Ethernity Networks Ltd Update on Chairman (4777P)

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RNS Number : 4777P

Ethernity Networks Ltd

18 February 2021

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: [phone] 
David Levi, Chief Executive Officer 
 and Interim Chairman 
Mark Reichenberg, Chief Financial Officer 
 
Arden Partners plc (NOMAD and Joint        Tel: [phone] 
 Broker) 
Richard Johnson / Benjamin Cryer 
 
VSA Capital Limited (Joint Broker)         Tel: [phone] 
Andrew Monk, Corporate Broking 
Simon Barton, Corporate Finance 
 
Peterhouse Capital Limited (Joint Broker)  Tel: [phone] 
Lucy Williams / Duncan Vasey / Eran 
 Zucker 
 
 

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.

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February 18, 2021 02:00 ET (07:00 GMT)