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Velodyne, a leading manufacturer of laser lidar sensors, has announced the resignation of CEO Anand Gopalan. The news comes as the sensor company is embroiled in a bitter war between its founder, David Hall, and the company’s board of directors.
Gopalan, who was previously CTO of Velodyne before taking the reins of Hall in January 2020, is stepping down as CEO and board member effective July 30, the company said.
But rather than appointing a replacement, Velodyne sets up what is known as the “CEO’s Office” made up of several members of the company’s management team, including COO Jim Barnhart, the CFO Drew Hamer, Head of Human Resources Kathy McBeath, and Business Director Sinclair Vass. The move may be temporary, however, as the board is also hiring an executive search firm to find a replacement at Gopalan.
For several months now, Velodyne has been a company at war with itself. In April, the board ousted Hall as chairman of the company’s board and his wife, Marta Thoma Hall, as chief marketing officer, citing “inappropriate behavior” by the couple. Marta Hall remains a member of Velodyne’s board of directors, while David Hall resigned from her post on March 2.
The following month, David Hall called for the resignation of two of the company’s PSPC-appointed directors, whom he blames for Velodyne’s “poor financial performance”. He accused the board of financial wrongdoing, including padding Gopalan’s compensation “despite the company missing its projections for 2020.” And he claimed he and his wife were kicked out of their posts for “frivolous demands.”
Hall has long been revered in the autonomous vehicle technology world as a pioneer in the use of laser sensors to allow AVs to “see” the world around them. Lidar, which stands for “light detection and ranging,” uses thousands of laser beams to detect objects and measure their distance. The conical or cylindrical shaped sensor perched on the roof of a vehicle has become synonymous with an autonomous car.
In June 2020, Velodyne entered into a deal with Special Acquisition Company (SPAC) Graf Industrial Corp. with a market value of $ 1.8 billion. It was part of a wave of companies in the transportation technology space choosing to go public through PSPC and thus avoiding much of the scrutiny that comes with a more traditional IPO.
But Velodyne maintains that its financial outlook remains “unchanged” despite Gopalan’s resignation. The company, which expects 2021 revenue to be between $ 77 million and $ 94 million, will release its second quarter results on August 5.
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