Exhibit 99.1
LivePerson Announces New Board Nominee and Additional Board of Directors Refreshment
Enters into a Cooperation Agreement with Vector Capital Management, the Company’s Largest Shareholder
Continues Planned Board Refreshment through a Collaborative Process to Add New Directors
NEW YORK, New York, October 23, 2024 /PRNewswire/ — LivePerson, Inc. (Nasdaq: LPSN) (the “Company”), the enterprise leader in digital-first customer conversations, has entered into a cooperation agreement (the “Cooperation Agreement”) with Vector Capital Management, L.P. (collectively with its affiliates, “Vector”), which owns approximately 12% of the Company’s outstanding common stock.
As part of the Company’s ongoing process to refresh its board of directors (the “Board”), the Company is pleased to announce its plan to nominate Dan Fletcher, the Chief Financial Officer of Planful, a portfolio company of Vector, as one of the Company’s two nominees for election to the Board at the Company’s 2024 Annual Meeting of Stockholders, in accordance with the Cooperation Agreement. Mr. Fletcher brings extensive industry experience and operational expertise to the Company, which will help advance the Company’s strategic objectives, and ultimately, its goal to enhance shareholder value. Additionally, following the conclusion of the Company’s 2024 Annual Meeting, the Board will appoint an additional director to be identified in cooperation with Vector, having relevant experience to further complement the existing Board and to support the Company’s business and value creation goals.
“The Company’s Board and management remain focused on enhancing the Board with new directors who bring skills, expertise and industry experience to support the execution of the Company’s strategy, with the goal of producing long-term value for all shareholders,” said Jill Layfield, Chair of the Board. “We are pleased to nominate Mr. Fletcher, as well as to strengthen alignment with our largest shareholder. We believe our new board members will provide significant value, bringing additional operational expertise and industry experience to support our commitment to long-term value creation for all shareholders.”
Alex Slusky, Managing Director and Chief Investment Officer of Vector, added, “As the Company’s largest shareholder, we appreciate the collaborative relationship with the Company that has resulted in this agreement. The Board’s nomination of Mr. Fletcher reinforces our confidence in the Company’s corporate governance and management, and demonstrates its receptivity to shareholder input. Our shared objective is to contribute our experience and industry knowledge to support LivePerson’s turnaround and delivery of enhanced value for all shareholders.”
Pursuant to the terms of the Cooperation Agreement, Vector has agreed to certain customary standstill and mutual non-disparagement provisions. Vector has also agreed to a voting commitment and related provisions in connection with the Cooperation Agreement. The complete Cooperation Agreement will be included as an exhibit to a Current Report on Form 8-K, which will be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”).
About LivePerson, Inc.
LivePerson, Inc. (NASDAQ: LPSN) is the enterprise leader in digital customer conversations. The world’s leading brands — including HSBC, Chipotle, and Virgin Media — use our award-winning Conversational Cloud platform to connect with millions of consumers. We power nearly a billion conversational interactions every month, providing a uniquely rich data set and AI-powered solutions to accelerate contact center transformation, supercharge agent productivity, and deliver more personalized customer experiences. Fast Company named us the #1 Most Innovative AI Company in the world. To talk with us or our AI, please visit liveperson.com.
