Wave Systems Corp. (NASDAQ: WAVX) announced that the company’s Board of Directors has confirmed William M. Solms, age 50, as Chief Executive Officer. Mr. Solms, who joined Wave in June and has served as Wave’s Acting CEO since October 6, has also been elected to Wave’s Board of Directors. His appointment increases the size of Wave’s Board to six members.
“Bill has brought a commitment to excellence, discipline and accountability since his appointment as Acting CEO,” said Chairman John Bagalay. “In short order, he has begun to implement a plan to re-organize the company, streamline operations and bring clarity and focus to Wave’s place in the security market. Given this progress, the Board felt strongly that Bill was the right choice to continue leading the company.”
Before being named acting CEO, Mr. Solms served as Wave’s Vice President of North American Sales. He had previously worked at Microsoft and at Oracle where he directed the Federal Sales Team for Oracle-On-Demand. A graduate of West Point, Mr. Solms served a distinguished career as an active duty Army officer, ultimately capping his 20+ years of service in the Pentagon as a member of the Joint Staff.
“I’m honored and humbled by the opportunity to lead Wave,” Mr. Solms said. “We have a great team that has produced a first-class product suite, which allows us to be market leaders in key segments of the IT security space. I look forward to bringing a renewed sense of operational excellence and fiscal discipline to the company while at the same time continuing to foster the spirit of innovation that has been a hallmark of Wave.”