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USA Technologies names new chairman, board, in agreement with Hudson Executive Capital

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April 27, 2020

USA Technologies, Inc., a provider of cashless payments and software services for the self-service retail market, has named Douglas Bergeron, managing partner of Hudson Executive Capital, chairman of the board of directors, effective immediately, and has entered into an agreement with Hudson, USAT’s largest shareholder, on a new board of directors, according to a press release.

These developments end a conflict between USAT and Hudson. Hudson planned a proxy to change the board at the shareholders meeting scheduled for April 30.

USA Technologies has named Lisa P. Baird, Douglas G. Bergeron, Douglas L. Braunstein, Jacob Lamm, Michael K. Passilla, Ellen Richey, Anne M. Smalling and Shannon S. Warren to the board, effective immediately. 

Donald W. Layden, Jr. and Patricia A. Oelrich will continue to serve as directors of the company and will stand for election at the 2020 annual shareholders meeting together with the newly appointed directors. The company has accepted the resignations of Kelly Ann Kay, Robert L. Metzger, Sunil Sabharwal, William J. Schoch and Ingrid S. Stafford from the Board. 

Hudson Executive has agreed to vote all shares of common stock owned by it in favor of the election of the 10-person USAT slate at the 2020 annual meeting.