Doug Parker Steps Down as President &
Chief Executive Officer
KITCHENER, ON, Oct. 1, 2019 /PRNewswire/ - Quarterhill Inc.
("Quarterhill" or "the Company") (TSX: QTRH) (NASDAQ: QTRH) today
announced that Mr. Doug Parker has
resigned as President and CEO of Quarterhill effective immediately.
Mr. Parker has also resigned as a Board member of the Company.
The Board of Directors has begun a process to appoint a new CEO
and further updates will made in due course. In the interim and
until such time as a new President and CEO of Quarterhill is
appointed, the CEOs of the Company's three main subsidiaries
(International Road Dynamics, VIZIYA and WiLAN) and certain other
senior executives will report directly to the Board.
A little over two years ago the Company announced a new strategy
of diversifying beyond its patent licensing business and shortly
thereafter announced two initial acquisitions. These initial
acquisitions were VIZIYA which is focused on enterprise software
and International Road Dynamics which is in the intelligent
transportation space.
Based on his acquisition track record, the Company hired Mr.
Parker at the beginning of January
2018 to accelerate the Company's diversification efforts.
Since that time, although the Company has not closed any new
transactions, it has built out its M&A capabilities, expanded
its acquisition pipeline, and improved expense control in certain
areas.
The Board continues to believe that a diversification and
acquisition strategy is appropriate and the business has continued
to generate cash flow which can be reinvested. At this time the
Board is carefully reviewing its target areas for investment and
best ways to allocate capital.
The Board thanks Mr. Parker for all his efforts and wishes him
the very best in his future endeavors.
About Quarterhill
Quarterhill is focused on the
disciplined acquisition, management and growth of companies in
dedicated technology areas including, vertical market software and
solutions, intelligent industrial systems, and innovation and
licensing. Quarterhill's emphasis is on seeking out acquisition
opportunities at reasonable valuations that provide a foundation
for recurring revenues, predictable cash flows and margins,
profitable growth, intimate customer relationships and dedicated
management teams. Quarterhill is listed on the TSX and NASDAQ under
the symbol QTRH. For more information: www.quarterhill.com.
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SOURCE Quarterhill Inc.