Resignations Effective as of the Company's 2015 Annual Meeting of Shareholders in April 2015
SALT LAKE CITY--Control4 (NASDAQ:CTRL), a leader in residential and commercial automation systems, today announced the resignations of its remaining early-stage investor board members, Len Jordan, Managing Director of Madrona Ventures Group (formerly with Frazier Technology Ventures), and Steven Vassallo, General Partner of Foundation Capital. Frazier Technology Venture's initial investment in Control4 was in June 2004, and Foundation Capital's was in July 2005. Both resignations are effective as of Control4's 2015 Annual Meeting of Shareholders, currently scheduled for April 28, 2015. A search is currently underway for replacement directors with applicable industry experience and broad operating capability.
"Len, Steve and their venture firms have been great champions of Control4, from the initial phases of the company's development, through our transition to a disciplined and focused public company," explained Martin Plaehn, Control4's Chairman and CEO. "We're grateful for their passion, commitment and counsel to help make Control4 a growing, profitable and successful leader in the home automation space."
Mr. Jordan remarked, "As an early investor in Control4, it's been extremely gratifying to help with Control4's growth and advancement in all aspects, including its employees, solutions, market position, and opportunity." Mr. Vassallo added, "The smart and connected home category is an exciting and growing opportunity, and Control4 is well positioned to benefit from the increasing consumer demand for home automation."
As part of the ongoing transition from a venture-backed start-up to a public company, James Caudill, a current board member, will be replacing Mr. Jordan on the Company's Audit Committee, and Jeremy Jaech, a current board member, will be replacing Messrs. Jordan and Vassallo on the Company's Compensation Committee.
Control4 (NASDAQ:CTRL) is a leading provider of automation systems for homes and businesses, offering personalized control of lighting, music, video, temperature, security, communications and similar functionalities into a unified home automation solution that enhances the daily lives of its customers. Control4 unlocks the potential of connected devices, making entertainment systems easier to use, homes more comfortable and energy efficient, and families more secure. More than 75% of Control4's consumers have integrated two or more functionalities with Control4's solution, which is available through more than 3,000 custom integrators, retail outlets, and distributors in over 80 countries. By delivering insightfully simple control solutions that enhance the lives of individuals and families, Control4 is the automation platform of choice for consumers, major consumer electronics companies, hotels, and businesses around the world.