TURN - 180 Degree Capital Corp. Notes Appointment of Kevin M. Rendino to the Board of Directors of Its Portfolio Company Synchronoss Technologies Inc. | Benzinga
MONTCLAIR, N.J., Dec. 05, 2023 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) ("180" and the "Company"), today noted the appointment of its Chairman and Chief Executive Officer, Kevin M. Rendino, to the Board of Directors of Synchronoss Technologies, Inc. ("SNCR"), a portfolio holding of 180.
"As participant in the recapitalization of SNCR in 2021, we have had the opportunity to be a passive stockholder, while building relationships with the Board and management team at SNCR as they worked to transform the business following the recapitalization transaction in 2021," said Mr. Rendino. "Our original investment thesis was that SNCR's cloud business was deeply undervalued by the public markets in part due to the overhang of its less profitable non-core assets. With the sale of the non-core assets complete and the momentum of its cloud business, including the extension of its contract with Verizon through 2030 and the launch of SoftBank, we believe SNCR is well positioned for growth and the creation of shareholder value in future years. We were honored to be asked to join its Board, and I look forward to working with its members and the SNCR management team to deliver on what we believe to ...