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Tuesday, Mar 19, 2024
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Novatel Chairman Steps Down

San Diego-based Novatel Wireless, Inc., which makes computer modems and associated software, announced April 4 that Chairman Mark Rossi had resigned from the company board of directors.

The resignation was effective March 29 and “was not due to any disagreement with the company concerning its operations, policies or practices,” according to a statement filed with the Securities and Exchange Commission.

Rossi, 49, had been a company director since 1999 and its chairman since 2003. He is one of six managing directors and a founding principal of Cornerstone Equity Investors, LLC, a New York-based private equity firm. Another Cornerstone representative, Robert Getz, sits on the Novatel board.

Rossi is also a director with San Diego-based Maxwell Technologies.

Separately, Novatel announced April 5 that Brad Weinert has been promoted from vice president of business development to the newly created post of chief operating officer.

Listed on the Nasdaq as NVTL, Novatel stock stood at $8.75 in late morning trading April 5.

, Brad Graves

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