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Posted 02 April, 2024

Powerfleet, Inc. appointed new CEO

CEO Change detected for ticker Nasdaq:PWFL in a 8-K filed on 02 April, 2024.


  In connection with the Transactions and effective as of the Closing Date, Anders Bjork, Michael Casey, Charles Frumberg, Elchanan Maoz and Medhini Srinivasan resigned as directors of the Company and Ian Jacobs and Michael McConnell were appointed to the board of directors of the Company (the "Board"). Steve Towe, the Company's Chief Executive Officer, and Michael Brodsky remain on the Board and Mr. Brodsky remains the Chairman of the Board.  

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Overview of Powerfleet, Inc.
Technology • Networking
PowerFleet, Inc. engages in the provision of fleet management solutions for logistics, industrial, and vehicles. It offers wireless Internet of Things and machine to machine solutions for securing, controlling, tracking, and managing enterprise assets such as industrial trucks, tractor trailers, containers, cargo, and vehicle and truck fleets. It operates through the following geographical segments: United States, Israel, and Other. The company was founded in 1993 and is headquartered in Woodcliff Lake, NJ.
Market Cap
$118M
View Company Details
Powerfleet, Inc. 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.


In connection with the Transactions and effective as of the Closing Date, Anders Bjork, Michael Casey, Charles Frumberg, Elchanan Maoz and Medhini Srinivasan resigned as directors of the Company and Ian Jacobs and Michael McConnell were appointed to the board of directors of the Company (the "Board"). Steve Towe, the Company's Chief Executive Officer, and Michael Brodsky remain on the Board and Mr. Brodsky remains the Chairman of the Board.


The Board has appointed Messrs. Brodsky, Jacobs and McConnell as members of the Audit Committee, Compensation Committee and Nominating Committee of the Board.


In connection with their election to the Board, Messrs. Jacobs and McConnell entered into indemnification agreements with the Company, substantially similar to the form of indemnification agreement that the Company has entered into with each of its other directors and executive officers, which was filed as Exhibit 10.5 to the Company's Registration Statement on Form S-4 filed with the SEC on May 24, 2019.


Messrs. Jacobs and McConnell have not participated in any transactions with the Company, nor are there currently any proposed transactions, requiring disclosure pursuant to Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended. There is also no arrangement or understanding between Messrs. Jacobs and McConnell and the Company pursuant to which either of Messrs. Jacobs and McConnell were elected to the Board, other than the Implementation Agreement.