Kornit Digital Ltd. (NASDAQ:KRNT), a leading provider of digital
printing solutions for the global printed textile industry, today
announced that Gabi Seligsohn will step down as Chief Executive
Officer effective August 1st, 2018, and will be succeeded by Ronen
Samuel, an industry veteran at HP Indigo. Mr. Seligsohn will remain
with Kornit through a brief transition, and will continue to serve
on the Company’s Board of Directors.
Yuval Cohen, Kornit’s Chairman of the Board
said, “I want to personally thank Gabi for his contributions and
tireless leadership throughout Kornit’s transition from a private
company to a leading global provider of digital printing solutions
with an annual revenue CAGR of more than 20% during his
tenure. Moreover, Gabi has built a deep and wide foundation
for the long-term growth of Kornit, including an excellent
management team, a long-term roadmap, a strong team and
infrastructure in the US, Europe, and Asia, and a world class
R&D organization. Ronen is joining Kornit at a perfect time.
With his proven record of managing and growing a large
organization, I am confident he will capitalize on the foundation
already built at Kornit and lead the company to new heights,
fulfilling our vision to lead the transformation of the textile
printing industry in the digital age.”
Mr. Seligsohn said, “Ronen is a proven veteran
of the printing industry with 25 years of business management
experience and a proven track record of success. At HP Indigo he
led a 10-fold growth of the company’s revenues in Asia Pacific and
Japan to hundreds of millions during a seven-year tenure, while he
was based out of Singapore. Over the past 5 years, he grew the EMEA
business at a double digit CAGR while serving in the company’s
European headquarters in Barcelona. Ronen is a passionate, strong
leader who drives consistent achievement and strong execution. I am
certain that he will bring success to our business, our customers,
employees and channel partners.”
Seligsohn continued, “On a personal level, after
12 years as a public company CEO and 4 years leading Kornit, I am
excited to aid in the success of the team in a supportive role. I
want to thank all of our global employees for the tremendous
experience to lead and grow Kornit to becoming a global business,
and our Board of Directors and shareholders for the faith they have
put in me.”
Mr. Samuel added, “I am honored and excited for
the opportunity to lead Kornit Digital and expand on the impressive
record of success it has achieved thus far. I was attracted to
Kornit based upon its record of innovation and its depth of talent
across the company. With the benefit of a printing technology
background, I have an appreciation for the market dynamics which
drive success of new technology. I believe Kornit has developed a
winning combination of products with superior quality that address
the challenging and changing retail landscape that require speed to
market, personalization and tight inventory control. In this
regard, Kornit is squarely positioned to drive meaningful long-term
and loyal customers across the supply chain.”
Mr. Samuel has spent the previous 18 years
serving in various capacities at Hewlett -Packard. Most recently,
he served as Vice President and General Manager of HP Indigo and
WebPress EMEA, where he led the region to substantial growth.
Previously, Mr. Samuel spent 7 years leading Asia Pacific and
Japan, and brings vast experience in Strategic Marketing where he
worked closely with Research and Development to define future
products, as well as served in various capacities as
product/project manager.
Prior to his career in printing technology, Mr.
Samuel spent 7 years in the Israeli Air Force, rising to the rank
of Major while serving as a fighter pilot and leading the
establishment of Israel’s second Apache Squadron. Mr. Samuel
received an M.B.A. from Northwestern University’s Kellogg School of
Management and received an undergraduate Business and Law degree
from The Interdisciplinary Center in Herzliva, Israel.
Conference Call InformationThe
Company will host a conference call today at 8:00 a.m. ET, or 03:00
p.m. Israel time, followed by a question and answer session for the
investment community. To access the call, participants may dial
toll-free at 1-800-263-0877 or +1-323-794-2094. The toll-free
Israeli number is 1 80 921 2909. The confirmation code is
9516682.
To listen to a telephonic replay of the
conference call, dial toll-free 1-844-512-2921 or +1-412-317-6671
(international) and enter confirmation code 9516682. The telephonic
replay will be available beginning at 11:00 a.m. ET on Monday, June
4, 2018 and will last through 11:59 p.m. ET on Monday, June 18,
2018.
About KornitKornit Digital
(NASDAQ:KRNT) develops, manufactures and markets industrial digital
printing technologies for the garment, apparel and textile
industries. Kornit delivers complete solutions, including digital
printing systems, inks, consumables, software and after-sales
support. Leading the digital direct-to-garment printing market with
its exclusive eco-friendly NeoPigment printing process, Kornit
caters directly to the changing needs of the textile printing value
chain. Kornit’s technology enables innovative business models based
on web-to-print, on-demand and mass customization concepts. With
its immense experience in the direct-to-garment market, Kornit also
offers a revolutionary approach to the roll-to-roll textile
printing industry: digitally printing with a single ink set onto
multiple types of fabric with no additional finishing processes.
Founded in 2003, Kornit Digital is a global company, headquartered
in Israel with offices in the USA, Europe and Asia Pacific, and
serves customers in more than 100 countries worldwide.
Forward Looking
StatementsCertain statements in this press release are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 and other U.S. securities
laws. Forward-looking statements are characterized by the use of
forward-looking terminology such as “will,” “expects,”
“anticipates,” “continue,” “believes,” “should,” “intended,”
“future,” “planned,” or other words. These forward-looking
statements include, but are not limited to, statements relating to
the company’s objectives, plans and strategies, statements of
preliminary or projected results of operations or of financial
condition and all statements that address activities, events or
developments that the company intends, expects, projects, believes
or anticipates will or may occur in the future. Forward-looking
statements are not guarantees of future performance and are subject
to risks and uncertainties. The company has based these
forward-looking statements on assumptions and assessments made by
its management in light of their experience and their perception of
historical trends, current conditions, expected future developments
and other factors they believe to be appropriate. Important factors
that could cause actual results, developments and business
decisions to differ materially from those anticipated in these
forward-looking statements include, among other things: our success
in developing, introducing and selling new or improved products and
product enhancements, our ability to consummate sales to large
accounts with multi-system delivery plans, our ability to fill
orders for our systems, our ability to continue to increase sales
of our systems and ink and consumables, our ability to leverage our
global infrastructure build-out, the development of the market for
digital textile printing, availability of alternative ink,
competition, sales concentration, changes to our relationships with
suppliers, our success in marketing, and those additional factors
identified under “Risk Factors” in the company’s annual report on
Form 20-F filed with the U.S. Securities and Exchange Commission on
March 20, 2018. Any forward-looking statements in this press
release are made as of the date hereof, and the company undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
Investor Contact:Michael Callahan, ICR(203)
682-8311Michael.Callahan@icrinc.com
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