Independent directors of the board at Terran Orbital (NYSE:LLAP) have responded to a letter sent earlier this month by Sophis Investments advocating for certain corporate governance changes at the company, including replacing CEO and chairman Marc Bell, and recommending that the board undertake a strategic review.
In a letter to shareholders, the independent directors expressed their continued and unqualified support for Bell and the company’s entire management team.
“We believe the company has achieved a number of strategic successes in the last year that demonstrate management’s progress in transforming the company into an industry leader – from its successful delivery of 10 satellite buses as part of the Space Development Agency’s Tranche 0 program, to the launch of its new family of seven standard bus platforms covering a wide array of customer solutions, to its Responsive Space Initiative that commits to deliver standard buses to customers within 30 days of order and complete satellite systems with integrated payloads within 60 days,” they wrote in the letter.
The independent directors noted that they are always open to value-creating ideas from shareholders and others, and as such, have reviewed Sophis Investments’ recommendations related to a strategic assessment and roadmap.
They said they concluded that this did not offer any novel or innovative alternatives that the company has not already considered and that its current strategy remains the best path for maximizing long-term shareholder value.
Terran Orbital (NYSE:LLAP) is a leading manufacturer of satellite products primarily serving the aerospace and defense industries.
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