Inseego Corp. (Nasdaq: INSG), a provider of MiFi-branded intelligent wireless solutions for the worldwide mobile communications market and SaaS solutions for the Internet of Things, has announced key additions to the management team and changes to its board of directors as the company embarks on an overhauled corporate strategy and immediately executes a restructuring plan to drive the company to near-term profitability and reduced leverage, the company said.
The company announced that Dan Mondor has been named as CEO effective immediately, replacing Sue Swenson, CEO of Inseego since 2015.
Mondor is a veteran telecommunications executive with in-depth knowledge of domestic and international markets and strong relationships in the global enterprise, telco, and mobility markets.
In addition, the company announced that Philip Falcone has been elected Chairman of the board of directors of Inseego.
As Chairman, President and CEO of Inseego´s largest shareholder, HC2 Holdings, Inc. (NYSE: HCHC), Falcone has over two decades of experience in leveraged finance, distressed debt and special situations investing. Falcone served as a director, Chairman and CEO of HRG Group Inc. from July 2009 to November 2014. Falcone is also the CIO and CEO of Harbinger Capital Partners LLC (“Harbinger Capital”) and other Harbinger Capital affiliated funds.
Following a thorough strategic review, the board of directors decided to terminate the purchase and sale agreement it entered into with TCL in September 2016 with respect to the sale of its MiFi business.
In connection with the strategic review, the Board confirmed that market opportunities and the underlying business fundamentals of the MiFi mobile broadband business have significantly improved since the company decided to seek the sale of the business in early 2016.
The company believes opportunities associated with 5G, advanced home networking technologies, and next-generation fixed wireless technologies will facilitate product roadmap expansion, resulting in increased product breadth, improved relationships with its supply chain vendors, and the expansion of its customer base. In addition, the company´s shift to a more modular architecture for all products is expected to increase opportunities with new carriers and international markets.
As part of the company´s review, discussions with global manufacturers also highlighted the opportunity to improve MiFi product development and manufacturing processes.
Inseego is a global provider of MiFiÂ®-branded intelligent wireless solutions for the worldwide mobile communications market and software-as-a-service (SaaS) and solutions for the Internet of Things (IoT). The company sells its telematics solutions under the Ctrack brand, including its fleet management, asset tracking and monitoring, stolen vehicle recovery, and usage-based insurance platforms. Inseego Corp. also sells business connectivity solutions and device management services through Inseego North (formerly Feeney Wireless).