NEW YORK, Nov. 25, 2019 /PRNewswire/ -- Pareteum
Corporation (Nasdaq: TEUM) today announced a CEO
transition and a restructuring of its leadership team.
Robert H. Turner has been terminated
as Chairman and CEO of Pareteum. Bart Weijermars has been
appointed Interim CEO, and Independent Director Mary Beth Vitale has been appointed interim
Chairman of the Board for the transition period. The changes
were effective November 22, 2019.
"A leadership transition was necessary as a key step while we
work to complete the restatement process and improve the company's
financial and operational controls. Pareteum's Board is committed
to the highest managerial and governance standards and we are
actively working to deliver long-term, sustainable, shareholder
value. Our products and technology have significant traction
in the market and are well-accepted by global customers. We
are executing on our large market opportunity and remain focused on
driving growth while completing the financial restatements," said
Mary Beth Vitale.
Pareteum is actively restructuring Board and leadership roles to
drive results while simultaneously enhancing internal processes and
controls. Updates include:
- The Board has established a new Business and Strategy
Committee, Chaired by Independent Director Luis Jimenez-Tunon, to re-align the Company's
strategic priorities for 2020 and beyond. Mr. Jimenez-Tunon
continues to serve as Compensation Committee Chair.
- Independent Director Rob Lippert
continues to serve as Audit Committee Chair, and remains focused on
completing the financial restatements for 2018 and 2019.
- Independent Director Yves Van
Sante remains as Nominating and Corporate Governance
Committee Chair.
- The rest of the senior leadership team remains in place,
consisting of Victor Bozzo (Chief
Commercial Officer), Laura W. Thomas
(Interim CFO), Rob Mumby (Chief
Sales Officer) and Alexander Korff
(Corporate Secretary and Compliance Officer).
About Mr. Weijermars and Ms. Vitale:
Bart Weijermars formerly served as CEO EMEA of Pareteum and will
remain Chief Strategy Officer. Mr. Weijermars joined Pareteum
through the acquisition of Artilium, where he was CEO, and
successfully scaled the company's software solutions in the
enterprise and communications service provider markets. He was
previously the Chief Executive Officer at T-Mobile Netherlands and
has held senior executive positions at T-Mobile Macedonia and
KPN. Mr. Weijermars will continue working with the rest of
the management team to drive growth and deliver new client
deployments and best-in-class service operations.
Mary Beth Vitale brings a wealth
of experience as an independent board member to public and private
companies in various stages of growth and global expansion. She has
also held various senior leadership roles and brings more than 25
years of proven financial, IT/cyber, marketing and execution
expertise in building and scaling companies. Ms. Vitale will
be working closely with the Audit Committee, Laura W. Thomas, the recently appointed Interim
Chief Financial Officer (CFO), the Company's auditors and external
independent parties to complete the restatement and improve
financial controls and processes.
About Pareteum Corporation:
Millions of people and devices are connected around the world
using Pareteum's Global Cloud Communications Platform, enhancing
their mobile experience. Pareteum unleashes the power of
applications and mobile services, bringing secure, ubiquitous,
scalable, and seamlessly available voice, video, SMS/text
messaging, and data, media and content enablement to our customers,
making worldwide communications services easily and economically
accessible to everyone. By harnessing the value of our cloud
communications platform, Pareteum serves enterprises,
communications service providers, early stage innovators,
developers, IoT, and telecommunications infrastructure providers.
Pareteum envisions a new mobile communications experience,
imagining what is to come, while delivering now. Pareteum currently
has offices in North America,
South America, Spain, Bahrain, Singapore, India, Indonesia, Germany, Belgium, United
Kingdom, Russia, and
the Netherlands. For more
information please visit: www.pareteum.com.
Forward Looking Statements:
Certain statements contained herein constitute "forward-looking
statements" as defined by the Private Securities Litigation Reform
Act of 1995. Such statements may include, without limitation,
statements with respect to Pareteum's plans and objectives,
projections, expectations and intentions. These forward-looking
statements are based on current expectations, estimates and
projections about Pareteum's industry, management's beliefs and
certain assumptions made by management. Readers are cautioned that
any such forward-looking statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
assumptions that are difficult to predict. Because such statements
involve risks and uncertainties, the actual results and performance
of Pareteum may differ materially from the results expressed or
implied by such forward-looking statements. These risks include,
among other things (1) the ability to complete
Pareteum's restatement of its previously issued
consolidated financial statements as of and for the full
year ended December 31, 2018, and interim periods
ended March 31, 2019 and June 30, 2019 and
address any material weaknesses, the timing of the completion of
necessary restatements, interim reviews and audits by the Company's
independent registered public accounting firm, (2) risks relating
to the substantial costs and diversion of personnel's attention and
resources deployed to address the restatement of the affected
financial statements and internal control matters, (3) the
risk of litigation or regulatory action arising from the
restatement of the affected financial statements, (4) the timing of
the review by, and the conclusions of, the Company's independent
auditor regarding the restatement, (5) the ability of the Company
to remediate any material weaknesses in internal control over
financial reporting, (6) potential reputational damage that the
Company may suffer as a result of the restatement of the affected
financial statements, (7) the impact of the restatement of the
affected financial statements on the value of the Company's common
stock, and (8) the risk that the filing of the restatement of the
affected financial statements will take longer than anticipated.
Given these risks and uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. Unless
otherwise required by law, Pareteum also disclaims any obligation
to update its view of any such risks or uncertainties or to
announce publicly the result of any revisions to the
forward-looking statements made here.
Media Inquiries
Press@pareteum.com
Pareteum Investor Relations Contacts:
Carrie Howes
Investor Relations
+1 650 232 4238
carrie.howes@pareteum.com
Investor.relations@pareteum.com
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SOURCE Pareteum Corporation