Westwood, MA - October 17, 2011 - LoJack Corporation (NASDAQ: LOJN) today announced the appointment of Randy L. Ortiz, a recognized auto industry veteran with nearly 30 years of experience at Ford Motor Company, as Chief Executive Officer and President, effective November 1, 2011. LoJack also named Donald R. Peck, a Chief Financial Officer, CPA and attorney with more than 30 years of business experience, as Executive Vice President and Chief Financial Officer, effective October 18, 2011. Richard T. Riley will remain as LoJack’s Executive Chairman of the Board through May 2012 to ensure a seamless transition.
In commenting on these executive appointments, Riley said, “We have worked diligently in our search for experienced executives that have the expertise to help drive our organization forward toward a successful future. Both Randy and Don are recognized leaders with proven track records for delivering outstanding results through their innovative style and senior management experience.”
Mr. Ortiz is an auto industry insider who at Ford led a team that increased Ford and Lincoln-Mercury market share for the first time in 14 years. He also played a key leadership role in restoring Ford’s North American Business Unit to profitability, led the successful consolidation and rationalization of Ford’s dealer network and served as the General Manager of Ford’s worldwide export operations. Mr. Ortiz was with Ford Motor Company from 1982 to his retirement from the organization in 2010. Most recently, he served as CEO at Carmoza LLC, a start-up in the growing auto transport industry.
Mr. Peck has broad-based financial and legal experience and brings expertise in driving business growth and turn-around success, as well as managing external relationships with investors, analysts and independent auditors. He most recently served as Executive Vice President, Chief Financial Officer and Treasurer at Satcon Technology Corporation. Prior to that, he held the same positions at Egenera, Inc. and The First Marblehead Corporation.
“We look forward to Randy and Don’s fresh perspectives as we leverage the power of the LoJack brand to deliver compelling offerings to our customers and licensees,” said Riley. “Their addition to our experienced management team and strong organization will further enhance our ability to drive the business forward, executing with momentum and renewed energy.”
About LoJack Corporation
LoJack Corporation, the company that invented the stolen vehicle recovery market more than 25 years ago, is the global leader in finding and recovering a wide range of mobile assets including cars, construction equipment and motorcycles – having recovered nearly USD$4 billion in stolen assets worldwide. In today’s rapidly changing world, LoJack’s core competencies are more valuable and more relevant than ever as they are now being applied into new areas, such as the prevention, detection and recovery of stolen cargo and finding and rescuing people with cognitive conditions such as Alzheimer’s and autism. LoJack has the proven processes, ultimate technology for recovery – Radio Frequency – and unique integration with law enforcement agencies, making its offerings the most effective solutions that not only deliver a wide range of recoveries, but also enhance the safety of the public on a global level. LoJack’s Stolen Vehicle Recovery System operates in 29 states and the District of Columbia, and in more than 30 countries throughout North America, South America, Europe, Africa and Asia. For more information, visit http://www.lojack.com.
From time to time, information provided by the company or statements made by its employees may contain “forward-looking” information, which involve risks and uncertainties. Any statements in this news release that are not statements of historical fact are forward-looking statements (including, but not limited to, statements concerning the characteristics and growth of the company’s market and customers, the company’s objectives and plans for future operations and products and the company’s expected liquidity, revenue, profit and capital resources). Such forward-looking statements are based on a number of assumptions and involve a number of risks and uncertainties, and accordingly, actual results could differ materially. Factors that may cause such differences include, but are not limited to: the continued and future acceptance of the company’s products and services; the company’s ability to maintain and grow its brand image; the effectiveness of the company’s marketing initiatives; the outcome of ongoing litigation involving the company; the rate of growth in the industries of the company’s customers; the presence of competitors with greater technical, marketing, and financial resources; the company’s customers’ ability to access the credit markets; the company’s ability to promptly and effectively respond to technological change to meet evolving customer needs; the company’s ability to successfully expand its operations; and changes in general economic or geopolitical conditions. For a further discussion of these and other significant factors to consider in connection with forward-looking statements concerning the company, reference is made to the company’s Annual Report on Form 10-K for the year ended December 31, 2010.
The company undertakes no obligation to release publicly the result of any revision to the forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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Tier One Partners
Tier One Partners