Founder, Chairman and CEO Udi Mokady to
become Executive Chair of the Board of Directors effective April 3,
2023
Chief Operating Officer Matt Cohen to be
named CEO at that time
CyberArk (NASDAQ: CYBR), the global leader in Identity Security,
today announced that Founder, Chairman and CEO, Udi Mokady, will
assume the role of Executive Chair of the Board of Directors,
(Executive Chair) effective April 3, 2023. At that time, Matthew
Cohen, CyberArk’s Chief Operating Officer, will be appointed Chief
Executive Officer and join the Board of Directors.
“With the execution of our long-term strategy, CyberArk is
poised for continued success,” said Mokady. “Our subscription
transition has created a durable business model and we have become
the recognized leader in identity security based on the power of
our innovation engine. First as CRO and then as COO, Matt has
played an instrumental role driving our transformational change and
has established a proven track record as a results-driven leader.
He shares my passion for our mission, culture, and people, which is
critically important to me as founder of CyberArk, and we’ve built
an enduring partnership based on friendship, mutual respect and
common values. Under Matt’s leadership as CEO and with the support
of the Board and all employees, I am confident CyberArk will
continue to thrive.”
“My commitment to CyberArk is unwavering. As Founder of the
Company, my ultimate goal was to become Executive Chair and
continue to be actively involved in CyberArk, shaping its future
and helping ensure the Company is successful. Given our strong
execution, the timing is right to move forward with these changes
in 2023,” continued Mokady. “In collaboration with Matt, I will
help align our long-term strategy to our mission, preserve our
unique culture, and cultivate our strong brand. I will also
leverage my over 20 years of experience building and fostering key
relationships with customers and partners. My enthusiasm for
CyberArk has never been greater and the Company’s future has never
been brighter.”
“Under Udi’s leadership, CyberArk has become a cybersecurity
leader with $570 million in Annual Recurring Revenue, more than
8,000 customers and over 2,700 loyal, committed employees,” said
Gadi Tirosh, CyberArk’s Lead Independent Director. “Udi’s
accomplishments are countless, and I look forward to working with
him even more closely as Executive Chair. Matt has done an
exceptional job as Chief Operating Officer, leading the
subscription transformation and spearheading the cross-functional
planning process for 2023. Matt optimized the go-to-market
organization for CyberArk’s Identity Security Platform and
delivered fantastic results, demonstrated most visibly by the
meaningful ARR outperformance in both 2021 and 2022. We believe
this plan will result in a smooth transition, including leadership
continuity, strategy execution and strong financial performance. On
behalf of the Board, I extend our congratulations to both Udi and
Matt.”
“I am honored by this opportunity and want to thank Udi, the
management team, and the Board for their ongoing support and
confidence,” said Cohen. “Since joining CyberArk, Udi has been a
friend and mentor, and I look forward to working alongside him in
his role as Executive Chair. The unique culture that Udi has built
is one of CyberArk’s key differentiators and preserving it is one
of my top priorities. Our employees, who have worked so hard to
build CyberArk into an industry leader, continue to fuel and
execute our mission. Udi and I, along with the executive leadership
team, designed our 2023 plan and long-term strategy to not only
capitalize on our massive opportunity and leadership position in
identity security, but also to deliver profitable growth. I am
excited to help lead CyberArk into the future.”
Cohen joined CyberArk in November 2019 as Chief Revenue Officer
and in November 2020 was promoted to Chief Operating Officer,
executing the company’s worldwide sales strategy including leading
the global go-to-market organization and successfully executing the
Company’s transformation into a subscription company. Prior to
CyberArk, he served as Executive Vice President of Field Operations
at PTC, where he developed and executed the Company’s entire go to
market strategy across sales, customer success, services and
support, product and field marketing and demand generation. He
played an instrumental role in executing the organization’s
transition to a subscription model. During his 18-year tenure with
PTC, Cohen held various leadership positions across customer
success and global services where he built the customer success
function, transformed the global services business, helped the
company successfully enter new technology markets and scale the
organization into a greater than a billion-dollar in Annual
Recurring Revenue company.
