- After almost 22 years in the position
- Praise for Lo
- CJ Prober taking over
- Lo said 74 words
(exechange) — San Jose, California, January 31, 2024 — Patrick Lo, chief executive of Netgear, leaves his position. As announced by Netgear Inc. in a news release and in a regulatory filing published on Wednesday, January 31, 2024, Patrick C. S. Lo leaves his post as chief executive officer at the computer networking company, after almost 22 years in the role, effective immediately.
It is the end of an era.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Patrick Lo’s duties as CEO will be taken over by Charles (CJ) Prober, most recently President at Life360, Inc.
The fact that Patrick Lo’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.
“Thorough search process over the last 12 months”
The management change is explained as follows. Netgear stated: “The appointment of Prober follows a thorough search process over the last 12 months, conducted by the Netgear Board, with the goal of appointing a next-generation leader with extensive consumer electronics, software and subscription experience. Prober has the unanimous support of the Board and meets all the criteria that are critical to Netgear’s future success in distinguishing itself as a high-performing leader in the consumer and business networking industry.”
Precise information regarding Patrick Lo’s future plans was not immediately available.
“Retiring”
Netgear said: “Patrick C. S. Lo, current Chief Executive Officer and Chairman of the board, is retiring from his position at Netgear and from the company’s Board.”
Netgear further said: “On January 26, 2024, Patrick Lo, the Company’s Chairman of the Board of Directors (the “Board”) and Chief Executive Officer, notified the Company of his intent to retire as Chief Executive Officer and Chairman of the Board, effective as of Charles (CJ) Prober’s commencement of employment as the Company’s Chief Executive Officer.”
Share price decline since January 2021
The announcement follows a decline in Netgear Inc.’s share price of 63% since January 2021.
In the position of CEO since 2002
Patrick Lo became CEO of the Company in 2002.
Lo will remain as a strategic advisor to support a seamless leadership transition through July 2024.
Patrick C.S. Lo is the Company’s co-founder and has served as the Company’s Chairman and Chief Executive Officer since March 2002.
Lo founded Netgear with Mark G. Merrill with the singular vision of providing the appliances to enable everyone in the world to connect to the high speed internet for information, communication, business transactions, education, and entertainment.
From 1983 until 1995, Lo worked at Hewlett-Packard Company, where he served in various management positions in sales, technical support, product management, and marketing in the U.S. and Asia.
Lo was named the Ernst & Young National Technology Entrepreneur of the Year in 2006. Lo received a B.S. degree in electrical engineering from Brown University.
74 words by Patrick Lo
In the release announcing his departure as CEO of Netgear Inc., Patrick Lo received praise.
In announcing his departure, Patrick Lo said 74 words.
“I am all for the next chapter of the Netgear story”
Patrick Lo stated: “When Mark Merrill and I founded Netgear 28 years ago, the internet was beginning to show its impact on the world. We seized the opportunity, and we’ve been innovating and leading the industry in the creation of advanced networking technologies for homes and businesses around the world ever since. We’ve pushed the boundaries of what can be experienced in a connected world, and I am all for the next chapter of the Netgear story.”
Push-out Score for Patrick Lo’s move determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Patrick Lo’s move on a scale of 0 to 10.
Read the full story in the exechange report 6.2024 ($).