(Reuters) – Sensor maker Velodyne Lidar Inc’s board is fostering an “anti-stockholder” culture that is resulting in “troubling underperformance”, its founder David Hall said in a letter sent to the company’s board earlier this week.
Earlier this month, Hall resigned as a director of the company, days after he was removed as its chairman.
“I chose to resign from the board because I had numerous concerns about the strategic direction and current leadership of Velodyne Lidar,” Hall said in the letter.
Velodyne, one of several companies vying to supply automakers with lidar, said on Feb. 22 it had removed Hall as chairman and his wife Marta Thoma Hall as marketing chief, following the completion of an investigation by the board’s audit committee.
Hall said in the letter dated March 9 that his wife will remain on the company’s board.
Velodyne, whose shares were down 2.6% at $12.33 after the bell, did not immediately respond to a request for comment.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Amy Caren Daniel and Shounak Dasgupta)
