Cambium Networks Corporation (NASDAQ:CMBM) Q2 2023 Earnings Call Transcript

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Paul Essi: Great. Thanks very much. That was helpful.

Operator: One moment for our next question. Our next question comes from George Notter at Jefferies, LLC. Please go ahead.

George Notter: Hi, guys. Thanks a lot for letting me ask another one. I realize it’s getting late here. I’m kind of shocked that no one’s asked about the CEO transition so far. I guess I’d love to hear from Morgan. Why do you think joining Cambium is the right play for you and what kind of opportunity do you see here? And then for Atul, just listening to the call Atul, you don’t sound like a guy that’s going to kind of step into the background and retire from the company and just be a more traditional Board Member. You kind of sound like you’re going to be very involved here. I’m sort of wondering how you think about that and your role in the company going forward? So thanks guys.

Atul Bhatnagar: George, I’m going to give Morgan the floor very soon. But let me share from thoughts. First of all, I’m very pleased to see Morgan with me. He brings very good industry knowledge, broadband knowledge. He brings very good channel knowledge, operations knowledge about our communications business. He also brings, in my opinion, very good thinking. So I think we are — every company goes through growth phase change, new ideas, and I’ll be working very closely. In fact, last few days we’ve been working very closely. You will see a very graceful and very solid transition. Nothing will drop. You will see him and me collaborating, working together. And the last point I also mentioned to Morgan is I’ll introduce him to all customers, all channels, so you will see a very methodic and thoughtful things. So with that, I’m going to pass it to Morgan.

Morgan Kurk: Yes. Thanks, George. So I see this as an opportunity for me to move back into the wireless industry, which is something I’m very passionate about, to bring some of my experience to the company. But what I see about the company is a company made up of great people with really good technology that I can help lead to higher heights. And it’s not such a large company that it can’t be agile and adaptive. And that’s something that I had wanted as my next adventure. In terms of the working between myself and Atul. I think it’s what he said. We’re trying for a very collaborative transition. So today being my first day, he’s obviously handling these calls, having the background and the history, and we’ll be handing off customer contacts and relationships throughout over the next few weeks.

And then he will be a standard Board Member that I will have as a resource to bounce ideas off of and understand history from. 10 years of that is fantastic. I welcome that type of relationship.

Atul Bhatnagar: And I’ll say, George, you asked great questions. I’ll say, I have no doubt in my mind that under Morgan’s leadership, Cambium is going to go a new height and a new level of growth. And my goal is that we are going to work for our shareholders, our customers, our employees, and continue for Cambium to be a trailblazer, innovator and a good solid business performance.

George Notter: Thank you.

Atul Bhatnagar: Thanks. We’ll take one more question.

Operator: One moment for our next question. Our last question comes from Erik Suppiger at JMP Securities. Go ahead.

Erik Suppiger: Actually, it’s just follow-up from the last one. Can you talk about the timing of the search for bringing Morgan on when? When did you start that search? And what was the recruitment process like? And then you talked about a program to reduce for cost reductions. Will there be headcount reductions as well?

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