USA Applied sciences Pronounces Management Staff and Slate of Administrators Standing for Election at Annual Assembly
March 02, 2020 08:00 AM Jap Commonplace Time
MALVERN, Pa.–(BUSINESS WIRE)–USA Applied sciences, Inc. (OTC:USAT) (“USAT” or the “Firm”), a cashless funds and software program companies firm that gives end-to-end know-how options for the self-service retail market, at present introduced that:
- Donald W. Layden, Jr., has been named Chief Government Officer and President, efficient instantly. Mr. Layden will proceed to function a director on the USAT Board of administrators however will step down from his position as Government Chairman. Mr. Layden has served as Government Chairman of the Board of Administrators since November 2019 and as interim Chief Government Officer since October 2019. He joined the USAT Board in April 2019.
- Michael Wasserfuhr has been named Chief Monetary Officer, efficient instantly. Mr. Wasserfuhr most not too long ago served as a Principal and founding father of Michael Wasserfuhr Enterprise Transformation LLC, offering strategic, finance and operational consulting companies for FinTech corporations. Mr. Wasserfuhr has beforehand served as chief monetary officer at a lot of corporations within the cost trade, together with most not too long ago Ingenico North America, Worldpay US, and Vesta Company.
- Kelly Kay and Sunil Sabharwal have been appointed to the Board as unbiased administrators, efficient instantly. Ms. Kay is at the moment Chief Finance Officer of the Toyota Analysis Institute the place she oversees Finance and Authorized and Compliance operations for the group. She beforehand served as Vice President of Enterprise Operations at Lyft, the place she oversaw Regulatory Compliance, Audit & Reporting, Funds & Fraud, and Airport Operations. Mr. Sabharwal served because the U.S. Various Government Director to the Worldwide Financial Fund, and beforehand served as Senior Vice President for Strategic Investments for First Knowledge Company, in addition to Managing Director for Monetary Companies and Healthcare at GE Fairness, a division of GE Capital.
- Mr. Sabharwal has additionally been named Non-Government Chairman of the Board.
- The Board has nominated Lisa Baird, Ellen Richey and Anne Smalling to face for election as a part of the Firm’s slate of nominees on the 2020 Annual Assembly of Shareholders (“Annual Assembly”). Ms. Baird, Ms. Richey and Ms. Smalling are nominees named as a part of the proxy solicitation commenced by Hudson Government Capital (“HEC”), one of many Firm’s shareholders.
- Steven D. Barnhart, Joel Brooks and William J. Reilly, Jr., have resigned from the Board, efficient instantly, and won’t be looking for re-election on the Annual Assembly.
- The USAT slate of director nominees will embrace Donald W. Layden Jr., Lisa Baird, Kelly Kay, Robert L. Metzger, Patricia A. Oelrich, Ellen Richey, Sunil Sabharwal, William J. Schoch, Anne Smalling and Ingrid S. Stafford. In complete, the USAT slate of nominees will comprise 10 people, 9 of whom would function unbiased administrators, and eight of whom could have been appointed since April 2019.
“It has been rewarding to see the fast progress we’re making to strengthen the enterprise, as demonstrated by our not too long ago reported accelerated income progress and enhancements in gross margins,” stated Mr. Layden. “As CEO, I look ahead to persevering with to work with the Board and administration group to make sure the Firm is strongly positioned to comprehend the potential of USAT’s enterprise and to create worth for all of our stakeholders.”
“We’re thrilled to welcome Michael to USAT as our everlasting CFO,” Mr. Layden continued. “Michael possesses a formidable depth of expertise within the funds trade with experience in danger administration and diligence. His in depth expertise in finance and administration will deliver rigor and self-discipline to USAT as we deliver our efforts to reinforce controls and strengthen the enterprise into renewed focus.”
“On behalf of the board, I’m happy to welcome Kelly and Sunil as unbiased administrators and Sunil because the Board’s non-executive chairman. They every deliver extremely related expertise and experience to USAT, together with vital expertise in funds and monetary know-how, and powerful backgrounds in compliance, audit and danger administration. I’m assured that they are going to be sturdy additions to the Board, and that their expertise will complement our ongoing efforts to strengthen USAT’s oversight, management and governance features. I’d additionally like to increase our gratitude to Steve, Joel and Invoice for his or her many contributions to USAT,” Mr. Layden continued.
“We imagine that the proxy contest commenced by HEC is pointless given the far-reaching change that has been made throughout the Firm and within the composition of the Board. With that stated, we acknowledge the spectacular credentials of Anne, Lisa and Ellen and imagine they’d add actual worth to the Firm. We hope that by naming these three people as USAT board nominees, we will present an avenue for HEC to take due credit score for serving to to refresh the Board and return to constructive engagement with USAT. We’re assured the Firm’s slate of nominees represents the strongest potential mixture of expertise and expertise to supply USAT the flexibility to successfully execute its progress technique and generate worth for shareholders,” Mr. Layden concluded.
USAT intends to file its preliminary proxy assertion with the U.S. Securities and Change Fee (the “SEC”) sooner or later. As beforehand introduced, the USAT Annual Assembly can be held on April, 30, 2020.
