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Posted 21 February, 2024

INSEEGO CORP. appointed Philip G. Brace as new CEO

Nasdaq:INSG appointed new Chief Executive Officer Philip G. Brace in a 8-K filed on 21 February, 2024.


  In addition, the Company's board of directors (the "Board") appointed Philip G. Brace, a member of the Board, to the newly-created role of Executive Chairman, effective as of February 19, 2024 and to continue until the earlier of six (6) months or a permanent chief executive officer and president is hired.  

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Overview of INSEEGO CORP.
Technology • Internet/Online
Inseego Corp. engages in the business of communication equipment. The firm's products include mobile hotspots, industrial gateways and routers, home and enterprise routers, industrial USB modems, and telematics and mobile tracking hardware devices. Its SaaS platforms include Ctrack, an asset tracking and management solution that delivers business intelligence for fleets used in various verticals, including aviation, construction, government, and transport, and Device Management Solutions, a hosted subscription management platform. The company was founded on April 26, 1996 and is headquartered in Alpharetta, GA.
Market Cap
$41.7M
View Company Details
INSEEGO CORP. by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On February 19, 2024, Ashish Sharma resigned as Chief Executive Officer and President of the Company, to be effective as of February 23, 2024. In addition, the Company's board of directors (the "Board") appointed Philip G. Brace, a member of the Board, to the newly-created role of Executive Chairman, effective as of February 19, 2024 and to continue until the earlier of six (6) months or a permanent chief executive officer and president is hired.


Mr. Brace, age 53, joined the Board in September 2023. Mr. Brace has an extensive technology and operations background. His experience at technology companies over the past 30 years includes roles in a wide array of functional areas, including engineering, software, hardware, and sales and marketing. Most recently, Mr. Brace served as president and CEO of Sierra Wireless Inc. from July 2021 until its sale to Semtech Corporation in January 2023. His previous executive roles include Executive Vice President at Veritas Technologies, President of Seagate Technology's Cloud Systems and Electronic Solutions, Executive Vice President at LSI Corporation, and General Manager at Intel Corporation. Mr. Brace currently serves on the board of directors of Lantronix, Inc. and Blackberry Limited. Mr. Brace holds a Bachelor's degree in Applied Science from the University of Waterloo and a Master's degree in Electrical Engineering from California State University, Sacramento.


In consideration for his service as Executive Chairman, the Board has approved a temporary increase in Mr. Brace's director compensation to $20,000 per month. In addition, the Board will award Mr. Brace a one-time special equity award in the form of RSUs, to be granted upon the completion of Mr. Brace's service as Executive Chairman, with an economic value of $50,000 per month of service in such capacity that will vest immediately upon grant.


In connection with his departure from the Company, Mr. Sharma will be entitled to receive the severance and other benefits described in the previously-disclosed Change in Control and Severance Agreement, dated September 25, 2017, between the Company and Mr. Sharma, subject to the conditions contained therein.