CHANTILLY, Va., Jan. 10, 2017 /PRNewswire/ -- Intersections
Inc. (NASDAQ: INTX), a leading provider of identity risk management
and privacy protection services for consumers, announced today that
its Board of Directors has appointed Johan
Roets as Chief Executive Officer effective January 10, 2017. Michael
Stanfield will assume the role of Chairman and Founder and
will continue to serve as the Chairman of the Board.
"This is a perfect time for Johan
Roets to become Intersections' Chief Executive
Officer. We've selected a very strong leader to execute
our strategy in the identity and privacy protection marketplace,"
said Michael Stanfield. "With the
well-documented influx of large data breaches and cybersecurity
hacks, protecting the personal information of consumers from misuse
has never been more important. In his role as President of
our Identity Guard business and COO of Intersections, Johan has
proven his unique ability to translate vision and strategy into
outstanding execution to drive results. Since joining the
Company over two years ago, Johan has focused on all aspects of our
business by executing our transformation strategy of stabilizing
our client base, reducing our cost base, and reinvesting in our new
product development and business development initiatives."
Roets joined Intersections in September
2014, as Chief Operating Officer and quickly added
President, Identity Guard to his role. Roets was elected as a
member of the Intersections Board of Directors in May 2015.
His leadership has been instrumental in executing the
transformation of Intersections from a business with a highly
concentrated customer base that was shrinking due to regulatory
challenges, to a better positioned, highly innovative company with
a more diverse customer base and product portfolio which leverage
Intersections' core data analytics and recurring revenue model
competencies. His leadership was critical to our achievement
of a cost base reduction in excess of $19
million over the last two years, and the reinvestment in new
business development capabilities and new product
initiatives. Roets personally led the development and launch
of our latest innovative product release, Privacy Now™ with Watson,
a ground-breaking partnership with IBM representing the first time
that advanced artificial intelligence has been applied to identity
theft and privacy protection.
"I joined Intersections over two years ago because I wanted to
help fight for the consumer data privacy cause, one which
Michael Stanfield and Intersections
have led for more than 20 years. The proliferation of
consumers' online presence and the explosion of data breaches have
created a perfect storm that threatens both the personal and
financial well-being of families today. We can help families
in this battle to regain their online privacy," said Johan Roets. "Since he founded the Company
in 1996, Michael's vision, creativity and leadership have enabled
Intersections to protect more than 47 million U.S. consumers,
employers and breach victims. I am incredibly energized to
lead Intersections at a time when families' needs for personalized
help, advice and tools have never been greater."
Intersections also announced that Michael Stanfield, currently CEO and Chairman of
the Intersections Board of Directors, will remain on the board and
assume the role of Chairman and Founder. He will devote his
time to supporting Roets and engaging with the board and management
on strategies that drive increased shareholder value through the
Company's now-singular focus on the field of personal information
security and online data privacy. Stanfield has served as
Chairman and CEO since he co-founded Intersections' predecessor in
May 1996. Stanfield drove
Intersections development of products that formed the basis for
today's identity monitoring and privacy protection services and
oversaw rapid growth in revenue and profits as these products were
introduced into the market. Under Stanfield's leadership, the
Company went public in 2004.
"Johan is clearly the leader for Intersections' future, and he
has the unanimous support of the Board of Directors," said
Tom Kempner, Chairman of the
Executive Committee of the Intersections Board of Directors as well
as the Chairman and CEO of Loeb Holding Corporation, the Company's
largest shareholder. "The board fully supported Michael Stanfield's hiring of Johan as COO and
has been impressed with his rapid growth and ability to execute as
additional responsibilities were transitioned to him over the last
two years. With Michael taking the role of Chairman and
Founder, Johan taking the role as CEO, and with the strength of the
rest of the management team, the board is very confident
Intersections has the leadership for its next stage of growth."
Forward-Looking Statements:
Statements in this release relating to future plans, results,
performance, expectations, achievements and the like are considered
"forward-looking statements" under the Private Securities
Litigation Reform Act of 1995. You can identify forward-looking
statements by the fact that they do not relate strictly to
historical or current facts. These statements may include words
such as "anticipate," "estimate," "expect," "project,'' "plan,"
"intend," "believe," "may," "should," "can have," "likely" and
other words and terms of similar meaning in connection with any
discussion of the timing or nature of future operating or financial
performance or other events. Those forward-looking statements
involve known and unknown risks and uncertainties and are subject
to change based on various factors and uncertainties that may cause
actual results to differ materially from those expressed or implied
by those statements, including the impact of shutting down our Pet
Health Monitoring segment; the timing and success of new product
launches and other growth initiatives; the continuing impact of the
regulatory environment on our business; the continued dependence on
a small number of financial institutions for a majority of our
revenue and to service our U.S. financial institution customer
base; our ability to execute our strategy and previously announced
transformation plan; our incurring additional restructuring
charges; our incurring additional impairment costs or charges on
goodwill and/or assets; our ability to control costs; and our needs
for additional capital to grow our business, including our ability
to maintain compliance with the covenants under our new term loan
or seek additional sources of debt and/or equity financing. Factors
and uncertainties that may cause actual results to differ include
but are not limited to the risks disclosed under "Forward-Looking
Statements," "Item 1. Business—Government Regulation" and "Item 1A.
Risk Factors" in the Company's most recent Annual Report on Form
10-K and Quarterly Reports on Form 10-Q and in its recent other
filings with the U.S. Securities and Exchange Commission. The
Company undertakes no obligation to revise or update any
forward-looking statements unless required by applicable
law.
About Intersections Inc.:
Intersections Inc. (NASDAQ: INTX) provides innovative,
information based solutions that help consumers manage risks and
make better informed life decisions. Under its IDENTITY
GUARD® brand and other brands, the company helps consumers monitor,
manage and protect against the risks associated with their
identities and personal information. Headquartered in Chantilly, Virginia, the company was founded
in 1996. To learn more, visit www.intersections.com.
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SOURCE Intersections Inc.