About Michael Wasserfuhr
Michael Wasserfuhr most not too long ago served as Principal and founding father of Michael Wasserfuhr Enterprise Transformation LLC. Previous to this, Mr. Wasserfuhr served as Senior Vice President Finance and Chief Monetary Officer of Vesta Company from 2016 to 2017, Senior Vice President Finance and Chief Monetary Officer of Worldpay US in 2015, and Senior Vice President Finance & Chief Monetary Officer at Ingenico North America from 2011 to 2015. Earlier in his profession, he served as Vice President, Finance and Chief Monetary Officer of Putzmeister America, Inc. from 2007 to 2010, and as Vice President, Finance and Chief Monetary Officer of TUV Rheinland of North America from 2000 to 2007. Mr. Wasserfuhr is a registered CPA. He earned a Ph.D. and an M.B.A. from Giessen College, Germany.
About Lisa Baird
Lisa Baird at the moment serves because the Chief Advertising Officer for New York Public Radio. On this place, she oversees advertising and marketing, membership, sponsorship and communications. She can also be at the moment a director on the Board of Elite Sportswear, L.P. Previous to this, Ms. Baird served as Chief Advertising Officer of america Olympic and Paralympic Committee, the place she oversaw advertising and marketing, media and income supporting U.S. nationwide governing our bodies and the Olympic and Paralympic groups. She earned a Bachelor’s diploma in English from Penn State College and a Grasp’s diploma from The Smeal School of Enterprise.
About Kelly Kay
Kelly Kay is the present Government Vice President and Chief Finance Officer of Toyota Analysis Institute. On this place, she is answerable for Finance, Human Assets, IT, Authorized/Compliance, Amenities and total operations of the group tasked with designing the way forward for Toyota by way of synthetic intelligence in robotics and automatic driving. Ms. Kay joined TRI in February 2017 and previously served because the Chief Working Officer. Previous to TRI, Ms. Kay served because the Vice President of Enterprise Operations at Lyft, Inc., the place she constructed and led the groups answerable for Regulatory Compliance, Audit & Reporting, Funds & Fraud, and Airport Operations. She additionally served because the Chief Working Officer and President of YapStone, Inc., a number one digital funds firm in the true property house. She earned a Bachelor’s diploma from Ohio State College and a regulation diploma from Capital College Regulation College.
About Ellen Richey
Ellen Richey most not too long ago served as Vice Chairman of Danger and Public Coverage of Visa Inc. from 2014 to 2019 and Chief Danger Officer from 2017 to 2019. In her position as Vice Chairman, Ms. Richey oversaw danger administration, together with enterprise danger, settlement danger, operational resilience, inside audit and dangers to the integrity of the broader funds ecosystem, and served as a member of Visa’s senior govt committee. Throughout her time at Visa, in 2014, she served as Chief Authorized Officer, assuming duty for the authorized operate along with her danger tasks. Ms. Richey earned a Bachelor’s diploma in linguistics and Far Jap languages from Harvard College and a J.D. from Stanford College.
About Sunil Sabharwal
Sunil Sabharwal most not too long ago served as Interim Chairman of Earthport’s Board of Administrators from September 2018 to June 2019. On this place, he re-established all committees, ensured a well timed supply of the Annual Reporting Account and AGM, and drove the Board in the direction of the sale of the enterprise in December of 2018 at 4 instances the prevailing share worth. Previous to that, Mr. Sabharwal served because the U.S. Various Government Director to the Worldwide Financial Fund (IMF). He was confirmed by america Senate in February 2016 for a interval of two years, which he served out in its entirety throughout two U.S. administrations. Earlier in his profession, he based Funds Worldwide, the place he has served as President since 2006. He earned a Bachelor’s diploma in enterprise administration from Ohio State College and a Grasp of Sciences in Administration diploma from London Enterprise College.
About Anne Smalling
Anne Smalling has served as President and Managing Companion of HM Worldwide, LLC since 1999. On this place, she offers oversight and supervision of the working companies of their succession, strategic planning, financing, acquisition and divestitures and main capital expenditures. Ms. Smalling has additionally served because the Chair of the Board of Administrators of High quality Sausage Firm, LLC since 2014, and American Improvements since 2004. Moreover, she is on the Board of Administrators at Igasamex, S. de R.L. de C.V., Garrison Brothers, and rateGenius, Inc. Ms. Smalling earned a Bachelor’s diploma in developmental psychology from Cornell College and a Grasp’s diploma from Harvard Enterprise College.
About USA Applied sciences, Inc.
USA Applied sciences, Inc. is a cashless funds and software program companies firm that gives end-to-end know-how options for the self-service retail market. With multiple million connections worldwide, USAT is remodeling the unattended retail group by providing one resolution for funds processing, logistics, and back-office administration options. The corporate’s enterprise-wide platform is designed to extend client engagement and gross sales income by way of digital funds, digital promoting and buyer loyalty packages, whereas offering retailers with management and visibility over their operations and their stock. In consequence, prospects starting from merchandising machine corporations, to operators of micro-markets, automobile charging stations, laundromats, kiosks, amusements and extra, can run their companies extra proactively, predictably, and competitively.
