Neonode Announces Departure of Chief Executive Officer

Rhea-AI Summary

Neonode Inc. announced the departure of CEO Dr. Urban Forssell, with CFO Fredrik Nihlén appointed as interim CEO. The company shifts focus to licensing business, phasing out Touch Sensor Module product business. Dr. Forssell will serve as a strategic advisor until 2024, marking a new growth phase for Neonode.

Positive

• Neonode shifts focus to licensing business for growth.
• Dr. Urban Forssell steps down as CEO, with Fredrik Nihlén as interim CEO.
• Strategic partnerships and business expansion in focus for Neonode.
• Dr. Forssell to serve as strategic advisor until end of 2024.

Negative

• None.

STOCKHOLM, April 10, 2024 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON) ("Neonode" or the "Company") today announced that Dr. Urban Forssell, following consultation with the Board of Directors, will leave his position as Chief Executive Officer ("CEO") of Neonode effective immediately. The Company's Chief Financial Officer, Fredrik Nihlén, has been appointed interim CEO until a new CEO is appointed. Dr. Forssell will serve as a strategic advisor to the Company and the Board of Directors until the end of 2024.

In December 2023, Neonode announced a new, sharpened strategy with full focus on the licensing business and a phase out of its Touch Sensor Module product business through licensing to strategic partners or outsourcing. The departure of Dr. Forssell comes as Neonode enters into the next phase of its growth journey.

"The Board would like to thank Dr. Forssell for his contribution to Neonode during the past four years. Urban has been instrumental in streamlining the business and building a solid platform for business expansion. As we enter a new phase in the business, with focus on growth through licensing and forming strategic partnerships, there is a need for new leadership to take us to the next level," says Ulf Rosberg, Chairman of the Board.

For more information, please contact:

CONTACT:

Interim Chief Executive Officer and Chief Financial Officer
Fredrik Nihlén
E-mail: fredrik.nihlen@neonode.com
Phone: +46 703 97 21 09

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SOURCE Neonode

Who is the new interim CEO of Neonode?

Fredrik Nihlén has been appointed as the interim CEO of Neonode.

What is the new focus of Neonode's business strategy?

Neonode will shift its focus to the licensing business and phase out its Touch Sensor Module product business.

Until when will Dr. Urban Forssell serve as a strategic advisor?

Dr. Urban Forssell will serve as a strategic advisor to Neonode and the Board of Directors until the end of 2024.

Who thanked Dr. Urban Forssell for his contribution to Neonode?

Ulf Rosberg, Chairman of the Board, thanked Dr. Urban Forssell for his contribution to Neonode.

What marks the new phase of growth for Neonode?

The departure of Dr. Forssell marks a new growth phase for Neonode as it shifts focus to licensing and strategic partnerships.