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Velodyne Founder Who Quit Now Attacks Board as SPAC Deal Turns Sour

  • Board has ‘fostered anti-stockholder culture,’ Hall says
  • Stock has been on wild ride since listing in September

The SPAC deal that took auto-sensor maker Velodyne Lidar Inc. public has turned sour, with founder David Hall, who quit as chairman last month, criticizing the company’s leadership and strategic direction.

“I firmly believe that the board has fostered an anti-stockholder culture and that Velodyne Lidar’s corporate governance is broken,” Hall said in a March 9-dated letter to directors, in which he disputed the reasons for his departure. “To be completely clear: I chose to resign because I had numerous concerns about the strategic direction and current leadership of Velodyne Lidar.”