Last checked at 15 Feb 2023 07:00
15 February 2023
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Corero Network Security plc
("Corero" or the "Company")
Directorate Change
Corero Network Security plc (AIM: CNS), a leading provider of real-time, high-performance, automatic Distributed Denial of Service (DDoS) cyber defense solutions, today announces that Lionel Chmilewsky, the Company's Chief Executive Officer, has resigned to pursue other opportunities.
Mr Chmilewsky will remain with the Company until 31 May 2023 in order to ensure an orderly handover but will resign from his position on the Board on 28 February 2023.
With immediate effect, Jens Montanana, current Non-Executive Chairman of the Company, will assume the role of Executive Chairman. Andrew Miller, the Company's former Chief Financial Officer and Non-Executive Director, has been appointed Interim Chief Operating Officer with effect from 1 March 2023.
The Company will initiate a search process for a new Chief Executive Officer to lead the Company in its next phase of growth and will provide an update in due course.
Jens Montanana, Corero's Chairman, said:
"I would like to thank Lionel for his service to the Company. Lionel joined Corero in May 2020 at the start of the Covid-19 pandemic, and in a challenging period has done an excellent job enhancing the organisation and achieving the important milestone of EBITDA profitability. During Lionel's tenure, the Company's revenue and ARR have doubled.
"Lionel has decided to resign to pursue other opportunities outside of the Company, and on behalf of the board, I would like to wish him the best success in his future endeavours."
Enquiries:
Corero Network Security plc | Tel: +44(0)20 7390 0230 |
Jens Montanana, Executive Chairman | |
Phil Richards, Chief Financial Officer | |
|
|
Canaccord Genuity Limited (Nominated Adviser and Broker) | Tel: +44(0)20 7523 8000 |
Simon Bridges / Andrew Potts / Harry Rees | |
Vigo Consulting | Tel: +44(0)20 7390 0230 |
Jeremy Garcia / Kendall Hill | |
corero@vigoconsulting.com |
|
About Corero Network Security
Corero Network Security plc is a global leader in real-time, high-performance, automatic DDoS cyber defense solutions. Both Service and Hosting providers, alongside digital enterprises across the globe rely on Corero's award winning cybersecurity technology to eliminate the threat of Distributed Denial of Service (DDoS) to their digital environment through automatic attack detection and mitigation, coupled with network visibility, analytics and reporting. Corero's industry leading SmartWall and SecureWatch technology provides scalable protection capabilities against external DDoS attackers and internal DDoS botnets in the most complex edge and subscriber environments, while enabling a more cost-effective economic model than previously available. Corero's key operational centers located in Marlborough, Massachusetts, USA and Edinburgh, UK, with the Company's headquarters in London, UK. The Company is listed on the London Stock Exchange's AIM market under the ticker CNS. For more information, visit www.corero.com