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Thursday, Aug 11, 2022

CalAmp Shakes Up Sales Team; Supply Chain Issues Hurt Results

Vehicle tracking and management company CalAmp Corp. (Nasdaq: CAMP) named an interim global sales chief and appointed a chief digital information officer within two weeks of reporting disappointing quarterly earnings that sent the company’s share price tumbling. The company said the changes are not related to the latest financial results.

The Irvine-based company on Dec. 21 reported fiscal third-quarter revenue fell 12% to $69 million; it also had a GAAP net loss from continuing operations of $11 million.

“The ongoing global component shortages have been more pronounced than expected, causing a significant reduction in our shipments during the quarter,” said Jeff Gardner, CalAmp’s president and CEO.

Analysts had expected that the company would book sales of $77.6 million for the period. Still, CalAmp reported that software and subscription services revenue climbed 7% compared to the same period of the prior year.

Shares fell as much as 25% after the earnings release, and three separate analysts have cut their price target on the stock, according to investor website TheMotleyFool.com.

The company’s shares closed at $7.21 apiece as of Jan. 4, down about 25% since the start of 2021. Its market cap is now approximately $260 million.

Interim Sales Chief

On Dec. 30, the company announced the announced the departure of Arym Diamond, senior vice president and chief revenue officer, effective Jan. 14.

Maurizio Iperti, president of EMEA (Europe, Middle East and Africa) for CalAmp, will step into an interim role leading global sales operations while a search is conducted for a new revenue chief, the company said.

Iperti has transformed stolen vehicle recovery system LoJack Italia from a software-as-a-service (SaaS) startup to a leading provider in the transportation and logistics space, CalAmp said when announcing the new exec’s role.

Gardner also said Iperti’s “business savvy and telematics expertise will enable a smooth transition to CalAmp partners and customers who demand market-leading, data-driven insights and edge computing solutions that drive meaningful return on investment for their business.”

Digital Info Chief

Sales wasn’t the only executive change.

On Jan. 4, the company said that Basudeb Chatterjee has been appointed chief digital information officer.

Chatterjee will oversee CalAmp’s global IT function with a focus on data, infrastructure and information security across business units in North America, EMEA and Latin America.

He will also guide technology adoption and enablement as part of transformation initiatives to strengthen the capabilities and value of CalAmp’s connected intelligence solutions for fleet visibility and management, a company statement said.

“Basudeb is replacing our previous VP of information technology, however, Basudeb’s role has also expanded to drive IT security, technology adoption and digital transformation,” CEO Gardner told the Business Journal on Jan. 5.

Gardner said the two executive changes are not related to the FY22 third-quarter results.

“Maurizio (Iperti) is a seasoned executive who is stepping into the role while we conduct a CRO search,” Gardner said.

The CalAmp CEO added: “Basudeb’s appointment is aligned with our transportation and logistics focus and delivering the most critical data insights to our customers.” 


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