On November 11, 2019, the Board of Directors of Perceptron, Inc. appointed Jay W. Freeland as Interim President and Chief Executive Officer of the Company, effective as of November 12, 2019. Mr. Freeland will continue to serve as Chairman of the Board and will serve as the Company's principal executive officer. Mr. Freeland succeeds David L. Watza who resigned effective as of November 12, 2019 as President and Chief Executive Officer of the Company, as a member of the Board and as principal financial officer.

Mr. Freeland, age 50, has been a Director of the Company since December 2018 and Chairman of the Board since May 2019. Mr. Freeland served as President and Chief Executive Officer of FARO Technologies, Inc. (FARO) from December 2006 until December 2015 and as a Director of FARO from February 2006 until December 2015. Mr. Freeland was a Co-Chief Executive Officer of FARO from January 2006 until December 2006 and served as President and Chief Operating Officer of FARO from November 2004 until January 2006.

FARO is a publicly traded global technology company that designs, develops, manufactures, markets and supports software driven, three-dimensional measurement, imaging and realization systems. From April 2003 until November 2004, Mr. Freeland was the Founder & President of Freeland Solutions, LLC, a strategy and management consulting firm. From July 1991 until April 2003, Mr. Freeland held various positions with General Electric Company and its affiliates, including Vice President Global Sales, Marketing & Commercial Operations GE Energy Rentals and President and Chief Operating Officer of GE Harris Energy Control Systems, LLC. The Board of Directors will initiate a search to identify a new President and Chief Executive Officer of the Company.

Mr. Freeland will serve as interim President and Chief Executive Officer until a successor is appointed. Also on November 11, 2019, the Board appointed Laura Pecoraro as the Company's Vice President, Finance and principal financial officer, effective as of November 12, 2019. Ms. Pecoraro will continue to serve as the Company's principal accounting officer.

Ms. Pecoraro, age 57, served as the Company's acting Vice President, Finance and principal accounting officer since September 2019. Prior to that, she served as the Company's Director of Financial Planning and Analysis from December 2016 to September 2019. Prior to joining the Company, Mr. Pecoraro was the President of LP Finance and Accounting Services, Inc. from November 2015 through December 2016, where she provided financial and accounting consulting services.

From 1990 to 2015, Ms. Pecoraro held various roles of increasing responsibility over a twenty-five year career with TriMas Corporation and its subsidiaries, most recently serving as Division Finance Officer of Lamons Gasket Company from February 2015 through October 2015 and as Vice President of Financial Planning and Analysis of TriMas Corporation from July 2008 through February 2015. Prior to holding such positions, Ms. Pecoraro's positions at subsidiaries of Trimas Corporation included serving as Group Controller of Cequent Group, Vice President of Finance of Lamons Gasket Company, and Controller of Norris Cylinder Company. Her responsibilities in these positions included global accounting, strategic planning, annual operating planning and forecasting, as well as audit, information technology and finance oversight.

Ms. Pecoraro possesses more than 30 years of accounting and finance experience in manufacturing and service companies.