Jason Dietrich named as Executive Vice President and Chief Revenue Officer, and Júlio Tesser named as Vice President, Latin America
ATLANTA (June 12, 2023) – KORE Group Holdings, Inc. (NYSE:KORE, KORE WS), the global pure-play Internet of Things (“IoT”) hyperscaler and provider of IoT Connectivity, Solutions and Analytics, announced today the appointment of two new leaders to help drive KORE’s next phase of growth. Jason Dietrich joins the Company as Executive Vice President and Chief Revenue Officer, responsible for leading KORE’s global sales and marketing teams. Mr. Dietrich joins KORE, effective immediately, and reports to President and Chief Executive Officer Romil Bahl. Júlio Tesser joins KORE as Vice President, Latin America, and will lead KORE’s efforts to expand its presence in this key market.
“Jason brings to KORE nearly 25 years of sales leadership experience across a wide range of IoT use cases and services, including deep expertise in the industrial IoT space, which is set to see explosive growth,” said Bahl. “I am excited for Jason to join KORE because he is a leader who will bring out the best in our sales teams. He has an exceptional focus on the needs of our customers, and we expect Jason to help KORE make the most of the ‘Decade of IoT.’”
“With a powerful portfolio of IoT services, as well as many marquee, industry-leading customers already taking advantage of their ‘one-stop shop’ value proposition, KORE is incredibly well positioned for the future. I am excited to put my experience to work alongside a world-class team to help KORE take advantage of the great opportunity before us,” said Dietrich.
Bahl continued, “KORE has long been an IoT leader in Brazil, and it was our fastest growing geography when Julio was our head of sales for Brazil, back when I joined KORE. With Júlio’s leadership and extensive IoT experience, KORE’s ability to maximize market opportunities and further help our customers navigate the IoT landscape will be greatly enhanced.”
“I am excited to head KORE’s business in Brazil, because I believe KORE’s opportunity to lead the Brazilian market has never been better. Also, with an ever-growing number of enterprises and IoT solution providers looking for simplified global connectivity including the challenges particular to Brazil, KORE is highly differentiated in its capability due to the long-term presence of an in-country operation and world-class team,” added Tesser.
Disclosure of Inducement Grants
KORE also announced today that, as approved by the Compensation Committee of KORE’s Board of Directors, KORE has made certain equity awards to Mr. Dietrich. The awards were made as a material inducement to his joining KORE as Executive Vice President and Chief Revenue Officer.
The awards made to Mr. Dietrich are as follows: (i) an award of Restricted Stock Units (“RSUs”) in respect of 325,732 shares of KORE common stock, which will vest 50% on the second anniversary of the grant date and 25% on each of third and fourth anniversaries of the grant date and (ii) an award of 228,013 RSUs covering an aggregate of up to 285,016 shares of KORE common stock, one-half of which RSUs vest in three equal installments on the following three anniversaries of the grant date, and one-half of which RSUs are performance-based and which will be earned or forfeited based upon the Company's performance relative to adjusted EBITDA and revenue performance goals for the period of fiscal years 2023 through 2025.
The RSUs were all granted outside of KORE’s 2021 Long-Term Stock Incentive Plan, but generally have terms and conditions consistent with those set forth in that plan. The award of RSUs to Mr. Dietrich is being made in reliance on the employment inducement exemption under the NYSE’s Listed Company Manual Rule 303A.08. KORE is announcing the grant of the equity awards in this press release to comply with Rule 303A.08 and intends to file a Registration Statement on Form S-8 covering this award of RSUs.
About KORE
KORE is a pioneer, leader, and trusted advisor delivering mission critical IoT solutions and services. We empower organizations of all sizes to improve operational and business results by simplifying the complexity of IoT. Our deep IoT knowledge and experience, global reach, purpose-built solutions, and deployment agility accelerate and materially impact our customers’ business outcomes. For more information, visit korewireless.com.
KORE Investors Contact
Charley Brady
Vice President, Investor Relations
investors@korewireless.com
+1-678-392-2335
KORE Media Contact:
Carla Deisenroth
Vice President, Strategy & Marketing
cdeisenroth@korewireless.com
+1-248-982-2759
Cautionary Note on Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. In particular, statements relating to KORE’s business outlook, objectives, development, plans, growth strategies and other strategic priorities; KORE’s estimated position and strengths in the IoT business; estimations of addressable markets; and statements relating to KORE’s future growth, business, prospects and opportunities, as well as other statements that are not historical facts, constitute forward-looking statements. These statements are based on various assumptions and on the current expectations of KORE’s management. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor or other person as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of KORE. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; risks related to the rollout of KORE's business and the timing of expected business milestones; risks related to the loss, non-renewal, termination or negotiation of the relationship with customers of the IoT business acquired from Twilio; risks relating to the integration of KORE’s acquired businesses, including the IoT business acquired from Twilio, changes in the assumptions underlying KORE's expectations regarding its future business; the effects of competition on KORE's future business; and the outcome of judicial proceedings to which KORE is, or may become a party. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that KORE presently does not know or that KORE currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect KORE's expectations, plans or forecasts of future events and views as of the date of this press release. KORE anticipates that subsequent events and developments will cause these assessments to change. However, while KORE may elect to update these forward-looking statements at some point in the future, KORE specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing KORE's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.