Corero Network Regulatory News (CNS)

3 January 2019

Corero Network Security plc

("Corero" or the "Company")

Directorate Changes

Corero Network Security plc (AIM: CNS), the network security company, announces directorate changes to the Company's board in order to optimise its composition both in the UK and US.

Peter G George has been appointed as Independent Non-Executive Director of the Company with immediate effect.

Peter George is based in the US, and has over 30 years' experience in the IT networking and cybersecurity industry, most recently as President and CEO of empow cybersecurity, a market innovator in AI, machine learning and advanced security analytics. Prior to empow, between 2008 to 2017, he was President and CEO of Fidelis Cybersecurity a leading US-based Advanced Threat Defense business. Before joining Fidelis, Peter was President and CEO of Crossbeam Systems, a market leader in Unified Threat Management. Prior to that he was the President of Nortel Networks' enterprise business where he was responsible for growing a $2 billion and 5,000 employee voice and data business in EMEA.

In order to capitalise on the recently announcement global resale partnership agreement with Juniper Networks (NYSE: JNPR) and to focus on maximising revenues from both direct and new go-to-market indirect sales channels, the Company intends to expand its US-based management team which will include the appointment of a head of global sales. As a result, Andrew Lloyd, UK-based President and EVP Sales and Marketing, will, by mutual agreement, be stepping down from the board and will leave the Company with effect from 4 January 2019.

Jens Montanana, Corero Chairman, said:

"On behalf of the board, I would like to thank Andrew for his contribution to Corero and wish him all the best for the future.

"We are delighted to appoint Peter as we seek to both broaden our US reach and deliver a greater balance of independence to our board. We sought to complement our existing skill set with a US-based executive with a successful track record of leading IT network and security companies and we believe Peter has these skills and will be an excellent addition to Corero's board."

The following disclosures in relation to Peter Gustav George aged (59) are made in accordance with Schedule 2(g) and Rule 17 of the AIM Rules.

Peter George does not hold any shares in the Company. Following his appointment, Corero will grant him 750,000 options over new ordinary shares of one pence each ("Options") exercisable at the prevailing market price. A further announcement will be made once the Options have been granted.

Other than the information contained in this announcement, there is no further information required to be disclosed under Rule 17 and Schedule Two, paragraph (g) of the AIM Rules.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

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About Corero Network Security

Corero Network Security is a leader in real-time, high-performance DDoS defense solutions. Service providers, hosting providers and digital enterprises rely on Corero's award winning technology to eliminate the DDoS threat to their environment through automatic attack detection and mitigation, coupled with complete network visibility, analytics and reporting. This industry leading technology provides cost effective, scalable protection capabilities against DDoS attacks in the most complex environments while enabling a more cost-effective economic model than previously available. For more information, visit www.corero.com