Last checked at 18 Feb 2021 07:00
18 February 2021
ETHERNITY NETWORKS LTD.
("Ethernity" or the "Company")
Update on Chairman
Further to the Company's announcement on 29 December 2020, Ethernity (AIM: ENET), a leading supplier of data processing offload solutions on programmable FPGA (field programmable gate array) hardware for accelerating telco/cloud networks, announces that Graham Woolfman has stepped down from the Board as Chairman and director of the Company following the end of his formal notice period.
The process of recruiting his successor is at an advanced stage and the Company expects to conclude the appointment by early next month. A further announcement will be made in due course.
During the intervening period David Levi, Chief Executive Officer, will today assume the role of Interim Executive Chairman, and Neil Rafferty, 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 two external directors and the independent non-executive director to remain as members of those committees and the Remuneration and Audit Committees to retain their current composition.
David Levi, Chief Executive Officer and Interim Chairman, said: "We wish to thank Graham for his contribution to the Company over the past three and a half years, and the Board wishes him success in his future ventures."
For further information, please contact:
Ethernity Networks | Tel: +972 8 915 0392 |
David Levi, Chief Executive Officer and Interim Chairman |
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Mark Reichenberg, Chief Financial Officer |
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Arden Partners plc (NOMAD and Joint Broker) | Tel: +44 207 614 5900 |
Richard Johnson / Benjamin Cryer |
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VSA Capital Limited (Joint Broker) | Tel: +44 20 3005 5000 |
Andrew Monk, Corporate Broking |
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Simon Barton, Corporate Finance |
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Peterhouse Capital Limited (Joint Broker) | Tel: +44 20 7562 0930 |
Lucy Williams / Duncan Vasey / Eran Zucker |
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About Ethernity ( www.ethernitynet.com )
Ethernity Networks Ltd. (AIM: ENET) provides innovative, comprehensive networking and security solutions on programmable hardware for accelerating telco/cloud networks performance. Ethernity's FPGA logic offers complete Carrier Ethernet Switch Router data plane processing and control 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 the deployment of 5G and edge computing.