Corero Network Security PLC Appointment of Chief Executive Officer & Group FD (8769K)

TIDMCNS

RNS Number : 8769K

Corero Network Security PLC

27 April 2020

27 April 2020

Corero Network Security plc

("Corero" or the "Company")

Appointment of Chief Executive Officer

&

Group Finance Director

Corero Network Security plc (AIM: CNS), announces the appointment of Lionel Chmilewsky as an Executive Director and CEO Designate of the Company with effect from 1 May 2020. It is intended that Lionel will be appointed Chief Executive Officer of the Company on 1 July 2020, at which point Ashley Stephenson, Corero's current Chief Executive Officer, will be appointed Chief Technology Officer remaining on the Company's Board.

Lionel Chmilewsky has over 30 years' experience in the networking and telecommunications industries, most recently as CEO of Cambridge Broadband Networks Limited (CBNL), a wireless access solutions company. Prior to CNBL, he was CEO of Comverse IP Communications, a provider of software and services solutions for mobile, fixed-line and IP communications operators. Before joining Comverse, Lionel held a number of senior sales roles, including EVP Worldwide Sales for Proxim Wireless Corporation, a US-based NASDAQ listed wireless systems manufacturer, and held sales management roles in Europe and the USA for technology providers including Alcatel.

In addition, Corero is pleased to report the successful conclusion of the executive search for an experienced Group Finance Director. Neil Pritchard, previously Group Financial Director at technology business CML Microsystems PLC ("CML"), will join the Company on 1 May 2020. Prior to joining CML, Neil held senior financial positions with a number of quoted companies including Continental AG, Delta PLC and Synthomer PLC. He is a Chartered Accountant (FCA), having qualified with KPMG.

As previously announced, Andrew Miller has resigned as Chief Financial Officer of the Company and will remain a director of the Company, taking up the role of Non-executive Director.

Jens Montanana, Corero Chairman, said:

" We are delighted to welcome Lionel to Corero as we seek to broaden our executive team to capitalise on the significant opportunity for our market leading SmartWall technology and to accelerate the Company's growth. We sought to complement our existing skill set with an executive with a successful track record of leading technology companies underpinned by extensive multichannel sales experience. We believe Lionel will be an excellent addition to Corero's executive management team and the Board as we enter the next phase of the Company's evolution.

"We are equally delighted to welcome Neil Pritchard to Corero. Neil is an experienced finance director, having previously worked for London listed companies, who will also complement our existing senior team.

"I would also like to extend my gratitude on behalf of the board to Ashley for having led the organisation over the past seven years, helping to pioneer and position our cutting edge technology in the marketplace. We will continue to benefit from his extensive experience and technology leadership in his new role as Chief Technology Officer."

The following disclosures in relation to Lionel Chmilewsky aged (58) are made in accordance with Schedule 2(g) and Rule 17 of the AIM Rules.

 
     Current Directorships/Partnerships       Past Directorships/Partnerships 
                                               (5 years) 
     Chelsea Société Civile         None 
      Immobilière 
                                         ------------------------------------ 
     Zirconium Société Civile 
      Immobilière 
                                         ------------------------------------ 
     Cambridge Broadband Networks 
      Limited* 
                                         ------------------------------------ 
     Cambridge Broadband Networks 
      (Pty) Ltd 
                                         ------------------------------------ 
     Cambridge Broadband Networks 
      Kenya Limited 
                                         ------------------------------------ 
     Cambridge Broadband Networks 
      Nigeria Limited 
                                         ------------------------------------ 
     Vectastar Limited 
                                         ------------------------------------ 
 

*administrator appointed on 6 February 2020

Lionel Chmilewsky does not hold any shares in the Company. Following his appointment, Corero intends to grant him 7,000,000 options over new ordinary shares of one pence each ("Options") exercisable at the prevailing market price at the time of issue of the Options. A further announcement will be made once the Options have been granted.

On joining Corero, Neil Pritchard will not be a director of the Company and o ther than the information contained in this announcement, there is no further information required to be disclosed under Rule 17 and Schedule Two, paragraph (g) of the AIM Rules.

Enquiries:

 
     Corero Network Security plc 
     Andrew Miller, CFO                                  Tel: [phone] 
 
     Cenkos Securities plc                               Tel: [phone] 
     Ben Jeynes / Mark Connelly - NOMAD 
      Michael Johnson - Sales 
 
     Vigo Communications                                 Tel: [phone] 
     Jeremy Garcia / Ben Simons /Antonia Pollock 
      [e-mail] 
 
 

About Corero Network Security

Corero Network Security is a leader in real-time, high-performance DDoS defense solutions. Service providers, hosting providers and digital enterprises rely on Corero's award winning technology to eliminate the DDoS threat to their environment through automatic attack detection and mitigation, coupled with complete network visibility, analytics and reporting. This industry leading technology provides cost effective, scalable protection capabilities against DDoS attacks in the most complex environments while enabling a more cost-effective economic

model than previously available. For more information, visit   www.corero.com 

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April 27, 2020 02:00 ET (06:00 GMT)