Wave Systems Corp. (NASDAQ: WAVX) announced today that William Solms, Vice President of North American Sales, has been appointed by the Board of Directors as Acting CEO, replacing Steven Sprague.
Mr. Solms will be responsible for ensuring a smooth transition and leading Wave's executive team. A graduate of West Point, Mr. Solms served a distinguished career as an active duty Army officer, capping his 20+ year military career in the Pentagon as a member of the Joint Staff. After his military service, Bill joined Microsoft as a sales executive, directed the Federal Sales Team for Oracle-on-Demand at Oracle, and held executive positions in Business Development and Sales at A-T Solutions and Intellidyne, LLC.
"On behalf of the entire board, I want to thank Steven for his service to the company and for the passion, dedication and commitment he brought to Wave as CEO each day," said John Bagalay, Wave's Chairman of the Board. "The Board sees a tremendous opportunity for growth going forward and we have full confidence in Bill's ability to lead a very talented and innovative team in translating Wave's product vision into a commercial reality."
Mr. Sprague has indicated that he will continue to serve Wave as a member of its Board of Directors, stating "I look forward to helping the Board and Bill with the transition."
The Board will alter its previously announced search for a Chief Operating Officer into a search for a permanent CEO.