Will Board Revamp Help Unwired Planet Inc (NASDAQ:UPIP)?
Unwired Planet Inc (NASDAQ:UPIP) released a press note on Thursday indicating a complete revamp of its board, following its big ticket deals with Lenovo earlier this month. The changes in its management and board include the firm bringing in a new director on to its board in the form of Richard Chernicoff. He replaces one of the vacant places which fell open when two directors Mike Mulica and Peter Feld resigned from the board on 26th March. In a separate arrangement, Mr Mulica has consented to advise the company in matter concerning technology, in the role of Chairman Emeritus and will continue to head the tech committee of the board.
New Director Brought In
Announcing these changes, Chairman of the Board of Unwired Planet Inc (NASDAQ:UPIP) Philip A. Vachon has been quoted to have said in his welcome note to the new board member that, “We welcome Rich to the board and believe his extensive experience in all forms of intellectual property, mergers, acquisitions and complex transaction structuring will help shape the future of Unwired Planet. We would like to thank both Mike and Peter for the significant roles they have played while serving on the board and are thankful for their contributions to the company.”
IP Litigation His Forte
The incoming board member Mr. Chernicoff has is a veteran in the IP litigation and has worked with various other tech firms in the Silicon Valley in devising licensing and royalty deals to farm out their patents and monetize the same. Companies that he has graced in the past include SanDisk Corporation and Unity Semiconductor.
The move to bring in new director assumes importance, in the backdrop of the firm striking a $100 million dollar deal with Lenovo to sell part of its license portfolio and to farm out additional licenses on a yearly contract during which time it will earn royalty from the Chinese hardware maker.