Vecima Networks Inc. (TSX: VCM) today announced the retirement of CFO Dale Booth following a distinguished 42-year professional career, including 13 years with Vecima.
“I want to express my deep appreciation to Dale for his leadership, partnership, and many contributions to Vecima’s growth and success,” said Sumit Kumar, Vecima’s President and CEO. “Since joining Vecima in 2011, Dale has held our Company’s two most senior financial roles. His financial knowledge, strategic insights, development of his team members, and collaborative style have provided strong support to our executive team as we’ve significantly grown revenues and transformed Vecima into a global leader in the Distributed Access Architecture (DAA) and IPTV solutions markets. On behalf of the Board of Directors and the entire Vecima team, we thank Dale and extend our best wishes for a happy and well-deserved retirement.”
Vecima also today announced that Judson (Judd) Schmid, a nine-year veteran of Vecima & Concurrent Computer Corporation (“Concurrent”), will assume the role of Chief Financial Officer on September 16, 2024, with transition support from Mr. Booth over the coming six months. The appointment follows a planned process of succession conducted by the Company in anticipation of Mr. Booth’s eventual retirement. Mr. Schmid joined Vecima as part of its 2017 acquisition and integration of Concurrent. He most currently served as Vecima’s Vice President, Finance and Accounting, with responsibilities including audits, banking and insurance liaison, IFRS compliance, and management of the finance portion of Vecima’s ERP conversions. He has also played a key role in financial due diligence in prior acquisitions. Prior to joining Vecima, Mr. Schmid was Vice President & Corporate Controller at Concurrent, led a successful financial consulting practice with clients including Correct Care Solutions, Rio Tinto plc, and Novelis Inc., held the CFO role at Nasdaq-traded Proxymed Inc., and was Supervising Senior at KPMG. Mr. Schmid is a Certified Professional Accountant and holds a Master of Accounting Degree from Florida Atlantic University.
Dale Booth stated, “Vecima is a true Canadian success story, and it has been both exciting and gratifying to be part of this company’s remarkable growth trajectory. It has also been my privilege to work with Judd since 2017 and I am confident in his deep understanding of Vecima and our industry, his strong leadership skills, his significant financial and accounting capabilities, and his proven ability to deliver on Vecima’s strategic priorities. Vecima will be in great hands as it continues to lead the industry and drive value for customers and shareholders.”
About Vecima Networks
Vecima Networks Inc. (TSX: VCM) is leading the global evolution to the multi-gigabit, content-rich networks of the future. Our talented people deliver future-ready software, services, and integrated platforms that power broadband and video streaming networks, monitor and manage transportation, and transform experiences in homes, businesses, and everywhere people connect. We help our customers evolve their networks with cloud-based solutions that deliver ground-breaking speed, superior video quality, and exciting new services to their subscribers. There is power in connectivity – it enables people, businesses, and communities to grow and thrive. Learn more at www.vecima.com.
Forward Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words “believes”, “may”, “plans”, “will”, “anticipates”, “intends”, “could”, “estimates”, “expects”, “forecasts”, “projects” and similar expressions, and the negative of such expressions. Forward looking information in this news release includes, but is not limited to, any statements respecting: The forward-looking statements are based on the current expectations of the management of Vecima and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. A more complete discussion of the risks and uncertainties facing Vecima is disclosed under the heading “Risk Factors” in Vecima’s Annual Information Form dated September 21, 2023, as well as Vecima’s continuous disclosure filings with Canadian securities regulatory authorities available at www.sedarplus.ca. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Vecima disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
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