Auddia names Jeff Thramann CEO as company considers AI holding restructure

Auddia Inc. (NASDAQ: AUUD) announced that Jeff Thramann has succeeded Michael Lawless as chief executive officer. Lawless is retiring after 13 years leading Auddia and its predecessor, Clip Interactive.

The company has added three new independent board members: Nick Balletta, Emmanuel de Boucaud, and Josh Sroge, who are replacing existing independent board members Steve Deitsch, Tim Hanlon, and Tom Birch. The new board has formed a special committee to evaluate a business combination opportunity to restructure into an AI native holding company.

Thramann will continue as chairman and in his new role as CEO will oversee the proposed restructuring as directed by the special committee. If a restructuring is completed, Thramann would serve as CEO of the holding company and Auddia would become a fully owned subsidiary. A new Auddia CEO would be named at that time.

The proposed holding company would deliver AI capabilities to portfolio companies through a proprietary AI data center solution and a centralized AI leadership and development team. The AI data center offering is expected to lower the cost of training AI models and running inference for portfolio companies.

The leadership changes and proposed restructuring result from a nine-month analysis of strategic alternatives led by Thramann and the board with the management team and outside consultants.

"I would like to thank Michael Lawless for his commitment to the Clip Interactive and Auddia mission over the past 13 years and for his support in helping us position for this potential restructuring," Thramann said in a statement.

The company noted there are no assurances the special committee will recommend proceeding with the restructuring or that any recommended transaction will be completed.

Auddia operates an AI platform for audio identification and classification and offers the faidr audio streaming app.

You May Also Be Interested In

• Boeing names Ryan Shedd as new SVP and controller
• Alzamend Neuro (ALZN) files for 98.4M share offering by selling stockholders
• Nu Skin EVP of global sales takes medical leave