REG - Corero Network Sec. - Directorate Change

Corero Network SecurityAnnouncement

15/02/2023 07:16

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RNS Number : 9359P  Corero Network Security PLC  15 February 2023

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 (mailto: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 (http://www.corero.com/)

 

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