Perion Appoints Seasoned Technology Executive Doron Gerstel as Chief Executive Officer
January 23 2017 - 2:16AM
New CEO will focus on accelerating Perion’s
competitive advantage and growth
Perion Network Ltd. (NASDAQ:PERI), a leader in advertising
technology solutions for brands and publishers, announced today the
appointment of Doron Gerstel as Chief Executive Officer (CEO)
effective April 2, 2017. Mr. Gerstel comes to Perion with over 20
years of executive-level experience in technology companies. Perion
is the fifth company which Mr. Gerstel will lead as CEO. In his
last three positions at Panaya, Nolio Ltd., and Syneron, he
spearheaded new strategic directions which led to significant
growth and development.
“To guide Perion in its next phase of growth, it
was important that we select a CEO with extensive experience in
technology, expansion in competitive markets and a proven ability
to create shareholder value,” said Alan Gelman, Chairman of the
Board of Directors. “Doron was unanimously chosen by the Board of
Directors as the perfect person to assume this leadership role. His
decades of success and demonstrated expertise will further drive
Perion to new heights, and I want to congratulate and welcome him
to the company.”
Mr. Gerstel has served as CEO of technology
companies since 1999, establishing a proven track record in driving
growth. As CEO of Panaya, he initiated strategic changes which led
to an increase in annual revenue, higher customer renewal rates,
and stronger partnerships, culminating in Panaya’s acquisition by
IT giant Infosys in 2015. Prior to Panaya, Mr. Gerstel served as
CEO of Nolio Ltd., where he expanded the company’s field operation
and product delivery capabilities to support Fortune 1000
customers. Nolio was acquired by CA Technologies in 2013, under Mr.
Gerstel’s leadership. Additionally, he has held CEO positions at
Syneron and Zend Technologies. Mr. Gerstel holds a B.Sc. in
Economics and Management from the Technion, and an MBA from Tel
Aviv University.
“I’m honored to join Perion to further
strengthen its technology advantage in the market, increase its
operational efficiency and accelerate growth,” Gerstel said.
“Perion has transformed from a single-product startup company into
a global technology company with diversified revenues of over $300
million, and I plan to continue this impressive track record,
expand the differentiated Undertone digital advertising
capabilities and drive growth. I look forward to working with the
Board, Perion’s management, and its strong talent around the world
to create meaningful value for Perion’s clients, partners,
investors and other stakeholders.”
Gerstel succeeds Josef Mandelbaum, following
Perion’s announcement from September 27, 2016, that he would step
down as CEO in the coming months. Perion CFO Yacov Kaufman will
serve as interim CEO of the company to ensure a smooth transition.
"I want to take this opportunity to thank Josef for all his years
of service and wish him well in his future endeavors," said
Gelman.
About Perion Network Ltd.
Perion is a global technology company that delivers high-quality
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 http://www.perion.com. 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:
Shira Porat
+972 (73) 3981585
investors@perion.com
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