Business

Velodyne Lidar Inc (NASDAQ: VLDR) Report Exit of CEO

Velodyne Lidar Inc (NASDAQ: VLDR) is a leading provider of robust lidar solutions for autonomous vehicles, announced the departure of CEO and director Mr. Anand Gopalan.

The exit of CEO and Director: The company who is the leading provider of lidar solutions such as assisting drivers, navigations, mapping, robotics, to name a few for vehicles, has suddenly announced the Mr. Anand Gopalan will exit from its current However, the company didn’t disclose any reason for his exit. Instead, they have hired or appointed a recruitment agency to fill the vacancy. In the meantime, the board has created an OCE (Office of the Chief Executive), which comprises Drew Hamer – CFO (Chief Financial Officer), Jim Barnhart – COO (Chief Operating Officer), Sinclair Vass – CCO, and Kathy McBeath – CPO. Post-July 30, 2021, Mr. Anand Gopalan will continue to act as an advisor to the company.

The business outlook remains stable: In its past interaction with the shareholders, the company disclosed the guidance for 2021. The company expects to report revenue in $77 million and $94 million as per the guidance. As per the street, the analyst expectation for revenue stands at $93.5 million. Along with the departure of Mr. Anand Gopalan, the management stated that the business outlook remains the same as disclosed earlier. The street will keep an eye on the quarterly performance, expected on August 5, 2021, post the market closing.

The street believes that the departure of Mr. Gopalan will not have a significant impact on the company’s operations. They feel the creation of the Office of the Chief Executive will drive the business strategy and operations. The senior member is expected to drive the performance from the front and help the company achieve the guidance shared earlier. At the same time, they will also try to look at various options to appoint the successor for Mr. Anand Gopalan, who can be the CEO and director of the company.

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