Velodyne Lidar founder plans to nominate directors next year -letter

FILE PHOTO: A Velodyne Lidar unit is seen on Camello, an autonomous grocery delivery robot, in Singapore April 6, 2021. REUTERS/Edgar Su

(Reuters) - Velodyne Lidar's founder and biggest shareholder on Thursday warned that he plans to nominate two directors to the board next year amid frustration with the sensor supplier's falling stock price, high executive pay, and the board's failure to focus more on new research.

David Hall wrote to investors, in a letter seen by Reuters, that the board made "strategic missteps" and that he hopes to replace board chairman Michael Dee and director Christopher Thomas at the 2022 annual meeting.