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Seeing Machines Ltd - Board Changes

RNS Number : 4830E
Seeing Machines Limited
09 May 2017
 

Seeing Machines Limited

("Seeing Machines", the "Company" or the "Group")

 

Seeing Machines announces new CEO

Current CEO becomes Chairman

 

9 May 2017

 

Seeing Machines (AIM:SEE), an industry leader in computer vision based human sensing technologies which enable breakthrough solutions in safety, performance and user experiences, is pleased to announce the appointment of Mike McAuliffe as Chief Executive Officer of Seeing Machines Limited and member of the Board of Directors, effective immediately.

 

This appointment recognises the need for a different skill set to drive rapid global expansion as it capitalizes on major market opportunities for its technology platform with industry leading global customers.  Mike will focus on leveraging the Company's leadership in computer vision, machine learning and vision processors to scale the business in the automotive, fleet and transport markets and extend into innovative new applications and markets.

 

Mike was appointed CEO of Seeing Machines' Automotive business (Fovio) in September 2016. In this role, Mike has been instrumental in developing Seeing Machines' strategy. He has helped build up Seeing Machines' global organisation and establish early leadership in the rapidly growing market for Automotive Driver Monitoring Systems (DMS) for ADAS and Autonomous Driving technology.

 

Based in Silicon Valley, California, Mike brings over two decades of senior management experience in successfully building an array of global private and public high technology businesses in the semiconductor, embedded software and electronics industry, ranging from start-ups through extensive M&A to global corporations in multiple market verticals. Prior to joining Seeing Machines, he was CEO of Powervation Inc, a Digital Power Processor semiconductor company which he helped build from start-up to a market leader in Software-defined-Power and which was acquired by Rohm Semiconductor in 2015, where he spent a year leading their global digital power business expansion.

 

Mike earned a B.Eng (electronics) from UCC (Ireland), MBA from Henley Management College (UK) and is a graduate of Harvard Business School (AMP), USA

 

Ken Kroeger, outgoing CEO, will be appointed to the position of Executive Chairman with immediate effect. Ken has led Seeing Machines as CEO since 2011. Under his leadership the Company has been strategically transformed into a recognised industry leader in computer vision, eye-tracking and intervention safety products and services with leading customers such as Caterpillar and is now poised for growth in automotive and commercial fleet markets. Terry Winters, existing Chairman, is stepping down from the Board effective today. Jim Walker, an existing non-executive director is to become non-executive Deputy Chairman, also effective today.

 

Mike McAuliffe commented: "I am honored and excited to be appointed CEO of Seeing Machines. My short time to date in the Company working with our passionate and talented team and our industry leading customers has given me deep conviction in our technical leadership, the market opportunities for us and our ability to build a large global business around that. The fact our technology helps address drowsiness and distraction to make driving, trucking and transport safer underpins our business with extra purpose. I would like to thank Terry for his major contribution as Chairman and Ken for his inspired leadership to date. It is going to be an exciting journey".

 

Ken Kroeger commented: "I am thrilled to be appointed Executive Chairman of Seeing Machines. I am really proud of what we have achieved since I joined in 2011 to build and transform the Company to our strong position today. I would also like to recognise the invaluable role played by my predecessor, Terry Winters who has guided the Board and Leadership team as we have evolved our strategy, matured organisationally, developed a very focussed high-performance team and transformed the Board of Directors. I have worked closely with Mike in the last six months and he has all the right expertise and experience to help lead the Company to the next level. I look forward to working with him on this next phase of our growth strategy and developing new markets for our technology."

 

Outgoing Chairman Terry Winters commented: "As Chairman, it has been a privilege to lead the Board of Seeing Machines over the past five years and to help navigate the Company through its transformation. I am very proud of what has been achieved as the Company has fine-tuned its strategy and matured into an organisation that is very focussed on remaining a leader in its chosen markets and growing long term shareholder value. The Board and I believe that with Mike leading the Company as CEO under the Chairmanship of Ken, we have the right team with the right skills, experience and track record to lead Seeing Machines and deliver its next phase of growth across all lines of business, delivering significant growth in shareholder value."

 

The following disclosures are required regarding Mike McAuliffe's appointment pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies:

Full name and age: Michael Vincent McAuliffe, aged 52

 

Current directorships and partnerships: Nil 

 

Past directorships and partnerships held over the last 5 years:

Powervation Ireland Ltd

Powervation Inc.

Digital Power Processors

 

Mike McAuliffe has no shareholding in the Company. The Seeing Machines Remuneration Committee intends to award to Mike a share based reward package and a further announcement will be made when granted.

 

No further disclosure is required under AIM Rule 17 and paragraph (g) to Schedule Two of the AIM Rules with respect to Mike McAuliffe.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

Enquiries:

 

Seeing Machines Limited

www.seeingmachines.com  / +61 2 6103 4700  

Ken Kroeger, Executive Chairman

[email protected]

Mike McAuliffe, CEO

[email protected]

Media inquiries

[email protected]

 

finnCap Ltd, Broker for Seeing Machines

Ed Frisby/Emily Watts, Corporate Finance

+44 20 7220 0500

Tim Redfern/Richard Chambers, Corporate Broking

 


About Seeing Machines

 

Seeing Machines, (AIM: SEE) is an industry leader in computer vision based human sensing technologies which enable breakthrough solutions in safety, performance and user experiences. With more than 15 years of deep R&D investment and experience, Seeing Machines uses advanced sensing technologies to track heads, eye and faces in  order to variously detect, interpret and predict cognitive states and issues such as drowsiness, distraction (such as cell phone) and deliver precision eye gaze tracking in all challenging real world conditions such as in-vehicle during day, night, sunlight and impediments such as sunglasses. It delivers its technology platform in a range of products from embedded software to proprietary Fovio vision processors to full systems - also providing a 24/7 real time monitor and intervention service for commercial trucking and mining sectors - which saves lives, costs and protects assets. Seeing Machines' technology has been adopted as the benchmark by global industry leaders across the spectrum of automotive, mining, transport and aviation industries, as well as leading universities, research groups and transportation authorities. Seeing Machines is headquartered in Canberra, Australia and currently has offices and people in Melbourne, Tucson, Silicon Valley and Detroit.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Quick facts: Seeing Machines Ltd.

Price: 4.597

Market: AIM
Market Cap: £150.09 m
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