Lantronix Inc. Appoints Mathi Gurusamy as Chief Strategy Officer to Drive Strategic Growth and Build Market Leadership

IRVINE, Calif., May 13, 2024 (GLOBE NEWSWIRE) -- Lantronix Inc. (NASDAQ: LTRX), a global provider of compute and connectivity IoT solutions, today announced the appointment of Mathi Gurusamy as its chief strategy officer (CSO), effective May 13, 2024. In his new role, Gurusamy will spearhead the company’s strategic planning and execution of growth opportunities, manage merger and acquisition activities, and drive go-to-market strategies that address key IoT technology trends to bolster Lantronix’s growth.

“With a successful career spanning more than two decades in IoT and high-tech, Mathi has demonstrated remarkable expertise in leading companies through periods of growth,” said Saleel Awsare, president and CEO of Lantronix. “Mathi’s deep understanding of and strategic insight into the IoT space will be invaluable during this exciting time as Lantronix builds on strength with its compute and connect focus.”

In Mathi’s previous roles as CEO and COO at Mobilogix and Telit Cinterion, respectively, he successfully navigated complex market dynamics and led organizations through significant growth phases. His strategic approach and innovative thinking aligns with Lantronix’s goals of market expansion and leadership. He holds an Executive Master of Business Administration from the University of Western Ontario and a bachelor’s degree in Business Administration from Central Michigan University.

“I am excited to join the Lantronix team and help drive its strategic direction,” said Gurusamy. “I look forward to leveraging my experience to further enhance Lantronix’s competitive position and capitalize on growth opportunities that advance its mission in the IoT space.”

In connection with the commencement of the employment of Gurusamy as CSO, Lantronix has agreed to issue Gurusamy inducement awards consisting of 95,691 restricted share units (RSUs) and 66,248 performance-based share units (PSUs), with the number of PSUs assuming target level of performance. The RSU award is scheduled to vest over three years as follows: one-third of the award is scheduled to vest on June 1, 2025, and the remaining RSUs are scheduled to vest ratably each quarter thereafter over a period of two years. The PSU award is scheduled to vest based on the company’s relative total stockholder return (TSR) over a three-year period beginning on the employment commencement date. Each award is subject to the terms and conditions of the applicable award agreement. The inducement RSUs and PSUs are granted as employment inducement awards in accordance with NASDAQ Listing Rule 5635(c)(4).