Laxmi Akkaraju
About Laxmi Akkaraju
Independent director since November 2023; age 56. Chief Delivery Officer at Cognite (global industrial software) since April 2021, previously SVP Strategy and Customer Services roles there; former Chief Strategy Officer at GSMA (2017–2020); earlier acting EVP at EVRY and senior roles at Mu Dynamics (Spirent) and Holte Consulting. B.S. Civil Engineering (University of New Mexico) and M.S. Civil Engineering (University of Colorado Boulder). Tenure on AVNW board: ~1 year 10 months as of September 2025 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cognite | Chief Delivery Officer; prior SVP roles (Strategy, Customer Services) | Apr 2021–present | Scaled delivery for industrial software; wireless/industrial expertise cited as board-relevant |
| GSMA | Chief Strategy Officer | 2017–2020 | Industry strategy for global mobile operators; wireless industry credibility |
| EVRY | Acting Executive Vice President | 2008–2017 | Enterprise IT operations leadership |
| Mu Dynamics (Spirent) | Senior positions | Not disclosed | Network testing/communications background |
| Holte Consulting | Senior positions | Not disclosed | Consulting/operations experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Møller Mobility Group | Board Member | Not disclosed | External corporate board role |
| Digital Norway | Advisory Board Member | Not disclosed | Industry advisory |
| BI Norwegian Business School | Advisory Board Member | Not disclosed | Academic advisory |
Board Governance
- Independence: Board determined all current directors other than CEO are independent (includes Akkaraju) .
- Attendance: In FY2025 the Board held 5 regular and 9 special meetings; each director attended ≥75% of Board/committee meetings. In FY2024, 8 regular and 5 special meetings with ≥75% attendance .
- Board leadership: Independent Chair (John Mutch); independent directors meet in executive session .
- Committee memberships (current and expected):
- Audit Committee member; FY2024 members: Mutch (Chair), Akkaraju, Ingram; FY2025 members: Halliday (Chair), Akkaraju, Ingram, Mutch .
- Not listed as member of Compensation or Governance & Nominating Committees .
| Committee | FY2024 Meetings | FY2025 Meetings | Role |
|---|---|---|---|
| Audit | 4 | 16 | Member |
| Compensation | 4 | 4 | Not a member |
| Governance & Nominating | 4 | 5 | Not a member |
Fixed Compensation
- Director fee schedule (applicable to all non‑employee directors):
- Base annual cash retainer: $50,000; Audit Chair: $22,000; Compensation Chair: $15,000; Governance Chair: $10,000; Audit member: $10,000; Compensation member: $5,000; Governance member: $5,000 .
- FY2025 one‑time Audit workload awards: $15,000 (Audit Chair) and $7,500 (Audit Committee members) due to extended audit .
| Year | Cash Fees ($) | Notes | Equity RSU Grant ($) | Total ($) |
|---|---|---|---|---|
| FY2025 | 67,500 | Base + Audit member + one‑time $7,500 for extended audit | 119,998 | 187,498 |
| FY2024 | 45,000 | Member of Audit Committee ; cash reflects period served | 119,893 | 164,893 |
Ownership guideline: Directors must achieve stock ownership of 3× annual cash retainer within 5 years of guideline adoption (Nov 2019) or board start, counting vested RSUs/open‑market shares .
Performance Compensation
- Equity form: Annual RSU grants valued at $120,000; 100% vests at the earlier of the day before the next Annual Meeting or first anniversary of prior meeting, subject to continued service .
- No director performance‑based equity (no PSUs/options disclosed for directors); RSUs are time‑based .
| Grant Year | Grant Type | Grant Date | Grant Value ($) | Vesting Terms |
|---|---|---|---|---|
| FY2025 | RSU | Not specified | 120,000 | 100% at earlier of day before FY2025 meeting or first anniversary of prior meeting |
| FY2024 | RSU | Not specified | 120,000 (fair value shown as $119,893) | 100% at earlier of day before FY2024 meeting or first anniversary of 2024 meeting |
Other Directorships & Interlocks
- Public company boards: None disclosed for Akkaraju .
- NEC interlock context: NEC is a ~5.8% holder with nomination right; NEC nominee Asako Aoyama was added in FY2024 and is not independent due to NEC employment. Akkaraju remains independent; related‑party disclosures pertain to NEC transaction and agreements, not to Akkaraju personally .
Expertise & Qualifications
- Wireless industry strategy and delivery leadership (GSMA, Cognite) with global execution; engineering background (B.S./M.S. Civil Engineering). The board cites her wireless industry success and experience as qualifications .
Equity Ownership
| As of Record Date | Common Shares Currently Held | Common Shares Acquirable within 60 Days | Total Beneficial Ownership | % Outstanding |
|---|---|---|---|---|
| Sep 11, 2025 | 4,046 | 8,339 | 12,385 | <1% |
| Sep 12, 2024 | 0 | 4,046 | 4,046 | <1% |
Hedging/pledging: Company prohibits directors/executives from pledging or hedging company stock; no margin accounts permitted .
Governance Assessment
-
Strengths
- Independence and engagement: Independent director with Audit Committee service through a period of extended audit and auditor transition (Deloitte to Grant Thornton, Sep 2025); Audit Committee report signed by Akkaraju, indicating active oversight .
- Attendance: Met ≥75% threshold across Board/committee meetings; Board uses majority voting and executive sessions for independent directors .
- Alignment: Annual RSUs plus stock ownership guideline (3× retainer), and prohibition of hedging/pledging support investor alignment .
-
Pay structure and signals
- Cash/equity mix consistent with peers; FY2025 cash increased vs FY2024, consistent with Audit workload (one‑time $7,500) and committee service .
- Equity for directors is time‑based RSUs (no performance metrics), standard practice; vesting keyed to annual meeting timing, reinforcing retention .
-
Potential conflicts and red flags
- NEC‑related party ecosystem: NEC is a 5%+ holder with ongoing commercial agreements; NEC nominee on Board is not independent. While Akkaraju is independent and no related‑party transactions are attributed to her, the presence of a major supplier/partner on the Board elevates oversight sensitivity (mitigated by Audit Committee responsibility to review related‑party transactions) .
- Auditor change: Transition from Deloitte to Grant Thornton in 2025; company disclosed no disagreements or reportable events, but extended audit workload required extra committee compensation—requires continued vigilance from Audit Committee (including Akkaraju) .
Overall, Akkaraju brings relevant wireless/industrial software delivery experience, is independent, active on the Audit Committee through a high‑intensity audit period, and holds growing equity. Her governance profile supports investor confidence, with the primary monitoring focus on NEC‑related interactions and the audit transition .