Sierra Wireless CEO Kent Thexton Retires

January 22, 2021

Kent Thexton plans to retire from his position as Sierra Wireless President & CEO. Kent has committed to remain with the Company until June 30th to allow his successor to be hired and to support an orderly transition. The Board of Directors have commenced a process to find Kent’s successor and have engaged a top tier executive search firm to undertake a search for his replacement.

In May 2018, Kent moved from Chair of the Board of Directors into the role of President & CEO of Sierra Wireless to help lead the Company’s transformation from an IoT module provider, to an end-to-end IoT solutions provider. During the past two and a half years, Sierra Wireless has built a broad portfolio of IoT Solutions offerings, including Cellular Connectivity, Enterprise Software as a Service, IoT Applications and Managed Network Services. Under Kent’s leadership, Sierra Wireless is now positioned for growth and to continue to lead the IoT solutions market. When Kent started in the CEO role, Recurring & Other Services revenue was 12% of total revenue, and in the Third Quarter of 2020 recurring revenue had increased to 26% of total revenue.

“Kent has been a valuable and tireless leader for Sierra Wireless in both his roles as Chair of the Board and as President & CEO,” said Robin Abrams, Chair of the Board of Directors. “We want to thank him for his strong efforts in transforming the business and we wish him the best in his retirement.”

“It has been a great privilege for me to serve as the President & CEO of Sierra Wireless over the past two and a half years,” said Kent. “Given that much of the work of the transformation is now behind us and Sierra Wireless is in prime position to fully capitalize on the tremendous growth happening in the IoT market, the timing is right to bring in a long-term leader to run the business.”

Sierra Wireless expects revenue to be above Street consensus of $116.5m in the Fourth Quarter of 2020, as well as being above Street consensus of $110.0 million in the First Quarter of 2021. The Company also expects to report approximately $170 million in cash and no debt at the end of December 31, 2020.

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