At its annual shareholders meeting in late May, those who hold Xperi Inc.‘s publicly traded shares re-elected all five incumbent directors, including CEO Jon E. Kirchner.
The parent of the DTS AutoStage, TiVo and HD Radio brands has now appointed two individuals to its board, which is now comprised of seven directors. It solidifies the end of an effort led by Rubric Capital Management to shake up the board.
Now seated on the Xperi board are Jeremi A. Gorman and Rod Randall.
Gorman most recently served as President of Worldwide Advertising for Netflix, where she was responsible for launching the company’s first ad-supported streaming service. Before joining Netflix in 2022, Gorman served as Chief Business Officer of Snap Inc., where she was responsible for global revenue. Before that, Gorman served in a variety of roles at Amazon, including as Global Head of Enterprise Advertising Sales. Earlier in her career, she held advertising and marketing roles at Yahoo!, Variety and Monster.com. Gorman currently serves as a senior advisor to Xperi and is an active angel investor.
Randall, who has also been appointed to the Compensation Committee of the Board, serves as an Executive Partner at private equity investment firm Siris Capital Group. He is a former Chief Marketing Officer at Lucent Technologies, and prior to its sale to Lucent was Vice President of Marketing at Ascend Communications.
Randall also currently serves as chairman of the board of directors at MagLev Aero Inc., as a member of the board of directors at Mavenir Systems Inc. and Fisker Inc., and is a member of the board of trustees at Vaughn College of Aeronautics and Technology.
Kirchner commented, “The addition of Jeremi and Rod enhances our Board’s skills and perspectives, while bolstering the Board’s expertise across key functional disciplines, such as product development, commercialization and capital allocation. I look forward to collaborating with them and benefitting from their experience.”
In mid-March, Rubric, which owns about 9.1% of Xperi Inc.’s outstanding shares, called for a shakeup of the DTS AutoStage, HD Radio and TiVo parent’s board of directors. The shareholder criticized the company for a “history of underperformance, poor decision making and reckless capital allocation.”
Rubric Capital Management Managing Partner David Rosen, in pressing for change, said at the time, “Xperi has built an attractive portfolio of innovative enablement technologies with significant monetization potential. Unfortunately, this potential has been all but squandered under the oversight of the current Board, and stockholders have paid the price.”
Rubric wanted Thomas A. Lacey — CEO of Xperi’s predecessor, Tessera Technologies — and Deborah S. Conrad, an ex-Intel marketing executive, for election to Xperi’s Board of Directors at the annual shareholders meeting.
Rubric now has the option of selling its Xperi shares or accepting management and shareholders’ decisions.
