CalAmp Corp. (NASDAQ:CAMP), a leading provider of wireless products, services and solutions, today announced that a new independent director, Jorge L. Titinger, has been appointed to the Company’s Board of Directors effective June 9, 2015. This appointment expands the Company’s Board to eight members.
The Company also announced that Thomas E. Pardun, a director of the Company since 2006, has chosen to retire from the Board effective at the annual meeting on July 28, 2015, at which time the size of the Board will be reduced to seven members.
Albert J. “Bert” Moyer, CalAmp’s Chairman of the Board, said, “I am delighted to welcome Jorge Titinger toCalAmp’s Board of Directors. Jorge has extensive executive management and directorship experience with publicly held technology companies. Our board is looking forward to his insights and perspectives as we advance our strategy to drive profitable growth in the machine-to-machine communications market.”
Mr. Moyer continued, “The Board of Directors extends its sincere appreciation to Tom Pardun for his exemplary service to the Company over the past nine years. Tom helped guide CalAmp through an incredible corporate transformation that created the foundation for the substantial growth we continue to experience. Throughout Tom’s tenure on our board, his leadership and counsel have been invaluable. We wish him well in his retirement.”
Jorge Titinger currently serves as President, CEO and a member of the board of directors of Silicon Graphics International Corp., a position he has held since February 2012. Mr. Titinger served as President, CEO and board member of Verigy Ltd. from January 2011 until October 2011, as President and COO from July 2010 toJanuary 2011, and as COO from June 2008 to July 2010. Verigy was acquired by Advantest Corporation in July 2011 and Mr. Titinger continued to serve in a transitional role following the acquisition until October 2011 as President and CEO of Verigy, then a subsidiary of Advantest Corporation. Prior to his service at Verigy, Mr. Titinger held executive positions at FormFactor, Inc. from November 2007 to June 2008 and KLA-Tencor Corporation from December 2002 to November 2007. In addition to serving as a director of Silicon Graphics, Mr. Titinger currently serves on the board of Xcerra Corporation. Mr. Titinger holds B.S. and M.S. degrees in Electrical Engineering and an M.S. degree in Engineering Management, all from Stanford University. (Original Source)
Shares of Calamp closed today at $19.23, down $0.05 or 0.26%. CAMP has a 1-year high of $22.36 and a 1-year low of $15.32. The stock’s 50-day moving average is $19.72 and its 200-day moving average is $18.47.
On the ratings front, Calamp has been the subject of a number of recent research reports. In a report issued on May 20, Canaccord Genuity analyst Michael Walkley reiterated a Buy rating on CAMP, with a price target of $26, which implies an upside of 35% from current levels. Separately, on March 17, Aegis Capital Corp.’s Michael Rindos initiated coverage with a Buy rating on the stock and has a price target of $25.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Walkley and Michael Rindos have a total average return of 24.5% and 17.2% respectively. Walkley has a success rate of 71.6% and is ranked #3 out of 3612 analysts, while Rindos has a success rate of 75.0% and is ranked #1815.
CalAmp Corp provides wireless communications solutions applications to customers. Its business activities are organized into its Wireless DataCom and Satellite business segments.