IRVINE, Calif., June 04, 2019 (GLOBE NEWSWIRE) -- Lantronix, Inc. (the “Company”) (NASDAQ: LTRX), a global provider of secure data access and management solutions for the industrial Internet of Things (IoT), today announced that Jonathan (Jon) Shipman has joined Lantronix as vice president of strategy.
Lantronix continues to attract talent from the tech world whose experience and leadership focus compliments our strong commitment to growth and innovation in the IoT and IT Infrastructure markets. The addition of a vice-president of strategy to the Lantronix leadership team signifies our continuing focus on that mission.
“Jon is an industry-known talent when it comes to developing strategy and building strong organizations that execute,” said Paul Pickle, Lantronix CEO. “His expertise in defining dynamic software and software as a service solutions is a key element for Lantronix as we execute our vision.”
“I am excited to join the Lantronix team,” said Shipman. “Their history, product portfolio, and technical expertise form a strong foundation for me to build on and create and execute our strategic growth plans.”
Prior to joining Lantronix Jon had a tenured career at Twitch (acquired by Amazon), YouTube, and eBay, to name a few. His responsibilities spanned global initiatives across infrastructure, procurement, engineering, product strategy, programmatic advertising, and emerging market content strategy, where he built and scaled one of the world’s largest video networks. Additionally, he led the reformation of the product and engineering organizations into vertically integrated groups, emphasizing accountability and team empowerment along with building out network infrastructure and driving growth in emerging markets.
In connection with the commencement of his employment, Lantronix granted Jon inducement awards consisting of 85,000 restricted share units (RSUs) and 125,000 stock options. The RSU award is scheduled to vest over four years as follows: 21,250 RSUs are scheduled to vest on June 1, 2020, and the remaining RSUs are scheduled to vest ratably each quarter thereafter over a period of three years. The options are scheduled to vest as to 31,250 shares on June 3, 2020, and the remaining options are scheduled to vest ratably each month thereafter over a period of three years. The per share exercise price of the options is $3.48, which was the closing price of the Company’ common stock on June 3, 2019, the date of grant of the awards. The inducement RSUs and options were granted as employment inducement awards in accordance with NASDAQ Listing Rule 5635(c)(4).
About Lantronix
Lantronix, Inc. is a global provider of secure data access and management solutions for Internet of Things (IoT) assets. Our mission is to be the leading supplier of IoT solutions that enable companies to dramatically simplify the creation, deployment, and management of IoT projects while providing secure access to data for applications and people.
With more than two decades of experience in creating robust machine to machine (M2M) technologies, Lantronix is an innovator in enabling our customers to build new business models and realize the possibilities of the Internet of Things. Our connectivity solutions are deployed inside millions of machines serving a wide range of industries, including industrial, medical, security, transportation, retail, financial, environmental, and government.
Lantronix is headquartered in Irvine, California. For more information, visit www.lantronix.com.
Learn more at the Lantronix blog, www.lantronix.com/blog, featuring industry discussion and updates. To follow Lantronix on Twitter, please visit www.twitter.com/Lantronix. View our video library on YouTube at www.youtube.com/user/LantronixInc or connect with us on LinkedIn at www.linkedin.com/company/lantronix.
Lantronix Media Contact:
Gail Kathryn Miller
Corporate Marketing & Communications Manager
media@lantronix.com
949-453-7178
Lantronix Analyst and Investor Contact:
Jeremy Whittaker
Chief Financial Officer
investors@lantronix.com
949-453-7241
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