17 April 2024
Corero Network Security plc
("Corero", or "the Company")
Directorate Changes
Corero Network Security plc (AIM: CNS) (OTCQB: DDOSF), the specialists in distributed denial of service ("DDoS") protection solutions, is pleased to announce the appointment of Robert Scott as a Non-Executive Director of the Company with immediate effect.
Rob, who is based in the USA, is a 30-year network security industry professional and is currently the Chief Strategy Officer of Silversky, Inc., a provider of cybersecurity managed services, alongside serving as the Chairman of AssetPass, a disruptive fintech startup. Rob is also on the Customer Advisory Board of Fortinet, a global leader in cybersecurity.
Previously, Rob served as CEO of Cygilant, Inc., a provider of cybersecurity services specialising in helping organisations hunt, detect and respond to cyberthreats; Bradford Networks, a network security company acquired by Fortinet; and Clique Intelligence, a software platform for data sharing and collaboration technologies. Rob also served as Vice President of Worldwide Sales and Marketing at HP ProCurve Networking, having joined the company through its 2008 acquisition of Colubris Networks Inc., where he held the positions of President and CEO.
Peter George, who was appointed a Non-Executive Director of the Company in January 2019, will be stepping down from the Board at the Company's AGM in June 2024 to focus on his executive responsibilities at Evolv Technology.
Rob has been granted 750,000 options with an exercise price of 11.75 pence (the "Options"). The Options have a three-year vesting period, vesting one third on the first anniversary of grant, one third on the second anniversary of grant and one third on the third anniversary of grant. Shares acquired on the exercise of an option may not be sold until the expiry of the second anniversary following the date of option grant.
Jens Montanana, Non-Executive Chairman, commented:
"I am delighted to welcome Rob Scott to Corero. Rob brings many years of relevant international security experience which will be of considerable benefit to both the executive team and the Company as a whole. Appointing a director of Rob's calibre further serves to demonstrate Corero's global appeal and reputation within our marketplace.
"I would like to extend my sincere gratitude to Peter George for his significant contribution to Corero over the five and a half years he has served as a Non-Executive Director. Peter is stepping down from the Board to enable him to focus on his CEO role, and we wish him all the best in this endeavour."
The following disclosures in relation to Robert Scott, aged 69, are made in accordance with Schedule 2(g) and Rule 17 of the AIM Rules:
| Current Directorships/Partnerships | Past Directorships/Partnerships (5 years) |
| Let's Go Racing Global LLC | Ramp Holdings Inc. |
| Avidbank Holdings, Inc. | |
| Trillio Data Inc. | |
This announcement, including the notification below, is made in accordance with the requirements of the EU Market Abuse Regulation.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
| 1. | Details of the Person discharging managerial responsibilities ("PDMR") / person closely associated with them ("PCA") | |||||
| a) | Name | Robert Scott | ||||
| 2. | Reason for the notification | |||||
| a) | Position / status | Non-Executive Director | ||||
| b) | Initial notification / amendment | Initial notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Corero Network Security plc | ||||
| b) | Legal Entity Identifier | 2138001EVYT2OI1C4Y98 | ||||
| 4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument | Ordinary Shares GB00B1GVQH21 | ||||
| b) | Nature of the transaction | Purchase of shares and grant of options
| ||||
| c) | Price(s) and volume(s) | Grant of options
| ||||
| d) | Aggregated information - Aggregated volume - Aggregated price - Aggregated total | Not applicable | ||||
| e) | Date of the transaction | 16 April 2024 | ||||
| f) | Place of the transaction | London Stock Exchange | ||||
Enquiries:
| Corero Network Security plc Carl Herberger, CEO Phil Richards, CFO | Tel: +44 (0) 20 7390 0230 |
|
Canaccord Genuity Limited (Nominated Adviser and Broker) Simon Bridges / Andrew Potts / Harry Rees | Tel: +44 (0) 20 7523 8000 |
|
Vigo Consulting Jeremy Garcia / Kendall Hill
| Tel: +44 (0) 20 7390 0230 |
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 and the US OTCQB market (OTCQB: DDOSF).
For more information, visit www.corero.com, and follow us on LinkedIn and Twitter.
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