Netgear Names New CEO With An Eye On Software, Subscription Experience

Following a year-long search for its next leader as well as declining revenue and a falling stock price, the SMB networking company has brought on Charles (CJ) Prober as its new CEO to help set up Netgear as a more dominant player in the consumer and business networking industry, according to the company.

SMB networking specialist Netgear has appointed Charles (CJ) Prober as the company's new CEO, effective immediately.

San Jose, Calif.-based Netgear Wednesday announced that Prober is succeeding current CEO and chair of the board Patrick C.S. Lo. Lo is retiring from his position at Netgear and from the company's board.

The announcement comes as Netgear has been dealing with a cratering stock price — shares are down 30 percent over the past 12 months — as well as declining revenue and a net loss. In its most recent quarter, which ended Oct. 1, 2023, the company reported net revenue of $197.8 million, a decrease of 20.7 percent from the same period a year before. The company also reported a net loss of $84.8 million for the quarter, a significant decrease from net income of $2.8 million it reported the same quarter a year before.

Lo will remain as a strategic advisor to support a leadership transition through July 2024, according to Netgear.

Netgear said the company's board unanimously appointed Prober, who will also be joining Netgear's board of directors. His appointment comes after a 12-month search for the company's leader that was conducted by the board, with the goal of appointing a leader with extensive consumer electronics, software and subscription experience. Netgear said this background will set the company up to stand out as a leader in the consumer and business networking industry.

Prober, for his part, has more than 20 years of experience in the tech industry, having most recently served as president for Life360 Inc., a company that provides location-based services, including sharing and notifications, via its family social networking app. He has also held positions such as CEO for consumer technology and asset tracking company Tile, which was acquired by Life360 in 2022, chief operating officer for GoPro, and senior vice president of digital publishing at Electronic Arts (EA).

Prior to his operating roles, Prober was a consultant with McKinsey & Company where he provided guidance to leading B2B technology companies. He also spent five years early in his career as a corporate attorney.

Prober, according to a regulatory filing,will receive an annual base salary of $750,000 and is eligible to receive a target annual cash bonus equal to 120 percent of his base salary earned during the year.

According to the regulatory filing, Lo will receive consulting fees of $102,916.67 per month plus unvested time-based restricted stock units and have his COBRA premiums reimbursed for up to 12 months following the initial transition date. At the conclusion of the transition period, Lo will be paid a cash bonus of $800,000, according to the filing.