WESTELL TECHNOLOGIES, INC. (NASDAQ:WSTL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 23, 2017, Westell Technologies, Inc. ("the Company") announced that Michael T. Moran would depart from his position as Senior Vice President, In-Building Wireless, effective August25, 2017. Matthew B. Brady, Chief Executive Officer and President of the Company will assume the responsibilities of Mr. Moran.
In connection with Mr. Moran's departure, subject to the execution of a general release of claims and a non-solicitation covenant with respect of the Company's employees and customers for one year following separation of his employment, the Company agreed to pay severance of $18,077. In addition to severance, Mr. Moran would be eligible for continued health benefits at the employee rate with a value of $4,610 for the lesser of three months after separation of employment or until Mr. Moran becomes eligible for coverage by a health plan of a subsequent employer.
About WESTELL TECHNOLOGIES, INC. (NASDAQ:WSTL)
Westell Technologies, Inc. is a provider of in-building wireless, intelligent site management, cell site optimization and outside plant solutions. The Company’s set of products and solutions are designed to manage network performance for carriers, integrators and other network operators. The Company operates in two segments: In-Building Wireless (IBW) and Communication Solutions Group (CSG). The Company’s segments are engaged in the design, development, assembly, and marketing of a range of products and solutions. The IBW segment solutions include distributed antenna systems (DAS) conditioners, digital repeaters and bi-directional amplifiers (BDAs), and system components and antennas, all used by wireless service providers and third-party hosts to fine tune radio frequency (RF) signals. The Company’s intelligent site management solutions include a suite of remote monitoring and control devices.