Cautionary Language Concerning Forward-Looking
Statements
This release contains forward-looking statements, which express
the current beliefs and expectations of CyberArk’s (the “Company”)
management. In some cases, forward-looking statements may be
identified by terminology such as “believe,” “may,” “estimate,”
“continue,” “anticipate,” “intend,” “should,” “plan,” “expect,”
“predict,” “potential” or the negative of these terms or other
similar expressions. Such statements involve a number of known and
unknown risks and uncertainties that could cause the Company’s
future results, levels of activity, performance or achievements to
differ materially from the results, levels of activity, performance
or achievements expressed or implied by such forward-looking
statements. Important factors that could cause or contribute to
such differences include risks relating to: changes to the drivers
of the Company’s growth and its ability to adapt its solutions to
IT security market demands; an increase in competition within the
Privileged Access Management and Identity Security markets; risks
related to the Company’s planned transition to a new Chief
Executive Officer; the Company’s ability to hire, train, retain and
motivate qualified personnel; the transition of the Company’s
business to a subscription model that began in 2021; the Company’s
sales cycles and multiple pricing and delivery models;
unanticipated product vulnerabilities or cybersecurity breaches of
the Company’s, or the Company’s customers’ or partners’ systems; an
increase in competition within the Privileged Access Management and
Identity Security markets; the Company’s ability to hire, train,
retain and motivate qualified personnel; the Company’s ability to
sell into existing and new customers and industry verticals; risks
related to compliance with privacy and data protection laws and
regulations; the Company’s history of incurring net losses and our
ability to achieve profitability in the future; the duration and
scope of the COVID-19 pandemic and its impact on global and
regional economies and the resulting effect on the demand for the
Company’s solutions and on its expected revenue growth rates and
costs; the Company’s ability to find, complete, fully integrate or
achieve the expected benefits of additional strategic acquisitions;
reliance on third-party cloud providers for the Company’s
operations and SaaS solutions; the Company’s ability to expand its
sales and marketing efforts and expand its channel partnerships
across existing and new geographies; risks related to sales made to
government entities; regulatory and geopolitical risks associated
with global sales and operations (including the current conflict
between Russia and Ukraine) and changes in regulatory requirements
or fluctuations in currency exchange rates; the ability of the
Company’s products to help customers achieve and maintain
compliance with government regulations or industry standards; risks
related to intellectual property claims or the Company’s ability to
protect its proprietary technology and intellectual property
rights; and other factors discussed under the heading “Risk
Factors” in the Company’s most recent annual report on Form 20-F
filed with the Securities and Exchange Commission. Forward-looking
statements in this release are made pursuant to the safe harbor
provisions contained in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements are made only
as of the date hereof, and the Company undertakes no obligation to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise.
About CyberArk
CyberArk (NASDAQ: CYBR) is the global leader in Identity
Security. Centered on privileged access management, CyberArk
provides the most comprehensive security offering for any identity
– human or machine – across business applications, distributed
workforces, hybrid cloud workloads and throughout the DevOps
lifecycle. The world’s leading organizations trust CyberArk to help
secure their most critical assets. To learn more about CyberArk,
visit https://www.cyberark.com, read the
CyberArk blogs or follow on Twitter via
@CyberArk, LinkedIn or
Facebook.
Copyright © 2023 CyberArk Software. All Rights Reserved. All
other brand names, product names, or trademarks belong to their
respective holders.
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version on businesswire.com: https://www.businesswire.com/news/home/20230208006025/en/
Investor: Erica Smith CyberArk Phone: +1 617-558-2132
ir@cyberark.com
Media: Liz Campbell CyberArk Phone: +1-617-558-2191
press@cyberark.com
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