Josef Mandelbaum to Step Down as CEO of Perion
September 27 2016 - 2:44AM
Perion Network Ltd. (NASDAQ:PERI), a global technology company that
delivers high-quality advertising solutions for brands and
publishers, announced today that Josef Mandelbaum will be leaving
his position as Chief Executive Officer after a transition period
of up to several months. The Board of Directors has begun a search
for the Company's next CEO and the Board and Josef are committed to
a seamless transition.
"On behalf of the entire Board, I want to thank
Josef for his devoted leadership and contributions to Perion. Josef
took a small one-product company with $29 million of annual revenue
and turned it into a global company with diversified revenues of
over $300 million. After six years, the Company and Josef
decided that it is the right time to transition to new leadership
and focus on moving the business forward and increasing shareholder
value. I am confident our search will yield a strong
candidate to lead Perion on its next phase of growth and we
sincerely wish Josef all the best in all his future endeavors,”
said Alan Gelman, Chairman of the Board of Directors.
"I am proud of what we have accomplished to date
and very grateful for the opportunity to work with such amazing
people at the company. I want to thank the employees and
Directors of Perion, past and present, for helping make Perion a
great company and a place to call home these past six years.
Together, despite many external challenges, we built a company with
significant revenues and strong EBITDA. Equally important, we
built a culture of warmth and caring both internally and for the
community at large," said Josef Mandelbaum, CEO of Perion.
"While we have made good progress on executing our
strategy, the Board and I understand that to truly move the
business forward, a change is needed. This change will allow
the Company to focus on the future, give it time to execute without
distractions and deliver increased shareholder value. I have full
confidence in management and the employees and know that they will
succeed," concluded Mr. Mandelbaum.
About Perion Network Ltd.
Perion is a global technology company that
delivers high-impact intent based advertising solutions to brands
and publishers. Perion is committed to providing outstanding
execution, from high-impact ad formats to branded search and a
unified social and mobile programmatic platform. More information
about Perion may be found at www.perion.com, and follow Perion on
Twitter @perionnetwork.
Forward Looking Statements
This press release contains historical
information and forward-looking statements within the meaning of
The Private Securities Litigation Reform Act of 1995 with respect
to the business, financial condition and results of operations of
Perion. The words “will”, “believe,” “expect,” “intend,” “plan,”
“should” and similar expressions are intended to identify
forward-looking statements. Such statements reflect the current
views, assumptions and expectations of Perion with respect to
future events and are subject to risks and uncertainties. Many
factors could cause the actual results, performance or achievements
of Perion to be materially different from any future results,
performance or achievements that may be expressed or implied by
such forward-looking statements, or financial information,
including, among others, the failure to realize the anticipated
benefits of companies and businesses we acquired and may acquire in
the future, risks entailed in integrating the companies and
businesses we acquire, including employee retention and customer
acceptance; the risk that such transactions will divert management
and other resources from the ongoing operations of the business or
otherwise disrupt the conduct of those businesses, potential
litigation associated with such transactions, and general risks
associated with the business of Perion including intense and
frequent changes in the markets in which the businesses operate and
in general economic and business conditions, loss of key customers,
unpredictable sales cycles, competitive pressures, market
acceptance of new products, inability to meet efficiency and cost
reduction objectives, changes in business strategy and various
other factors, whether referenced or not referenced in this press
release. Various other risks and uncertainties may affect Perion
and its results of operations, as described in reports filed by the
Company with the Securities and Exchange Commission from time to
time, including its annual report on Form 20-F for the year ended
December 31, 2015 filed with the SEC on March 24, 2016. Perion does
not assume any obligation to update these forward-looking
statements.
Contact Information:
Neta Fishman
+972 (73) 398-1000
investors@perion.com
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