LivePerson (LPSN) Adds Tamara Mellon CEO Layfield as Director; Adds $10M to Stock Buyback Plan

November 22, 2016 1:25 PM EST

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LivePerson, Inc. (Nasdaq: LPSN) announced that Jill Layfield, CEO of Tamara Mellon and former CEO of Backcountry, will be joining its board of directors. Layfield brings deep experience in the retail sector and unique expertise transforming customer experience and forging meaningful, high-quality connections between brands and consumers. She is recognized as an innovator and industry expert in combining organizational change and advanced technologies to retool customer care for the digital, mobile era.

During her eleven-year tenure at athletic-and-outdoor specialty retailer Backcountry, Layfield brought incredible innovations to the customer experience, including the industry-renowned Gearhead program, which allows consumers to engage one-on-one via chat, email or voice with a Backcountry expert that shares their same interests, such as backpacking, snowshoeing, or yoga.

This innovative approach made the company's connections with its customers unprecedentedly personal, and helped grow the company to $500 million in revenue, from $30 million when Layfield first joined. In July 2016, Layfield joined Tamara Mellon as CEO, a direct-to-consumer, digitally-led, luxury footwear business. In addition to LivePerson, Layfield currently sits on the board of directors for SmartPak Equine and Camber Outdoors.

"Jill Layfield is an ideal fit for LivePerson's board of directors because she shares our passion for delivering high-quality customer care in new and innovative ways," said LivePerson founder and CEO Robert LoCascio. "We have already collaborated with her during her time at Backcountry, which used our platform to create the groundbreaking "Gearhead" program, a brilliant and effective way to deliver personal, expert service digitally. It's this combination of smart organizational rethinking plus the benefits of messaging that has transformational results. We're delighted she is joining our team."

"I am thrilled to be joining the board of LivePerson at a time when the company is driving a transformational shift in its business with the introduction of the LiveEngage platform and mobile messaging," said Layfield. "In the coming years I believe we'll see billions of consumers start using messaging with brands, just as they now use messaging to talk to each other. LivePerson holds the keys to this shift, and the digital transformation that comes with it."

LivePerson Extends and Expands Share Repurchase Program

On November 21, 2016, the Board of Directors authorized the extension and additional funding of a previously-announced stock repurchase program under which the Company has the ability to repurchase shares of its common stock at times and prices considered appropriate by the Board of Directors or a committee appointed by the Board of Directors. The Board authorized the extension of the program through December 31, 2017 as well as additional funding in the amount of $10 million. The $10 million additional funding is in addition to $64 million previously authorized since December 2012, when the repurchase program was originally adopted.

The Company may effectuate the stock repurchase program through purchases in the open market or privately negotiated transactions, depending upon prevailing market conditions and other corporate considerations. The stock repurchase program is subject to business and market conditions, and may be suspended or discontinued at any time by the Board of Directors of the Company. The repurchase program is scheduled to expire on December 31, 2017. The stock repurchase program will be funded using the Company's available cash.

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