Changes in Kraken Robotics' Board of Directors

The marine technology company appointed Peter A. Hunter as a new member of its Board of Directors, replacing Larry Puddister.
Peter A. Hunter has been appointed as a new member of the Kraken Robotics Board of Directors.
Peter A. Hunter has been appointed as a new member of the Kraken Robotics Board of Directors.Artemis Capital Partners, L.P.

Kraken Robotics announced changes to its Board of Directors with the appointment of Peter A. Hunter as a new member. Effective yesterday, November 20, he took over from Larry Puddister, Kraken's long-time Director who has resigned. "We are very pleased to welcome Peter to the Board of Directors," said Kraken’s President and CEO and Director, Greg Reid. "His strategic, governance, financial, and operational experience and knowledge of the subsea industry will add significant value to Kraken."

An attorney and Certified Public Accountant (CPA), Peter Hunter has over 30 years of experience as an investor and operator. He is the founder, President, and Managing Partner of Artemis Capital Partners, L.P., a specialized private equity firm focused on differentiated industrial technology manufacturers based in Boston. His areas of expertise include strategic growth, structuring multi-stakeholder strategies - including mergers and acquisitions, joint ventures and partnerships - corporate governance and organizational planning.

In addition, Kraken Robotics noted that Hunter also brings to its Board his experience in underwater technology, having served for 3 years as President of Hydroid, LLC, a leader in the unmanned underwater vehicle (UUV) industry with its REMUS UUV brand. The new member of Kraken's Board of Directors was President of Hydroid from its inception until its eventual acquisition by Kongsberg Maritime, AS in 2008. Subsequently, in 2020, the company was acquired from Kongsberg by Huntington Ingalls - now known as HII - the largest shipbuilder and UUV supplier to the U.S. Navy.

In connection with his appointment to the Kraken Board, the marine technology company issued 400,000 stock options to Peter Hunter. These options have a term of five years, vesting in three equal installments on the date of grant and on the one and two-year anniversaries of that date. Each option is exercisable for one ordinary share at an exercise price of USD 0.495 (EUR 0.45).

As mentioned, Hunter replaces former Kraken Director Larry Puddister, who resigned. According to Kraken Robotics' announcement, Puddister has other active business interests and left his seat on the company's board to devote more attention to those interests. "On behalf of management and the Board, I would like to thank Larry for his input and guidance over the years and we all wish him the best in his future endeavors," Greg Reid, Kraken's President and CEO, said of him, commenting on the changes.

About Kraken Robotics

Kraken Robotics Inc. is a marine technology company providing complex subsea sensors, batteries, and robotic systems. The company is headquartered in Canada and has offices in North and South America and Europe. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.

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