Details Strategic, Operating and Compensation Failures Under the Current Board
Confident that Rubric's Nominees Have the Experience and Skills Necessary to Execute Plan to Restore and Rebuild Stockholder Value
Urges Stockholders to Vote FOR Rubric's Nominees Thomas A. Lacey and Deborah S. Conrad on the WHITE Proxy Card
NEW YORK--(BUSINESS WIRE)--Rubric Capital Management LP ("Rubric"), an investment advisor whose managed funds and accounts collectively own approximately 9.0% of the outstanding shares of common stock of Xperi Inc. (NYSE: XPER) ("Xperi" or the "Company"), today released a presentation highlighting the urgent need for change to Xperi's Board of Directors (the "Board") and outlining a clear action plan to restore and rebuild stockholder value that Rubric's director nominees – Thomas A. Lacey and Deborah S. Conrad – are best suited to execute.
Rubric's presentation can be found here.
The presentation highlights Rubric's view of the current Board's many failures, including:
- Failing to properly allocate strategic capital, including as it relates to Perceive and AutoSense;
- Failing to align pay with performance, instead granting excessive executive and stock-based compensation;
- Failing to adjust the Company's cost structure post-spin off;
- Failing to execute against its 2022 Investor Day Goals; and
- Failing to take proactive steps to protect investors and position the Company for success absent stockholder intervention.
David Rosen, Managing Partner of Rubric, said, "We firmly believe Xperi's Board has repeatedly taken actions that are directly counter to the best interests of stockholders, thereby putting the true owners of the Company in an untenable position. Fortunately, we see a path forward to reverse Xperi's underperformance, but only if the Board acts quickly to institute a culture by which the Company works for stockholders, instead of consistently eroding value through dilution and poor capital allocation. We are confident that our independent director nominees possess the expertise and commitment to stockholder returns that is desperately needed to restore accountability and alignment at Xperi and ultimately drive long-term value."
Rubric encourages Xperi stockholders to review the facts set forth in its presentation and to vote the WHITE proxy card "FOR" the election of Thomas A. Lacey and Deborah S. Conrad to the Xperi Board.
Vote the WHITE proxy card TODAY
If you have any questions, require assistance in voting your WHITE universal proxy card, or need additional copies of Rubric's proxy materials, please contact our proxy solicitor Okapi Partners at (855) 305-0856 or via email at info@okapipartners.com.
Contacts
Media:
Jonathan Gasthalter/Sam Fisher
Gasthalter & Co.
(212) 257-4170
Investors:
Jason W. Alexander/Bruce H. Goldfarb
Okapi Partners LLC
(212) 297-0720
