Maxwell Technologies Inc. (NASDAQ:MXWL) announced that David Lyle has joined the company as Senior Vice President, Chief Financial Officer, Treasurer and Secretary.
Before joining Maxwell, Lyle was Chief Financial Officer of Entropic Communications, a provider of semiconductor solutions for home entertainment, which was acquired in April 2015 by MaxLinear, a producer of broadband and networking semiconductors. Lyle joined Entropic in 2007, through its acquisition of RF Magic, where he had also served as CFO. Earlier in his career, Lyle held senior corporate finance positions withBroadcom through its acquisition of Zyray Wireless, where he was CFO, and Mobilian Corporation, where he was CFO until the company was acquired by Intel Corporation, and with Intel, where he held various finance roles in the microprocessor, networking and Intel Capital divisions. Previously, he was employed in the commercial banking industry, where he focused primarily on leveraged buy-outs.
Lyle holds a bachelor’s degree in business from The University of Southern California, a master of business administration degree from Arizona State University and a master in international management degree fromThe Garvin School of International Management, Thunderbird.
As part of his hire-on compensation package and as an inducement material to his acceptance of employment with the Company, Lyle will be granted equity awards outside of the Company’s stockholder-approved stock plan as permitted under with Nasdaq Listing Rule 5635(c)(4). Specifically, he will receive a number of stock options determined by dividing $105,000 by the grant date fair value per share of Maxwell’s common stock. In addition, Lyle will receive a number of restricted stock units and performance-based restricted stock units, determined by dividing $305,000 and $140,000, respectively, by an average closing price of Maxwell’s common stock prior to Lyle’s start date. Lyle’s equity awards otherwise have substantially the same terms and conditions as the corresponding equity awards granted to other executive officers of the Company under its 2013 Omnibus Equity Incentive Plan in connection with the Company’s fiscal year 2015 compensation program.
“We are fortunate to have been able to attract an executive with Dave’s deep and varied management and corporate finance background in the fast-paced technology industry to step in and lead our finance team at this critical juncture in the company’s development,” said Dr. Franz Fink, Maxwell’s President & CEO.
“I am excited to join Maxwell’s management team and to be a part of the dynamic energy storage industry,” Lyle said. (Original Source)
Shares of Maxwell Technologies closed last Friday at $5.84 . MXWL has a 1-year high of $18.43 and a 1-year low of $5.60. The stock’s 50-day moving average is $7.08 and its 200-day moving average is $8.39.
On the ratings front, Maxwell Technologies has been the subject of a number of recent research reports. In a report issued on April 27, Ardour analyst Jinming Liu downgraded MXWL to Hold, with a price target of $7, which represents a potential upside of 19.9% from where the stock is currently trading. Separately, on April 24, Canaccord Genuity’s Jonathan Dorsheimer downgraded the stock to Hold and has a price target of $7.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jinming Liu and Jonathan Dorsheimer have a total average return of -3.9% and -1.7% respectively. Liu has a success rate of 53.8% and is ranked #3021 out of 3596 analysts, while Dorsheimer has a success rate of 42.0% and is ranked #3085.
Maxwell Technologies Inc develops, manufactures and markets energy storage and power delivery products for transportation, industrial, information technology and other applications and microelectronic products for space and satellite applications.