RADNOR, Pa., May 19, 2016 /PRNewswire/ -- Safeguard Scientifics, Inc. (NYSE: SFE) today announced that Robert J. Rosenthal, Ph.D. has been elected Chairman of the Board of the Company. Dr. Rosenthal has served on Safeguard's board of directors since 2007. Dr. Rosenthal succeeds Andrew E. Lietz, who served on the Company's board of directors since 2003 and as its Chair since 2009. Jack L. Messman also retired yesterday from Safeguard's board of directors after 22 years of service.
At Safeguard's 2016 annual meeting, shareholders approved a non-binding, advisory resolution concerning the compensation of Safeguard's named executive officers, and ratified KPMG's appointment as Safeguard's independent registered public accounting firm for 2016. In addition, seven incumbent members of Safeguard's board of directors were re-elected:
- Mara G. Aspinall, former President and Chief Executive Officer of Ventana Medical Systems, director since 2014;
- Julie A. Dobson, former Chief Operating Officer of Telecorp PCS, Inc., director since 2003;
- Stephen Fisher, Senior Vice President and Chief Technology Officer, eBay, Inc., director since 2015;
- George MacKenzie, former CEO, American Water Works Company Inc., director since 2003;
- John J. Roberts, retired Global Managing Partner, PricewaterhouseCoopers LLP, director since 2003;
- Robert J. Rosenthal, Ph.D., Chief Executive Officer of Taconic Biosciences, Inc., director since 2007; and
- Stephen T. Zarrilli, President and Chief Executive Officer of Safeguard, director since 2012.
"Bob has been a tremendous supporter of, and advocate for, Safeguard over the years. In his new role as Chairman, Bob has an incredible opportunity to amplify his leadership and impact on the future of our company," said Mr. Zarrilli. "Andy and Jack deserve our gratitude and appreciation for their years of service, guidance and support—Jack as a distinguished entrepreneur having been the driver for two of Safeguard's biggest successes; and Andy through his many years as a notable and honorable Chairman helping to turnaround and reignite Safeguard following the dot-com bubble. Their influence and impact will reverberate for years to come."
About Safeguard Scientifics
Safeguard Scientifics, Inc. (NYSE: SFE) has a distinguished track record of fostering innovation and building market leaders. For more than 60 years, Safeguard has been providing growth capital and operational support to entrepreneurs across an evolving spectrum of industries. Today, Safeguard targets early- and growth-stage companies in advertising technology, digital media, financial technology, enterprise software, digital health and healthcare IT. For more information, please visit www.safeguard.com or follow us on Twitter @safeguard.
Except for the historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements are subject to risks and uncertainties. The risks and uncertainties that could cause actual results to differ materially include, among others, our ability to make good decisions about the deployment of capital, the fact that our partner companies may vary from period to period, our substantial capital requirements and absence of liquidity from our partner company holdings, fluctuations in the market prices of our publicly traded partner company holdings, competition, our inability to obtain maximum value for our partner company holdings, our ability to attract and retain qualified employees, market valuations in sectors in which our partner companies operate, our inability to control our partner companies, our need to manage our assets to avoid registration under the Investment Company Act of 1940, and risks associated with our partner companies, including the fact that most of our partner companies have a limited history and a history of operating losses, face intense competition and may never be profitable, the effect of economic conditions in the business sectors in which Safeguard's partner companies operate, and other uncertainties described in our filings with the Securities and Exchange Commission. Many of these factors are beyond the Company's ability to predict or control. As a result of these and other factors, the Company's past financial performance should not be relied on as an indication of future performance. The Company does not assume any obligation to update any forward-looking statements or other information contained in this press release.
For Investor Relations
John E. Shave III
Senior Vice President, Investor Relations and Corporate Communications
For Media Relations
Heather R. Hunter
Vice President, Corporate Communications
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SOURCE Safeguard Scientifics Inc.