Novanta Inc. (NASDAQ: NOVT) (the "Company", "we", "our", or "Novanta"),
a global leader and supplier of laser, precision motion, and vision
technologies to original equipment manufacturers in the medical and
advanced industrial markets, today announced that it has named Matthijs
Glastra as Chief Executive Officer and a director of the Company,
effective September 1, 2016. Mr. Glastra currently serves as Novanta's
Chief Operating Officer, and will succeed John Roush as Chief Executive
Officer. Mr. Roush will continue to serve in an advisory role
after September 1, 2016 for a limited transition period.
"As Novanta completes its transformation to a leading global supplier of
enabling technology solutions in the medical and advanced industrial end
markets, the Board is confident that Matthijs is uniquely qualified to
build on the work that has been done in the past six years, while
carrying forward the core values that John instilled," said Stephen W.
Bershad, Chairman of Novanta's Board of Directors. "Matthijs' deep
experience leading and growing OEM technology businesses, his extensive
international operating background, his in-depth understanding of the
Novanta businesses and his progressive leadership skills give us great
confidence that he is the right person to lead the Company forward."
"The Board appreciates John's achievements over the last six years in
transforming the Company," Mr. Bershad continued. Mr. Roush added, "I am
grateful for having been given the opportunity to lead the Company and
to bring Novanta to this point. With this work now complete, it is the
perfect time to pass the reins to Matthijs to lead Novanta's next
chapter. I could not imagine a better prepared, more capable successor
than Matthijs."
Mr. Glastra stated, "Over the past few years, John and I have worked
together to build a strong team and business portfolio that is well
positioned to deliver on our strategic vision. I am, therefore, honored
to have the opportunity to lead this great Company. As we embark on a
new phase focused on growth, I am excited to work with our Board, our
management team, our customers and our exceptionally talented employees
to create value for all stakeholders."
Mr. Glastra joined Novanta Inc. in 2012 as Group President, and was
appointed the Company's Chief Operating Officer in February 2015. Prior
to Novanta, he led and grew global technology businesses in industrial
and medical end-markets during an 18-year career with Philips, both
in Europe as well as Silicon Valley. He most recently served as Chief
Executive Officer of Philips Entertainment Lighting and as Chief
Operating Officer of Philips Lumileds. Prior to that, he held multiple
general manager and leadership positions at various Philips divisions,
including the Healthcare division. Mr. Glastra holds a Master of Science
Degree in Applied Physics from Delft University of Technology, an
Advanced Engineering Degree from ESPCI in Paris, France, and an MBA from
INSEAD in Fontainebleau, France.
About Novanta
Novanta is a leading global supplier of core technology solutions that
give advanced industrial and healthcare OEMs a competitive advantage. We
combine deep expertise at the intersection of photonics and motion with
a proven ability to solve complex technical challenges. This enables
Novanta to engineer core components and sub-systems that deliver extreme
precision and performance, tailored to our customers' demanding
applications. We deliver highly engineered laser, vision and precision
motion solutions to customers around the world. The driving force behind
our growth is the team of innovative professionals who share a
commitment to innovation and customer success. Novanta's common shares
are quoted on NASDAQ under the ticker symbol "NOVT".
Safe Harbor and Forward-Looking Information
Certain statements in this release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of
1995 and are based on current expectations and assumptions that are
subject to risks and uncertainties. All statements contained in this
news release that do not relate to matters of historical fact should be
considered forward-looking statements, and are generally identified by
words such as "expect," "intend," "anticipate," "estimate," "believe,"
"future," "could," "should," "plan," "aim," and other similar
expressions. These forward-looking statements include, but are not
limited to, statements regarding anticipated growth and innovation; the
Board's confidence in Mr. Glastra's ability to successfully lead the
Company; that the Company is well-positioned to deliver on its strategic
vision; creating value for all stakeholders; and other statements that
are not historical facts.
These forward-looking statements are neither promises nor guarantees,
but involve risks and uncertainties that may cause actual results to
differ materially from those contained in the forward-looking
statements. Our actual results could differ materially from those
anticipated in these forward-looking statements for many reasons,
including, but not limited to, the following: economic and political
conditions and the effects of these conditions on our customers'
businesses and level of business activity; our significant dependence
upon our customers' capital expenditures, which are subject to cyclical
market fluctuations; our dependence upon our ability to respond to
fluctuations in product demand; our ability to continually innovate and
successfully commercialize our innovations; failure to introduce new
products in a timely manner; customer order timing and other similar
factors beyond our control; disruptions or breaches in security of our
information technology systems; changes in interest rates, credit
ratings or foreign currency exchange rates; risk associated with our
operations in foreign countries; our increased use of outsourcing in
foreign countries; our failure to comply with local import and export
regulations in the jurisdictions in which we operate; our reliance on
third party distribution channels; violations of our intellectual
property rights and our ability to protect our intellectual property
against infringement by third parties; risk of losing our competitive
advantage; our failure to successfully integrate recent and future
acquisitions into our business; our ability to make divestitures that
provide business benefits; our ability to attract and retain key
personnel; our restructuring and realignment activities and disruptions
to our operations as a result of consolidation of our operations;
product defects or problems integrating our products with other vendors'
products; disruptions in the supply of certain key components or other
goods from our suppliers; production difficulties and product delivery
delays or disruptions; our compliance, or our failure to comply, with
various federal, state and foreign regulations; changes in governmental
regulation of our business or products; effects of conflict minerals
regulations; our failure to comply with environmental regulations; our
failure to implement new information technology systems and software
successfully; our failure to realize the full value of our intangible
assets;our exposure to the credit risk of some of our customers and in
weakened markets; changes in tax laws, and fluctuations in our effective
tax rates; being subject to U.S. federal income taxation even though we
are a non-U.S. corporation; any need for additional capital to
adequately respond to business challenges or opportunities and repay or
refinance our existing indebtedness, which may not be available on
acceptable terms or at all; volatility in the market price for our
common shares; our ability to access cash and other assets of our
subsidiaries; the influence over our business of certain significant
shareholders; provisions of our articles of incorporation may delay or
prevent a change in control; our significant existing indebtedness may
limit our ability to engage in certain activities; and our failure to
maintain appropriate internal controls in the future.
Other important risk factors that could affect the outcome of the
events set forth in these statements and that could affect the Company's
operating results and financial condition are discussed in Item 1A of
our Annual Report on Form 10-K for the fiscal year ended December 31,
2015, our subsequent filings with the Securities and Exchange Commission
("SEC"), and in our future filings with the SEC.
Forward-looking statements are based on the Company's beliefs and
assumptions and on information currently available to the Company. The
Company disclaims any obligation to update any forward-looking
statements as a result of developments occurring after the date of this
document except as required by law.
More information about Novanta is available on the Company's website at www.novanta.com.
For additional information, please contact Novanta Inc. Investor
Relations at (781) 266-5137 or InvestorRelations@novanta.com.