- After almost 11 years in the position
- Praise and thanks for Bhatnagar
- Morgan Kurk taking over
- Bhatnagar spoke at length and said 184 words
(exechange) — Rolling Meadows, Illinois, August 1, 2023 — Atul Bhatnagar, chief executive of Cambium Networks, leaves his position. As announced by Cambium Networks Corp. in a news release and in a regulatory filing published on Tuesday, August 1, 2023, Atul Bhatnagar leaves his post as chief executive officer at the provider of wireless networking infrastructure products, after almost 11 years in the role, effective immediately.
Atul Bhatnagar’s duties as CEO will be taken over by Morgan Kurk, most recently President of Personal Protection Equipment at Honeywell International.
The fact that Atul Bhatnagar’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, Cambium Networks did not explicitly explain the reason for the move.
Precise information regarding Atul Bhatnagar’s future plans was not immediately available.
On August 1, 2023, Cambium Networks also announced financial results for the second quarter 2023 ended June 30, 2023.
“Stepping down”
Cambium Networks said: “Atul Bhatnagar is stepping down as the company’s CEO but will continue to serve as a member of the company’s board of directors.”
“Not a result of any disagreement”
Cambium Networks stated, regarding the change: “Mr. Bhatnagar’s transition is not a result of any disagreement with any member of management or the Board.”
Share price decline since August 2021
The announcement follows a decline in Cambium Networks Corp.’s share price of 62% since August 2021.
In the position of CEO since 2013
Atul Bhatnagar became CEO of the Company in 2013.
Atul Bhatnagar has served as the Company’s President and Chief Executive Officer, or CEO, since February 2013 and has been on the board of directors of Cambium Networks, Ltd., the company through which we conduct the Company’s business, since September 2014.
Bhatnagar was appointed as a member of the Company’s board of directors in April 2018.
Prior to joining the Company, Bhatnagar served as the President and Chief Executive Officer of Ixia, a company that provided test and measurement equipment and applications to maintain wireless and wireline computer networks, from March 2008 until May 2012.
Bhatnagar holds a B.S. in Electrical Engineering from the Birla Institute of Technology and Sciences and a M.S. in Electrical Engineering from the University of New Mexico, Albuquerque.
184 words by Atul Bhatnagar
In the news release announcing his departure as CEO of Cambium Networks Corp., Atul Bhatnagar received praise and thanks.
In announcing his departure, Atul Bhatnagar spoke at length and said 184 words.
“Disappointing”
Atul Bhatnagar stated: “Our second quarter results were disappointing as a result of lower demand for Enterprise products caused by lower order volumes from distributors and high channel inventories, and a challenging macroeconomic environment, especially in EMEA. The company has recently initiated a cost reduction plan to increase profitability ahead of our next phase of growth which includes the FCC’s anticipated approval of 6 GHz spectrum products, the ramp of our 28 GHz cnWave 5G fixed, 60 GHz cnWave technologies for service providers, and the expansion of our fiber-based solutions. We remain confident that new product cycles for next generation multi-gigabit fixed wireless and fiber products, increased government funding in North America, defense, and a return to growth for our Enterprise business will drive future growth… I am extremely proud of our entire Cambium team and what we have accomplished over the past ten years. I want to express deep gratitude to Team Cambium for their unwavering support all these years in creating a highly innovative growth company. I look forward to assisting Morgan through a successful transition and continuing to serve our shareholders as a director.”
Push-out Score for Atul Bhatnagar’s move determined
The Push-out Score indicates on a scale from 0 to 10 how likely it is that Atul Bhatnagar was pushed out or felt pressure to leave his position.
exechange reached out to Cambium Networks and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2023 ($).