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18 Nov 2020 07:00
18 November 2020
ETHERNITY NETWORKS LTD
("Ethernity" or the "Company")
Board Changes
Ethernity Networks (AIM: ENET.L), a leading supplier of data processing offload solutions running on programmable hardware and used to accelerate telco/cloud networks, announces that Graham Woolfman has tendered his resignation as Chairman and director of the Company and intends to step down prior to the end of the year in order to concentrate on his other business interests.
A formal process to identify a successor is being initiated. In the event this process has not concluded before Graham steps down, during the intervening period David Levi, Chief Executive Officer, will assume the role of Interim Executive Chairman, and Neil Rafferty, UK independent non-executive director, will take on responsibility for corporate governance. Under Israeli law, the Chairman may not be a member of either the Remuneration or Audit Committees, and this will allow the three non-executive directors to remain as members of those committees.
David Levi, Ethernity's CEO, said: "We would like to thank Graham for his dedication and commitment since our IPO in 2017 and for his input and contribution to the Board and the Company, and we wish him every success for the future."
For further information, please contact:
Ethernity Networks Tel: +972 8 915 0392
David Levi, Chief Executive Officer
Mark Reichenberg, Chief Financial Officer
Arden Partners plc (NOMAD and Broker) Tel: +44 207 614 5900
Richard Johnson / Benjamin Cryer
VSA Capital Limited (Joint Broker) Tel: +44 20 3005 5000
Andrew Monk, Corporate Broking
Simon Barton, Corporate Finance
Peterhouse Capital Limited (Joint Broker) Tel: +44 20 7562 0930
Lucy Williams / Duncan Vasey / Eran Zucker
About Ethernity Networks
Ethernity Networks (AIM: ENET.L) provides innovative, comprehensive networking and security solutions that run on programmable hardware and are used for accelerating telecommunications networks. Ethernity's FPGA logic offers complete Carrier Ethernet Switch Router data plane processing software with a rich set of networking features, robust security, and a wide range of virtual function accelerations to optimize telecommunications networks. Ethernity's complete solutions quickly adapt to customers' changing needs, improving time-to-market and facilitating deployment of 5G, edge computing, and NFV.
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