Lcc (NASDAQ:LCCIE)
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LCC International, Inc., (NASDAQ:LCCIE) a global leader
in wireless voice and data turn-key technical consulting services,
announced today that Dean J. Douglas has been named President and
Chief Executive Officer effective October 17, 2005. Mr. Douglas will
also serve as a member of LCC's Board of Directors.
Mr. Douglas, prior to joining LCC, was Vice President,
Communications and Distribution Sectors, IBM Global Services, a
business segment of International Business Machines (IBM) and has 25
years experience in the systems and telecommunications industries.
Julie A. Dobson, chairman of the LCC Board of Directors said,
"Dean was a great find for LCC. We are witnessing significant change
in the wireless industry as enhanced data services become a reality
and wireless technology becomes an essential communications tool for
carriers, enterprise and government clients. In addition, the lines
between wireless, wireline and IP based technology are quickly
becoming a thing of the past. Dean has a proven track record and
broad-based international experience in these technologies and market
segments, with a vision that complements LCC's long tradition of
innovation, technical excellence and leadership in the wireless
industry."
The Company also announced that LCC's Interim CEO, Mr. Peter
Deliso, will remain with the Company as Senior Vice President,
Corporate Affairs in addition to his duties as General Counsel and
Secretary. "The Board of Directors of LCC is extremely grateful for
Peter's contributions and leadership," Ms. Dobson said. "He assumed
the leadership of LCC during a difficult transitional period and was
able to move the Company forward while the Board conducted the search
for a new CEO. Peter continues to be a valuable member of our senior
management team."
As Vice President, Communications and Distributions Sectors, IBM
Global Services, Mr. Douglas was responsible for the outsourcing,
outtasking and transformation services businesses, where his clients
included most of the major telecommunications carriers.
Before joining IBM, Mr. Douglas was General Manager of Invisix, a
Cisco/Motorola joint venture created to exploit emerging wireless IP
technology. In addition, he was responsible for worldwide business
development for Motorola's Cellular Infrastructure Group prior to his
Invisix responsibilities.
Mr. Douglas commented, "We are at a unique juncture in our ability
to exploit wireless technology in the near term. The inherent benefits
and justification of wireless technology to businesses and consumers,
in a truly ubiquitous way, is a reality today. It is up to the
wireless industry to continue to drive innovative implementations of
technology that leverage the extraordinary possibilities that wireless
provides. As a part of LCC, together with the LCC team, we have an
opportunity to be at the fore-front of this rapid change and exciting
innovation."
A business administration graduate of the University of
Mississippi, Mr. Douglas started with IBM in 1981 and has held a
number of sales, marketing and management positions
NASDAQ Rule 4350 requires an issuer to disclose in a press release
the material terms of a grant of securities made to officers,
directors, employees or consultants, which were made as an inducement
material to the person's employment with the Company if the grant was
made without the approval of the issuer's shareholders.
As a part of the equity compensation arrangements for Mr. Douglas,
the Company has granted, to Mr. Douglas the following:
a) Restricted stock units relating to five hundred thousand
(500,000) shares of the Company's Class "A" Common Stock. The
restricted stock units vest in one-third increments on each of the
first, second and third anniversary of the grant date; provided that
Mr. Douglas remains in service with the Company or one of its
affiliated companies. The restricted stock units will vest 100% upon
termination of Mr. Douglas' employment as a result of death,
disability, by the Company without cause or by Mr. Douglas for good
reason and will vest to the extent of 66% if there is a change in
control of the Company within 18 months.
b) Options to purchase one million (1,000,000) shares of the
Company's Class "A" Common Stock having an exercise price of $2.491,
which was equal to the fair market value of the underlying Class "A"
Common Stock on the grant date. The options will vest in pro rata
increments based on the 20 day average closing price per share within
the following share price bands, (first 25% $4.00, next 25% $5.75,
next 25% $7.25, final 25% $9.00) provided that in no event shall
options held vest with respect to more than one third (1/3rd) of the
shares of Class "A" Common Stock subject to this grant in any single
calendar year. The options will vest 100% upon termination Mr.
Douglas' employment as a result of death or disability or by the
Company without cause or by Mr. Douglas for good reason, within 3
months prior to or 18 months following a change in control of the
Company and will vest to the extent of 50% in the event of a change in
control within 18 months not involving termination of Mr. Douglas'
employment.
About LCC
LCC International, Inc. is a global leader in voice and data
design, deployment and management services to the wireless
telecommunications industry. Since 1983, LCC has performed technical
services for the largest wireless operators in North and South
America, Europe, The Middle East, Africa and Asia. The Company has
worked with substantially all major access technologies and has
participated in the success of some of the largest and most
sophisticated wireless systems in the world. Through an integrated set
of technical business consulting, training, design, deployment,
operations and maintenance services, LCC is unique in its ability to
provide comprehensive turnkey services to wireless operators around
the world. News and additional information are available at
www.lcc.com.
Statements included in this news release which are not historical
in nature are forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995 including, without limitation, statements regarding increased
demand for the Company's services, the Company's ability to secure new
business, and those factors highlighted in LCC International, Inc.'s
Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, which
could cause the Company's actual results to differ materially from
forward-looking statements made by the Company.