Palladyne AI Corp. (NASDAQ: PDYN and PDYNW) (“Palladyne AI”), a developer of artificial intelligence software for robotic platforms in the commercial and defense sectors, today announced that Michael Young will join its Board of Directors effective February 24, 2025.
With more than 35 years of professional experience, including more than 17 years at Caterpillar where he led Caterpillar Ventures as well as Caterpillar’s mergers and acquisitions activities across Asia Pacific, Young brings extensive knowledge and industry connections to the board.
Young retired from Caterpillar in 2023 after leading Caterpillar Ventures since its inception in 2015. During this time, he directed Caterpillar’s investments in more than 30 companies focused on energy, electrification, autonomy, robotics, and digital solutions.
Prior to leading Caterpillar Ventures, Young spearheaded Caterpillar’s Mergers and Acquisition actives across Asia Pacific, including acquisitions, joint ventures, and divestitures. Before joining Caterpillar, Young was at Dell Computer for six years in a variety of roles, including serving as the Chief Financial Officer for the China and Hong Kong business when it began operations in Xiamen, China.
“I am delighted to welcome Michael to the Palladyne AI Board of Directors,” said Ben Wolff, President and CEO, Palladyne AI. “Having known and collaborated with him over the years during his time at Caterpillar, I am confident that his industry knowledge and relationships will be incredibly valuable as we begin our efforts to deploy our physical AI software platform for robotics with customers around the globe.”
“I am honored and excited to join Palladyne AI’s Board of Directors at such an exciting time for the Company as they commercialize their AI software solutions and focus on initial deployments,” said Young. “I believe that Palladyne AI is well-positioned in the market to make a true impact and to help companies automate tasks that in the past have been too difficult to fully automate.”
Young will replace Laura J. Peterson on the board of directors upon her retirement from the Board at the expiration of her term as the Company’s Executive Vice Chair on February 23, 2025. Peterson has served as a member of the Board of Directors since September 2021, as our interim President and Chief Executive Officer from May 2023 until October 2023, as our President and Chief Executive Officer from October 2023 until February 2024, and as our Executive Vice Chairman since February 2024.
“Laura has been an incredibly valuable contributor both as a board member and as a senior executive with Palladyne AI,” said Dennis Weibling, Chairman, Palladyne AI. “Her strategic acumen, operating expertise, dedication, and steady hand has helped the Company establish a foundation for future success. We thank her for her leadership and many contributions.”
