Novanta (NOVT) Announces Matthijs Glastra Appointed Chairman
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Novanta Inc. (Nasdaq: NOVT) (the “Company”), a trusted technology partner to medical and advanced technology equipment manufacturers, announced today that its Board of Directors has appointed Matthijs Glastra, currently Chief Executive Office, to the additional role of Chairman of the Board, effective after the Company’s Annual Meeting of Shareholders on May 13, 2021. Mr. Glastra will succeed Stephen W. Bershad, who after a highly successful eleven year tenure, will retire from the Board and will not stand for re-election at Novanta’s Annual Meeting.
In addition, Novanta also announced that the independent directors have appointed current Board member Lonny Carpenter as independent Lead Director, also effective after the Annual Meeting. The Lead Director presides over all meetings of the Board at which the Chairman is not present, including executive sessions of the independent directors, calls meetings of the independent directors and serves as liaison between the Chairman and the independent directors. Mr. Carpenter joined the Novanta Board of Directors in May 2018 after a successful 30-year career at Stryker Corporation, most recently serving as Group President, Global Quality and Business Operations.
In recognition of Mr. Bershad’s extensive contributions to the Company, the Board of Directors has appointed him Chairman Emeritus, effective upon his retirement from the Board. While this position is honorary, without voting rights, and no special governance rights, Mr. Bershad will be available for consultation to the Board.
“Steve Bershad is the reason Novanta exists today. After acquiring a stake in the Company in 2009, Steve successfully recapitalized and restructured the Company, giving us the platform to create a world leading and flourishing enterprise,” said Matthijs Glastra. “We are extremely grateful for his guidance, leadership and dedicated service over the last eleven years. His contributions to the Company will have a lasting impact. One of Steve’s most important contributions to Novanta is building a strong and diverse Board of Directors and leadership team that ensures continuity of our mission.”
“This timing is consistent with my goal of providing a five year overlap with CEO Matthijs Glastra,” said Mr. Bershad. “The Company has done very well under Matthijs’ leadership as CEO since September 2016, and is now well positioned, both strategically and financially, for sustained growth in spite of the challenges of the COVID-19 pandemic. We are also extremely fortunate to have a group of strong board members, many of whom have served the Company for a number of years as well as some new members who have recently joined the Board with very strong, diverse and relevant backgrounds and expertise. This gives me great confidence that the Company is in good hands.”
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