- Push-out Score determined
- After less than two years in the position
- Jared Smith taking over in the interim
(exechange) — San Francisco, California, November 5, 2020 — Ramzi Haidamus, chief executive of Immersion, leaves. As announced by Immersion Corp. in a news release and in a regulatory filing published on Thursday, November 5, 2020, Ramzi Haidamus has left his post as chief executive officer of the provider of touch feedback technology after less than two years in the role, effective November 3, 2020.
Ramzi Haidamus’s duties as CEO will be taken over in the interim by Jared Smith, most recently Vice President of Worldwide Sales of Immersion Corp., as Interim Chief Executive Officer.
“Maximizing value for all shareholders”
Immersion did not give an explicit reason for Ramzi Haidamus’s departure from the CEO post, leaving room for speculation. Eric Singer, Immersion’s Executive Chairman, said: “Over the past several months, the newly reconstituted Board has been working to align costs, ensure resources are focused on the best near- and long-term revenue opportunities and act with a laser focus on ensuring our actions are aligned to maximizing value for all shareholders. Leadership transitions announced today further these efforts and align with the Board’s objectives.”
Precise information regarding Ramzi Haidamus’s future plans was not immediately available.
“Departure”
Immersion said: “The Company announced the departure of Ramzi Haidamus, the Company’s prior Chief Executive Officer.”
Immersion further said: “Effective on November 3, 2020, Ramzi Haidamus departed as Chief Executive Officer and director of Immersion Corporation.”
Share price decline since January 2019
The announcement follows a decline in Immersion Corp.’s share price of 18% since January 2019.
January 2019 is the month in which Haidamus’s tenure as CEO began.
Chaired by Eric Singer
Eric Singer serves as Immersion Corp.’s Executive Chairman.
In the position of CEO since 2019
Ramzi Haidamus became CEO of the Company in 2019.
Ramzi Haidamus became the company’s Chief Executive Officer and a member of the Immersion Board of Directors, effective January 21, 2019.
Haidamus has substantial leadership, strategic planning and business development experience in technology and IP monetization.
Previously, he was president of Nokia Technologies group from September 2014 to October 2016, where he led the growth of the existing patent licensing division and the formation of its digital media, digital health and brand licensing divisions.
From 1996 to March 2014, Haidamus held numerous positions at Dolby Laboratories, Inc. (NYSE: DLB), an audio, visual and voice technologies company, including serving as Executive Vice President, Marketing and Business Development and Executive Vice President, Sales and Marketing.
From 2002 to 2006, he was also the founder, CEO, and President of Via Licensing Corp., a patent pool licensor.
From October 2017 to January 2019, he served as Chairman of the Advisory Board of UKL Tech Hub Accelerator, and since August 2018, he served as a member of the Advisory Board of Keyssa, a secure high-speed data transfer developer.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Immersion and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2020 ($).