Auckland-based Rakon has appointed three new directors to its board who will put themselves forward for election by shareholders' at the next annual meeting in a refresh of the high-tech manufacturer governance team.
The three include Lorraine Witten, Keith Oliver and Yin Tang Tseng. Witten is currently the chair of Kordia Group, Star Now, vWork, Soltius and also a director of WREDA (Wellington Regional Economic Development Agency). Oliver is currently a director of ALTO Capital, chair of Blackhawk Tracking Systems and Health Vision (NZ) and director of Vigil Monitoring. Tseng is the chairman of Siward Crystal Technology Co.
Taiwan-based Siward, a world leader of crystal and oscillator solutions, hold a 16.6 percent share in Rakon Limited following their investment in February 2017.
"Individually each brings considerable business and governance experience that enhances the Rakon Board," said Rakon chair Bryan Mogridge.
Rakon's board faced a shareholder revolt at last year's annual meeting that led to executive director Darren Robinson, a member of the founding family, losing his seat at the board. Mogridge kept his seat in the face of opposition, and said he would serve one more term and that founder Warren Robinson was prepared to step down before the 2017 AGM. Last month Peter Maire resigned from the board after 16 years with the company.
The company designs and manufactures advanced frequency control and timing solutions for telecommunications, global positioning and space and defence applications. Rakon has four manufacturing plants including two joint venture plants and has five research and development centres.
It shifted its focus to the telecommunications sector after rivals in the smart wireless market caught up, turning what was once a niche product into a commoditised one. The shift helped Rakon return to profitability in the March 2015 year, but a slump in spending by network operators weighed on the Kiwi firm in 2016 and pushed it back into the red, with the company reporting a net loss of $5.7 million, or 2.9 cents per share, in the six months ended Sept. 30, 2016.
All directors have been appointed under a casual vacancy. The company's annual meetings normally take place in September.
The shares last traded at 20 cents, and have dropped 9.1 percent so far this year.