REG - Crossword Cybersec - Chair and CEO Transition Plans

Crossword CybersecurityAnnouncement

21/05/2024 07:00

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RNS Number : 1800P  Crossword Cybersecurity PLC  21 May 2024

 

Crossword Cybersecurity Plc

CHAIR AND CEO TRANSITION PLANS

Crossword announces Board changes in preparation for next stage of profitable
growth

 

21 May 2024 - London, UK - Crossword Cybersecurity Plc
(http://www.crosswordcybersecurity.com/) (AIM:CCS, "Crossword", the "Company"
or the "Group"), the cybersecurity solutions company focused on cyber strategy
and risk, announces that with effect from 1 August 2024, Tom Ilube,
Crossword's current CEO, will step up to non - executive Chair and Stuart
Jubb, who is currently Group Managing Director, will take on the CEO role. The
current Chair, Sir Richard Dearlove will continue to serve on the Board as
non-executive Director. These long planned changes are intended to best
position Crossword for the next few years of growth as Crossword seeks to
achieve EBITDA profitability in the second half of the year.

Tom Ilube founded Crossword in 2014 and has led the firm as CEO for the past
ten years. Tom remains firmly committed to Crossword and will focus his
attention on the major strategic steps that will build long term value for
shareholders. Tom is an experienced corporate leader who currently serves as
Chair of the Rugby Football Union (RFU) as well as serving on the Board of
WPP, the FTSE 100 global advertising agency company. He previously sat on the
Board of the BBC and has chaired a range of other organisations.

In preparation for this transition to CEO, Stuart was appointed to the Board
at the beginning of April this year. Stuart joined Crossword in February 2016
to head up Crossword's newly established cybersecurity consulting division.
From 1 January 2022, Stuart has been Group Managing Director of Crossword,
with responsibility for Consulting, Sales and Managed Services, and in
September 2023 also became responsible for Product. Prior to joining
Crossword, Stuart worked at KPMG where he was Associate Director, Defence
& Security. Prior to that, he was Chief Operating Officer of a global
consulting team of over 200 in KPMG Advisory. Stuart spent nine years as an
officer in HM Forces, after commissioning from the Royal Military Academy
Sandhurst, serving in Afghanistan, NATO and elsewhere.

Sir Richard Dearlove, Chair of Crossword, said: "I am pleased that we have
been able to manage this long planned transition so smoothly. Tom has been
preparing Stuart as his successor for several years, giving him wider
responsibilities and the Board is satisfied that Stuart is more than ready to
take over. We are delighted that Tom remains fully committed to the company
and is willing to take over from me as Chair. I have enjoyed my 8 years as
Chair of Crossword, seeing it develop to a high growth, very well run cyber
security company on the verge of EBITDA profitability and I am very pleased to
be asked to remain on the Board as a non-executive Director."

Commenting on the succession plans, Tom Ilube said: "Stuart and I have worked
closely together since 2016 and I always intended for him to be my successor.
With me as Chair and Stuart as CEO, our partnership will continue as we enter
the next phase of growth, scaling up Crossword as a rapidly growing,
profitable company."

Stuart Jubb, incoming CEO, said: "I am honoured that Tom and Sir Richard are
putting their trust in me to take on the role of CEO from August this year.
Tom and I have prepared for this transition over the past few years. I am
excited about what we are setting out to achieve for our clients, our staff
and our shareholders over the next few years, as Crossword moves into its
profitable growth phase later this year."

In addition to the above changes, Crossword also announces that Ruth Anderson
will step down from the Board at the AGM on 23 May 2024, having served six
very successful years on the Board since 2018.

Sir Richard Dearlove, Chairman of Crossword Cybersecurity Plc, said: "On
behalf of the Board, I would like to thank Ruth for the contribution she has
made to Crossword during her time on the Board and we wish her the best for
the future."

 

- Ends -

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

Contacts

Crossword Cybersecurity plc - Tel: +44 (0) 333 090 2587

Email: info@crosswordcybersecurity.com

Tom Ilube, Chief Executive Officer

Mary Dowd, Chief Financial Officer

Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383 5100

Colin Aaronson / Jamie Barklem / Ciara Donnelly / Elliot Peters

Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341

Claire Louise Noyce

For media enquiries contact:

Duncan Gurney, GingerPR

duncan@gingerpr.co.uk - Tel: +44 (0)1932 485 300

 

About Crossword Cybersecurity plc

Crossword offers a range of cyber security solutions to help companies
understand and reduce cyber security risk. We do this through a combination of
people and technology, in the form of SaaS and software products, consulting,
and managed services. Crossword's areas of emphasis are cyber security
strategy and risk, supply chain cyber, threat detection and response, and
digital identity and the aim is to build up a portfolio of cyber security
products and services with recurring revenue models in these four areas. We
work closely with UK universities and our products and services are often
powered by academic research-driven insights. In the area of cybersecurity
strategy and risk our consulting services include cyber maturity assessments,
industry certifications, and virtual chief information security officer
(vCISO) managed services.

Crossword's end-to-end supply chain cyber standard operating model (SCC SOM)
is supported by our best-selling SaaS platform, Rizikon Assurance, along with
cost-effective cyber audits, security testing services and complete managed
services for supply chain cyber risk management. Threat detection and response
services include our Nightingale AI-based network monitoring, our Trillion™
suite of threat intelligence products, Trillion Breach, Harvista and Arc and
incident response. Crossword's work in digital identity is based on the World
Wide Web Consortium W3C verifiable credentials standard and our current
solution, Identiproof, enables secure digital verification of individuals to
prevent fraud.

Crossword serves medium and large clients including FTSE 100, FTSE 250 and
S&P listed companies in various sectors, such as defence, insurance,
investment and retail banks, private equity, education, technology and
manufacturing and has offices in the UK, Poland and Oman. Crossword is traded
on the AIM market of the London Stock Exchange.

Visit Crossword at https://www.crosswordcybersecurity.com/
(https://www.crosswordcybersecurity.com/)

 

 

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