HUNT VALLEY, Md.--(BUSINESS WIRE)--TESSCO Technologies Incorporated (NASDAQ: TESS), a leading value-added distributor and solutions provider for the wireless industry, today announced the appointment of telecom industry veteran Sandip Mukerjee as the Company’s President and CEO, effective today. Former CEO Murray Wright will retire following a transition period to ensure a smooth succession process. Mr. Mukerjee also has replaced Mr. Wright on the Company’s Board of Directors.
Mr. Mukerjee, 56, was most recently President, Global Professional & Consulting Services Business, Nokia Software, where he led the 5G portfolio and positioning strategy as well as its 5G commercialization initiatives. Prior to joining Nokia in 2016, Mr. Mukerjee held several executive positions with Alcatel-Lucent, including President of IP Platforms for the Americas Region, and President of Alcatel-Lucent’s Advanced Communications Products business. Mr. Mukerjee started his career with AT&T Bell Laboratories and has held several leadership positions in R&D, Product Management, Strategy and Marketing.
Robert Barnhill, the Company’s founder and Chairman of the Board, said, “On behalf of the board, I would like to thank Murray for his service to Tessco. We are excited to have an experienced executive of Sandip’s caliber to lead Tessco going forward. His telecom experience and in-depth knowledge of 5G will be invaluable as we enter a period of expected double-digit growth in the wireless market.”
“Tessco is a great company with immense potential as wireless and software technologies evolve over the next decade,” said Mukerjee. “With 5G emerging, we will execute on our strategy to maximize the value of our end-to-end solutions for our customers and drive profitable growth. I look forward to working with the talented team at Tessco as well as our loyal customers and vendors as we focus on generating increased value for our shareholders.”
“Earlier this year I began to consider the possibility of retirement to spend more time with my family,” said Wright. “Assisted by a team at Spencer Stuart, the Board of Directors and I initiated a thorough search process for the right executive to lead Tessco during this exciting time, and I am delighted that Sandip will be succeeding me as CEO. I look forward to working with Sandip in the transition.”
About TESSCO Technologies Incorporated (NASDAQ: TESS)
TESSCO Technologies, Inc. (NASDAQ: TESS) is a value-added technology distributor, manufacturer, and solutions provider serving commercial and retail customers in the wireless infrastructure and mobile device accessories markets. Tessco was founded more than 30 years ago with a commitment to deliver industry-leading products, knowledge, solutions, and customer service. Tessco supplies more than 50,000 products from 400 of the industry’s top manufacturers in mobile communications, Wi-Fi, Internet of Things (“IoT”), wireless backhaul, and more. Tessco is a single source for outstanding customer experience, expert knowledge, and complete end-to-end solutions for the wireless industry. For more information, visit www.tessco.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained herein, including statements regarding our future results of operations and financial position, strategy and plans and future prospects, and our expectations for future operations, are forward-looking statements. These forward-looking statements may generally be identified by the use of the words "may," "will," "expects," "anticipates," “targets,” “goals,” “projects,” “intends,” “plans,” “seeks,” "believes," "estimates," and similar expressions, but the absence of these words or phrases does not necessarily mean that a statement is not forward-looking.
These forward-looking statements are based on current expectations and analysis, are only predictions and involve a number of risks, uncertainties and assumptions, many of which are outside of our control. Our actual results may differ materially and adversely from those described in or contemplated by any such forward-looking statement for a variety of reasons, including those risks identified in our most recent Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission (the “SEC”), under the heading "Risk Factors" and otherwise. Consequently, the reader is cautioned to consider all forward-looking statements in light of the risks to which they are subject. For additional information with respect to risks and other factors which could occur, see Tessco’s Annual Report on Form 10-K for the year ended March 31, 2019, including Part I, Item 1A, "Risk Factors" therein, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other securities filings with the SEC that are available at the SEC's website at www.sec.gov.
Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. We disclaim any duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations.
We are not able to identify or control all circumstances that could occur in the future that may materially and adversely affect our business and operating results. Without limiting the risks that we describe in our periodic reports and elsewhere, among the risks that could lead to a materially adverse impact on our business or operating results are the following: termination or non-renewal of limited duration agreements or arrangements with our vendors and affinity partners that are typically terminable by either party upon several months or otherwise relatively short notice; loss of significant customers or relationships, including affinity relationships; loss of customers either directly or indirectly as a result of consolidation among large wireless services carriers and others within the wireless communications industry; the strength of our customers', vendors' and affinity partners' business; negative or adverse economic conditions, including those adversely affecting consumer confidence or consumer or business spending or otherwise adversely impacting our vendors or customers, including their access to capital or liquidity, or our customers' demand for, or ability to fund or pay for, the purchase of our products and services; our dependence on a relatively small number of suppliers and vendors, which could hamper our ability to maintain appropriate inventory levels and meet customer demand; changes in customer and product mix that affect gross margin; effect of “conflict minerals” regulations on the supply and cost of certain of our products; failure of our information technology system or distribution system; system security or data protection breaches; technology changes in the wireless communications industry or technological failures, which could lead to significant inventory obsolescence and/or our inability to offer key products that our customers demand; third-party freight carrier interruption; increased competition from competitors, including manufacturers or national and regional distributors of the products we sell and the absence of significant barriers to entry which could result in pricing and other pressures on profitability and market share; our relative bargaining power and inability to negotiate favorable terms with our vendors and customers; our inability to access capital and obtain financing as and when needed; transitional and other risks associated with acquisitions of companies that we may undertake in an effort to expand our business; claims against us for breach of the intellectual property rights of third parties; product liability claims; our inability to protect certain intellectual property, including systems and technologies on which we rely; our inability to hire or retain for any reason our key professionals, management and staff; and the possibility that, for unforeseen or other reasons, we may be delayed in entering into or performing, or may fail to enter into or perform, anticipated contracts or may otherwise be delayed in realizing or fail to realize anticipated revenues or anticipated savings. New risks emerge from time to time. It is not possible for our management to predict all risks.
