REG - Corero Network Sec. - Directorate Change

Corero Network SecurityAnnouncement

13/11/2023 07:00

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RNS Number : 1618T  Corero Network Security PLC  13 November 2023

13 November 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")

 

Appointment of Chief Executive Officer ("CEO")

 

Corero Network Security plc (AIM: CNS), a leading provider of distributed
denial of service ("DDoS") protection solutions, is pleased to announce the
appointment of Carl Herberger as CEO Designate of the Company with immediate
effect. Carl will be appointed CEO of the Company and will join the Board of
Directors on 1 January 2024. Following Carl's appointment to the Board, Jens
Montanana will step back from his role as Executive Chairman of the Company
and return to his role as Non-Executive Chairman with effect from 1 January
2024.

 

Carl Herberger is based in the United States and has over 20 years' experience
in the information technology and cyber security industries. He joins Corero
having previously been at Verinext Solutions as Field CSO and before that, at
a US-based cybersecurity compliance service provider, CyberSheath Services
International, LLC ("Cybersheath"), where he held the position of Vice
President of Security Services.

 

Prior to CyberSheath, Carl spent nine years with Radware, Inc. ("Radware") as
Global General Manager and Vice President of Security Solutions. Under Carl's
leadership, Radware's DDoS protection product and services revenue grew
significantly, with the business becoming the number two player in the global
DDoS market. Before joining Radware, Carl held a number of senior security
roles, including Director of Information Security at Barclaycard US and Global
Manager of Information Security and Disaster Recovery at SunGard Data Systems.

 

Jens Montanana, Executive Chairman, commented:

"I am delighted to welcome Carl Herberger to Corero as our new CEO following
an extensive search process. Carl's considerable experience within the cyber
security sector, with directly relevant DDoS experience, and beyond will
further enhance Corero's go-to-market strategy as we continue to grow and
develop our presence in the US and other key international markets.

 

Carl brings with him strong DDoS market know-how and significant business
development acumen which will benefit both the executive team and the Company
as a whole. We are extremely pleased to have attracted an executive leader of
such calibre and I and the Board look forward to working with him in this next
chapter in Corero's growth and development."

 

The following disclosures in relation to Carl Herberger aged 54 are made in
accordance with Schedule 2(g) and Rule 17 of the AIM Rules:

 

 Current Directorships/Partnerships  Past Directorships/Partnerships (5 years)
 Verinext Corporation                None
 InfoSecAlliance LLC

 

Upon joining Corero, Carl intends to subscribe for an equivalent of $150,000
in new Corero shares at an issue price of 9p, being the closing price on 10
November 2023. Following his appointment, Corero will grant Carl a matching
share option award of 4,033,492 options over new ordinary shares of one pence
each ("Options") with an exercise price of 9p for his share subscription. A
further announcement will be made when the subscription agreement has been
entered into.

 

As a part of Carl's overall CEO compensation, he will receive a grant of
7,500,000 Options with an exercise price of 9p. A further announcement will be
made once the Options have been granted.

 

Enquiries:

 

 Corero Network Security plc                                 Tel: +44 (0) 20 7390 0230

 Jens Montanana, Executive Chairman

 Phil Richards, CFO
                                                             Tel: +44 (0) 20 7523 8000

 Canaccord Genuity Limited (Nominated Adviser and Broker)

 Simon Bridges / Andrew Potts / Harry Rees
                                                             Tel: +44 (0) 20 7390 0230

 Vigo Consulting

 Jeremy Garcia / Kendall Hill

 

About Corero Network Security

Corero Network Security is a leading provider of distributed denial of
service (DDoS) protection solutions. We are specialists in automatic
detection and protection solutions, that include network visibility,
analytics, and reporting tools. Corero's technology provides scalable
protection capabilities against both external DDoS attackers and
internal DDoS threats, in even the most complex edge and subscriber
environments, ensuring internet service availability and uptime. Corero's key
operational centres are 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) , and
follow us on LinkedIn (https://www.linkedin.com/company/corero/)
 and Twitter (https://twitter.com/Corero) .

 

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