• Velodyne Lidar, Inc (NASDAQ: VLDR) CEO Dr. Anand Gopalan has informed the Board regarding his departure as the CEO and director, effective July 30.

  • The company did not disclose any reason for the departure.

  • The Board created an Office of the Chief Executive (OCE), comprising COO Jim Barnhart, CFO Drew Hamer, CPO Kathy McBeath, and CCO Sinclair Vass.

  • The Board has also retained an executive search firm to identify a successor.

  • Dr. Gopalan plans to continue in an advisory capacity following his departure.

  • Velodyne's previously disclosed 2021 revenue guidance between $77 million and $94 million versus an analyst consensus of $93.76 million remains unchanged. The business outlook also remains unchanged.

  • Velodyne will report Q2 financial results following the market close on Aug. 5.

  • Price action: VLDR shares traded lower by 4.74% at $8.65 in the premarket session on the last check Monday.

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