Velodyne Lidar Replaces Chairman, CMO After Investigation

Velodyne Lidar, Inc. (NASDAQ: VLDR) appointed Dr. Joseph B. Culkin, Ph.D., as the board's Chairman, effective immediately, succeeding David Hall.
Chief Communications Officer Sally Frykman was appointed to the additional role of Chief Marketing Officer, effective immediately, replacing Marta Thoma Hall.
Dr. Culkin co-founded Velodyne Lidar's predecessor company, Velodyne Acoustics, and is credited for advising the Velodyne Lidar team during its transition to a public company.
The changes were in response to the results of an Audit Committee investigation started in December 2020. The investigation concluded inappropriate behavior from Mr. Hall and Ms. Hall regarding the board and company processes and failure in respect, honesty, integrity, and candor in their dealings with company officers and directors. All of which led to the removal of Mr. Hall as Chairman and the termination of Ms. Hall as an employee.
Mr. Hall had previously informed the board regarding his voluntarily transitioning from Executive Chairman to Chairman on January 7, 2021. However, they will remain on the board.
The board will analyze and consider the director candidate proposed by Mr. Hall and Ms. Hall for the 2021 annual meeting.
Price action: VLDR shares are down 5.12% at $20.03 on the last check Monday.