Bsquare CEO Brian Crowley is resigning from the board of directors and the top post after more than a decade at the Bellevue company. Crowley, who previously worked at DataChannel and Applied Microsystems Corporation, will be replaced on an interim basis by Jerry Chase, who joined the company’s board earlier this year.
Earlier this summer, Crowley said that he was disappointed with the company’s second quarter performance, which showed a growing net loss of $805,000. Revenue fell 11 percent.
The company’s stock was down five percent on the news. It has a market value of $30.9 million.
Full press release here:
BSQUARE Corporation (NASDAQ: BSQR), a leading enabler of smart, connected systems, today announced that Brian Crowley will be stepping down as the Company’s President and Chief Executive Officer and member of the Company’s Board of Directors. Mr. Crowley’s resignation from the Board of Directors is effective immediately while his resignation as President and CEO will be effective September 30, 2013. He will support the Company as a consultant through its leadership transition.
Brian Crowley has served as the Company’s President and Chief Executive Officer and as a director since July 2003. From April 2002 to July 2003, Mr. Crowley served as the Company’s Vice President, Product Development. “Brian has led our company for a decade and we sincerely appreciate his outstanding service and commitment,” said Andrew Harries, Chairman of Bsquare’s Board of Directors. “We wish him every success in his future endeavors and Bsquare will benefit from his support as a consultant through our leadership transition.”
Jerry Chase, who joined the Bsquare Board of Directors on July 1, 2013, assumes the role of interim Chief Executive Officer of the Company effective upon Mr. Crowley’s departure, and will serve in that capacity while the Company’s Board of Directors conducts a comprehensive search for a permanent CEO.
Jerry Chase has considerable public company leadership experience. From February 2008 to June 2011, Mr. Chase served as CEO and director of Lantronix (LTRX), a publicly traded provider of secure software, and embedded and external hardware solutions. Mr. Chase was previously CEO and director of Terayon (TERN), a publicly traded cable, satellite and telecom supplier of digital video networking applications, from September 2004 to July 2007. Prior to serving as the CEO of Terayon, he held leadership roles in several digital video and networking systems companies. Mr. Chase is a former United States Marine Corps Officer and holds an MBA from Harvard Graduate School of Business Administration and a BS in Business Administration, Magna Cum Laude from East Carolina University. Mr. Chase currently serves as a board member of East Carolina University’s BB&T Center for Leadership Development.
In conjunction with his appointment as the interim CEO, Mr. Chase will no longer serve on the Company’s Audit and Governance and Nominating Committees. Mr. Harries will replace Mr. Chase on the Audit Committee while Mr. Chase’s seat on the Governance and Nominating Committee will remain vacant at this time.
About BSQUARE Corporation
Bsquare, a global leader in embedded solutions, applies experience and expertise on leading platforms to create new connections with customers, new business models and to enable new ways of working and communicating. Bsquare serves customers by forging connections among the partners, people, tools and technology needed to create smart connected devices. For more information, visit www.bsquare.com.