William L.
Cornog, Quentin Koffey and
Alan J. Malus Add Deep Industry Expertise and Track Records of
Shareholder Value Creation to the Board
Establishes Value Creation Committee of the
Board Comprised of New Directors, CEO John Marotta, and
Current Director Martin
Madaus
Reaffirms Full-Year 2024 Financial
Guidance
BURLINGTON, Mass., Nov. 4, 2024
/PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) ("Azenta" or "the
Company"), today announced the appointment of three new independent
directors to its Board.
William Cornog, former head of
KKR Capstone, the portfolio operations team of KKR & Co., and
Alan Malus, former Corporate Executive Vice President of Thermo
Fisher, join as part of Azenta's ongoing initiative to ensure a
best-in-class Board that has resulted in significant Board
refreshment in the past two years.
Also, as part of the Board's process, Quentin Koffey, Founder, Managing Partner and
Chief Investment Officer of Politan Capital Management ("Politan"),
which owns 9.4% of Azenta common stock, joins as a Director. Azenta
and Politan have entered into a cooperation agreement that provides
for the addition of Mr. Koffey to the Board, among other
matters.
"The addition of these new independent directors further
demonstrates Azenta's commitment to ensuring we have a well-rounded
Board with the right mix of skillsets and experience. We are
excited to welcome William, Quentin and Alan," said Frank E. Casal, Chairman of Azenta's Board of
Directors. "Their diverse set of skills complement our Board's
existing strengths. William's operational expertise leading
companies to profitable growth, Quentin's experience enhancing
capital allocation, and Alan's track record of fostering life
sciences innovation will be invaluable as we continue our focus on
expanding margins and enhancing profitability to further drive
long-term shareholder value creation."
"I am honored to join Azenta's Board," said Mr. Cornog. "Since
becoming a standalone business, Azenta has built a strong
foundation with a clear runway for growth, and the Company is
poised to generate meaningful shareholder value."
"As long-term investors in Azenta, we are confident the Company
has significant opportunities ahead to unlock and drive shareholder
value," said Mr. Koffey. "We appreciate our constructive engagement
with Azenta, and I look forward to collaborating with the Board and
management to best position the Company for the future."
"In the dynamic life sciences industry, Azenta has proven its
commitment to innovate for customers," said Mr. Malus. "I am
thrilled to join the Board and help advance Azenta's mission to
enable impactful scientific breakthroughs faster."
Azenta's Board has established a new Value
Creation Committee to, in consultation with senior management
of the Company, assist and advise the Board in its responsibilities
relating to long-term value creation, including growth and cost
initiatives and high-level capital deployment. The initial members
of the Value Creation Committee are William
Cornog, Quentin Koffey,
Martin Madaus, Alan Malus, and
John Marotta and the committee will
be chaired by William Cornog.
Azenta also reaffirms its full year 2024 financial guidance
provided on August 6th,
2024.
As part of the cooperation agreement and to facilitate
collaboration, Azenta and Politan have agreed to customary
standstill, voting and other provisions. The cooperation
agreement will be filed on a Form 8-K with the U.S. Securities and
Exchange Commission.
About William L.
Cornog
William L. Cornog is the former
head of KKR Capstone, the portfolio operations team of KKR &
Co. In addition to leading Capstone, Mr. Cornog chaired KKR's
portfolio management committees for the Americas, Europe, Asia,
Infrastructure, Impact & Technology Growth and was a member of
the Investment & Distribution and Valuation Committees.
Currently, Mr. Cornog is a board member at Brightview Holdings Inc.
(NYSE: BV) and LiveWire (NYSE: LVWR). He is Chairman of the Audit
Committee and the Conflicts Committee of LiveWire.
About Quentin Koffey
Quentin Koffey is Founder,
Managing Partner and Chief Investment Officer of Politan Capital
Management. Prior to founding Politan in 2021, Mr. Koffey was a
partner at Senator Investment Group LP from 2019 to 2021, a
Portfolio Manager for Strategic Investments at The D.E. Shaw Group
from 2017 to 2019 and a Portfolio Manager at Elliott Management
Corporation from 2010 to 2017.
About Alan J. Malus
Alan J. Malus is the former Corporate Executive Vice President
of Thermo Fisher. Prior to that, Mr. Malus served as President,
Laboratory Products and Services at Thermo Fisher. He has held
various leadership positions and senior executive positions in
finance, marketing, commercial development and operations since
joining Thermo Fisher in 1998. Previously, Mr. Malus served as an
independent director at PHC Holdings Corp., a global healthcare
company, headquartered in Japan.
About Azenta Life Sciences
Azenta, Inc. (Nasdaq: AZTA) is a leading provider of life
sciences solutions worldwide, enabling impactful breakthroughs and
therapies to market faster. Azenta provides a full suite of
reliable cold-chain sample management solutions and multiomics
services across areas such as drug development, clinical research
and advanced cell therapies for the industry's top pharmaceutical,
biotech, academic and healthcare institutions globally. Our global
team delivers and supports these products and services through our
industry-leading brands, including GENEWIZ, FluidX, Ziath, 4titude,
Limfinity, Freezer Pro, Barkey, and B Medical Systems.
Azenta is headquartered in Burlington, Massachusetts, with operations in North
America, Europe, and Asia. For more information, please
visit www.azenta.com.
"Safe Harbor Statement" under Section 21E of the Securities
Exchange Act of 1934
Some statements in this release are forward-looking statements
made under Section 21E of the Securities Exchange Act of 1934.
These statements are neither promises nor guarantees but involve
risks and uncertainties, both known and unknown, that could cause
Azenta's financial and business results and the forward-looking
statements in this release to differ materially from our
expectations. These statements are based on the facts known to
management at the time they are made. Forward-looking statements in
this release include but are not limited to statements about: the
three new independent directors appointed to the Board; the
expected impact each new independent director may have on Azenta,
including with respect to future shareholder value; Azenta's future
plans and expectations with respect to the Board; and the role and
impact of the newly created Value Creation Committee of the Board.
Factors that could cause results to differ from our expectations
include the following: our ability to reduce costs effectively; the
volatility of the life sciences markets Azenta serves; our possible
inability to meet demand for our products due to difficulties in
obtaining components and materials from our suppliers in required
quantities and of required quality; the inability of customers to
make payments to us when due; price competition; disputes
concerning intellectual property; uncertainties in global political
and economic conditions; and other factors and other risks,
including those that we have described in our filings with the
Securities and Exchange Commission, including but not limited to
our Annual Report on Form 10-K, Current Reports on Form 8-K and our
Quarterly Reports on Form 10-Q. As a result, we can provide no
assurance that future results will not be materially different from
the forward-looking statements in this release. Azenta
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any such statement to reflect
any change in our expectations or any change in events, conditions,
or circumstances on which any such statement is based. Azenta
undertakes no obligation to update the information contained in
this press release.
AZENTA INVESTOR CONTACTS:
Yvonne Perron
Vice President, Financial Planning & Analysis and Investor
Relations
ir@azenta.com
Sherry Dinsmore
sherry.dinsmore@azenta.com
AZENTA MEDIA CONTACT:
Emily
Claffey
FGS Global
Azenta@FGSGlobal.com
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