Directorate Change

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 Jens Montanana, Executive Chairman Phil Richards, CFO	Tel: [phone]
Canaccord Genuity Limited (Nominated Adviser and Broker) Simon Bridges / Andrew Potts / Harry Rees	Tel: [phone]
Vigo Consulting Jeremy Garcia / Kendall Hill	Tel: [phone]

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, and follow us on LinkedIn and Twitter.

 

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