 1972, InterDigital is listed on NASDAQ and is included in the S&P MidCap 400® index.
InterDigital is a registered trademark of InterDigital, Inc.
For more information, visit: www.interdigital.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include information regarding our current expectations with respect to, among other things, the company's prospects and opportunities for growth. Words such as "expects," "projects," "prospects," and variations of such words or similar expressions are intended to identify such forward-looking statements.
Forward-looking statements are subject to risks and uncertainties. Actual outcomes could differ materially from those expressed in or anticipated by such forward-looking statements due to a variety of factors, including, but not limited to: (i) our ability to enter into additional patent license agreements on expected terms, if at all; (ii) our ability to successfully identify and launch new commercial businesses, including spin‐out entities; (iii) our ability to enter into partnerships, strategic relationships or complementary investment opportunities on acceptable terms; (iv) the resolution of current legal proceedings, including any awards or judgments relating to such proceedings, additional legal proceedings, changes in the schedules or costs associated with legal proceedings or adverse rulings in such legal proceedings; and (v) changes in the company's strategy going forward. We undertake no duty to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority.