Safeguard Scientifics Announces Organizational Changes To Drive Shareholder Returns
Dr. Robert J. Rosenthal assumes role of Executive Chairman of the Board
Safeguard Scientifics, Inc. announced several organizational changes to drive total shareholder returns.
Brian Sisko is stepping down as CEO of Safeguard after 14 years of service. Under Mr. Sisko’s leadership, the Company embarked on its current strategy and has returned over $187 million of cash to its balance sheet, repaid its outstanding debt and returned over $20 million to shareholders. Mr. Sisko stated, “I am pleased to have taken the Company to its current position and remain very optimistic about its future prospects.”
Dr. Robert J. Rosenthal, the current Chairman of the Company’s Board of Directors (the “Board”), will assume the role of Executive Chairman of the Board to provide continuity, expertise and oversight of the execution of the Company’s strategy. Dr. Rosenthal will not receive additional compensation for assuming this expanded role.
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Eric C. Salzman has been appointed to the newly created role of Chief Restructuring Officer (“CRO”). The CRO will report to the Executive Chairman and Board, and will be responsible for all aspects of the value maximization strategy. Mr. Salzman joins Safeguard after a 28-year career as an investment banker, growth equity and special situations investor and restructuring advisor at several Wall Street firms. Mr. Salzman helped oversee the monetization of a $2 billion portfolio of illiquid assets in the Lehman Brothers bankruptcy and subsequently advised several investment funds on value-maximization strategies for their respective portfolios. He has been an advisor to Safeguard’s Board since November 2019 and currently serves as a director on the board of 8×8, Inc.,. Mr. Salzman earned a B.A. Honors from the University of Michigan and an MBA from Harvard University.
“I am looking forward to working with Bob, the other members of the Board and the Safeguard team to build on the work achieved since Safeguard’s new strategy was launched in 2018,” said Mr. Salzman. “Based on my experience in principal investing, M&A, restructuring and value maximizing a number of illiquid companies and portfolios, I believe I can effectively contribute to the execution of the strategy and drive results for all stakeholders, notwithstanding the volatile macroenvironment.”
Dr. Rosenthal, said “I want to thank Brian for his unwavering commitment to the Company and for bringing us to the current position, with a strong balance sheet and significant potential for monetization of our portfolio.” Dr. Rosenthal continued, “We are very excited to have Eric join us to lead the next phase of our strategy, particularly given his extensive experience in value-maximizing and monetizing portfolios. We believe these changes will allow us to more effectively execute on our strategy, continue to focus on our cost structure and position Safeguard to operate in the current market and economic environment.”
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