Rubric Capital Management Releases Presentation Highlighting Urgent Need for Change to Address Underperformance at Xperi Inc.
29 Avril 2024 - 11:47PM
Business Wire
Details Strategic, Operating and
Compensation Failures Under the Current Board
Confident that Rubric’s Nominees Have the
Experience and Skills Necessary to Execute Plan to Restore and
Rebuild Stockholder Value
Urges Stockholders to Vote FOR Rubric’s Nominees Thomas A. Lacey and Deborah
S. Conrad on the WHITE Proxy
Card
Rubric Capital Management LP (“Rubric”), an investment advisor
whose managed funds and accounts collectively own approximately
9.0% of the outstanding shares of common stock of Xperi Inc. (NYSE:
XPER) (“Xperi” or the “Company”), today released a presentation
highlighting the urgent need for change to Xperi’s Board of
Directors (the “Board”) and outlining a clear action plan to
restore and rebuild stockholder value that Rubric’s director
nominees – Thomas A. Lacey and Deborah S. Conrad – are best suited
to execute.
Rubric’s presentation can be found here.
The presentation highlights Rubric’s view of the current Board’s
many failures, including:
- Failing to properly allocate strategic capital, including as it
relates to Perceive and AutoSense;
- Failing to align pay with performance, instead granting
excessive executive and stock-based compensation;
- Failing to adjust the Company’s cost structure post-spin
off;
- Failing to execute against its 2022 Investor Day Goals;
and
- Failing to take proactive steps to protect investors and
position the Company for success absent stockholder
intervention.
David Rosen, Managing Partner of Rubric, said, “We firmly
believe Xperi’s Board has repeatedly taken actions that are
directly counter to the best interests of stockholders, thereby
putting the true owners of the Company in an untenable position.
Fortunately, we see a path forward to reverse Xperi’s
underperformance, but only if the Board acts quickly to institute a
culture by which the Company works for stockholders, instead of
consistently eroding value through dilution and poor capital
allocation. We are confident that our independent director nominees
possess the expertise and commitment to stockholder returns that is
desperately needed to restore accountability and alignment at Xperi
and ultimately drive long-term value.”
Rubric encourages Xperi stockholders to review the facts set
forth in its presentation and to vote the WHITE proxy card “FOR” the election of
Thomas A. Lacey and Deborah S. Conrad to the Xperi Board.
Vote the WHITE
proxy card TODAY
If you have any questions, require
assistance in voting your WHITE universal proxy card, or
need additional copies of Rubric’s proxy materials, please contact
our proxy solicitor Okapi Partners at (855) 305-0856 or via email
at info@okapipartners.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240429289465/en/
Media: Jonathan Gasthalter/Sam Fisher Gasthalter & Co. (212)
257-4170 Investors: Jason W. Alexander/Bruce H. Goldfarb Okapi
Partners LLC (212) 297-0720
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