Ericsson, GE, and Qualcomm alum Allgood brings decades of experience in leading and commercializing new category-defining hardware and “as-a-service” businesses
As executive chairman, Wolff will focus on the Company’s strategic initiatives, future growth opportunities, key partner relationships, and board functions
SALT LAKE CITY — December 13, 2021 — Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW), a leader in the development of robotic systems that augment humans to enhance productivity and safety, today announced Ben Wolff, current chairman and chief executive officer, has been named executive chairman and will pass the roles of president and chief executive officer to Kiva Allgood, an experienced technology executive with public company experience leading global business units effective immediately.
“Our incredible team has accomplished a great deal in the six-plus years that I have served as CEO,” said Wolff. “In my current capacity as Sarcos chairman, CEO, and largest shareholder, I concluded this was the time to recruit a seasoned operationally-focused leader who has demonstrated the ability to successfully commercialize complex technologies and scale businesses that implement ‘as-a-service’ business models. Kiva fits these criteria, and she and I have invested considerable time in getting to know one another. I think we are going to make a great team.”
Allgood most recently served as Global Head of IoT and Automotive for Ericsson, a global provider of communications technology. Prior, she served as Chief Commercial Development Officer, GE Business Innovations, and as Managing Director, GE Ventures for GE Ventures and Business Innovation, a corporate venture company and innovation group of General Electric Company. Allgood also served as President, Qualcomm Intelligent Solutions, and Vice President, New Business Development for Qualcomm Incorporated, a global provider of foundational technologies and products used in mobile devices and other wireless products. Allgood currently serves on the board of Synaptics Incorporated. In addition to the roles of president and CEO, Allgood will be named a member of the Sarcos board of directors.
“I am honored to be chosen by Ben and the rest of the distinguished board to lead Sarcos,” said Allgood. “I thrive on commercializing and scaling complex hardware systems. The challenge of targeting a massive global market and the chance to work with Ben and the rest of the impressive and experienced Sarcos team, is a career defining opportunity.”
“Sarcos future under the leadership of Ben and Kiva is very bright,” said Dennis Weibling, Sarcos lead director. “This team can deliver the best of both worlds by combining Ben’s expertise in creating value-enhancing strategic initiatives and relationships with Kiva’s operational prowess and deep experience in commercializing and scaling new technologies and products that create and define new markets and industries. Speaking on behalf of our entire board, we are thrilled to have Kiva joining our team.”
For more information on Sarcos, its leadership team, and its award-winning product portfolio, please visit www.sarcos.com.
About Sarcos Technology and Robotics Corporation
Sarcos Technology and Robotics Corporation (NASDAQ: STRC and STRCW) is a leader in industrial robotic systems that augment human performance by combining human intelligence, instinct, and judgment with the strength, endurance, and precision of machines to enhance employee safety and productivity. Leveraging more than 30 years of research and development, Sarcos’ mobile robotic systems, including the Guardian® S, Guardian® GT, Guardian® XO®, and Guardian® XT™, are designed to revolutionize the future of work wherever physically demanding work is done. Sarcos is based in Salt Lake City, Utah. For more information, please visit www.sarcos.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Sarcos’ plans to expand its product availability, Sarcos’ ability to sell its products or obtain robot-as-a-service subscriptions, competition from existing or future businesses and technologies, and expected size of Sarcos’ addressable market. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Sarcos’ management’s current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Sarcos is not under any obligation and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Readers should carefully review the statements set forth in the reports which Sarcos has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”). In addition to factors previously disclosed in Sarcos’ reports filed with the SEC and those identified in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: Sarcos’ ability to execute on its business strategy, address staffing shortages and supply chain disruptions, launch its products within expected timelines, develop new products and services and enhance existing products and services; ability to respond rapidly to emerging technology trends; ability to compete effectively, recruit and retain qualified personnel and manage growth and costs; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents filed from time to time with the SEC. The documents filed by Sarcos with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.