Gavin Patterson,
previously of Salesforce and Francesco de Mojana, previously
of Permira, to join Wix's Board of Directors
NEW
YORK, March 8, 2023 /PRNewswire/ -- Wix (Nasdaq:
WIX), today announced changes to its Board of Directors. The
announced changes are part of Wix's track record of regularly
refreshing and enhancing its board to closely align with the
changing operating environment as well as its current strategic
objectives, balancing stability and expertise with change and
adaptability. Additionally, these changes support Wix's continued
transition to a new phase of value creation focused on product-led
growth with sustained profitability and a commitment to achieving
"Rule of 40" in 2025.
In these efforts, Wix announced the appointment of
Gavin Patterson and
Francesco de Mojana to Wix's Board of Directors. In addition
to their general board responsibilities, de Mojana will join the
Audit Committee and Patterson will join the Compensation Committee.
This reinforces Wix's commitment to a strong, independent board
focused on the long-term performance of the Company.
Wix also announced the resignation of Yuval Cohen and Roy Saar from the Board after many years of
dedicated service. These changes are effective as of March 8, 2023.
These new board members were carefully and strategically chosen
to guide and support the Wix management team with key incremental
skill sets. Gavin's history of operating experience and strategic
execution as well as his expertise in enterprise software will be
invaluable in guiding the Wix executive team as the company
continues to grow. With a strong track record of implementing
operating efficiencies and cost management, Francesco will bring a
valuable set of skills to Wix's management at a time when improving
margins is a key priority. These added diverse experiences support
the Company's continued focus on balancing growth and sustained
profitability and will help maximize Wix's long-term potential.
Gavin Patterson brings to Wix
decades of extensive operating experience across software, media,
telecommunications and technology. Patterson has a proven track
record of strategic execution and leadership as the former
President and Chief Revenue Officer at Salesforce, where he led
worldwide sales and distribution of Salesforce products and
services. In addition, as the former CEO of BT Group, where he
completed the UK rollout of superfast fiber and started the
deployment of ultrafast fiber, led the £15 billion acquisition of
EE, launched BT Sport and expanded BT's cyber security practice,
Patterson will also bring unmatched expertise in scaling up
businesses.
Francesco de Mojana brings over 25 years of experience in
managing costs, a keen focus on implementing operational
efficiencies and a history of expanding margins as a private equity
investor, consultant and entrepreneur. As a former partner at
Permira, where he led over €1.5 billion in investments, and as a
management consultant at McKinsey, de Mojana brings to Wix deep
expertise in implementing strategies that instill operational
excellence and expand margins and profitability. As a founder and
COO of a knowledge management software company sold to Telefonica
Group, de Mojana will also bring extensive knowledge of operating a
software technology organization.
"We could not be more excited to welcome directors of the
caliber of Gavin and Francesco to our board of directors at a
pivotal time in Wix's evolution as we continue to focus on
profitable growth while scaling our business," said Mark Tluszcz, Chairman of Wix. "Collectively,
they add to the Board a deep and broad base of incremental
knowledge and experience that we will greatly benefit from as we
continue to execute on our long-term plan."
"Additionally, we want to thank Yuval and Roy for their many
years of dedicated service and meaningful contributions," continued
Tluszcz. "Wix has benefited greatly from their depth of knowledge
and invaluable guidance. Their expertise was critical as we
navigated the pathway of growth over the past 10+ years and saw us
through many incredible milestones."
About Gavin Patterson
Gavin Patterson brings
extensive operating experience across software, media,
telecommunications and technology.
Gavin Patterson served as the
President and Chief Revenue Officer of Salesforce.com, Inc. (NYSE:
CRM) from August 2020 to January 2023 and in various other management
positions in Salesforce from August
2019. Previous to that, he served as Chief Executive of BT
Group plc (LSE: BT.A) from September
2013 to January 2019 and
served on the board from May 2013 to
January 2019. He is Chair of Business
in the Community, a non-profit in the United Kingdom, serves on the Governing
Council of The London School of
Economics and sits on the boards of several companies,
including Elixirr Consulting, an AIM listed business consulting
firm; Mobileum, a supplier of software and services to telcos, and
Fractal Analytics, a provider of artificial intelligence and
advanced analytics. He holds a MEng in Chemical Engineering from
Cambridge University.
About Francesco de Mojana
Francesco de Mojana brings over 25 years of experience as a
private equity investor, consultant and entrepreneur.
Francesco de Mojana currently serves as the Founder and CEO of
Buono Ventures Holding, an italian-based investment firm focused on
supporting emerging businesses and brands with equity and sector
expertise, a position he has held since January 2019. Previously, Mr. de Mojana was a
partner at Permira, a global investment firm, from January 2004 until December 2018, where he was involved in a number
of investments in the consumer and digital consumer space. From
2002 until 2004 he was the Co-founder and COO of a software
knowledge management solution company later sold to Telefonica
Group, and from 1997 until 2000 he was at McKinsey & Company in
London and Milan. He is currently a member of the board
of directors of several private companies in the consumer space.
Mr. de Mojana holds a B.A in International Economics from
Università Bocconi in Milan, and
an MBA from Columbia University Business
School in New York.
About Wix.com Ltd.
Wix is a leading platform to create, manage and grow a digital
presence. What began as a website builder in 2006 is now a complete
platform providing users with enterprise-grade performance,
security and a reliable infrastructure. Offering a wide range of
commerce and business solutions, advanced SEO and marketing tools,
Wix enables users to have full ownership of their brand, their data
and their relationships with their customers. With a focus on
continuous innovation and delivery of new features and products,
anyone can build a powerful digital presence to fulfill their
dreams on Wix.
For more about Wix, please visit our Press Room.
Media Relations Contact: PR@wix.com
Forward-Looking Statements
This document contains forward-looking statements, within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties.
Such forward-looking statements may be identified by words like
"believe," "may," "expect," "will," and similar terms or phrases.
The forward-looking statements contained in this document are based
on management's current expectations, which are subject to
uncertainty, risks and changes in circumstances that are difficult
to predict and many of which are outside of our control. Important
factors that could cause our actual results to differ materially
from those indicated in the forward-looking statements include,
among others, our expectation that we will be able to attract and
retain registered users and generate new premium subscriptions; our
expectation that we will be able to increase the revenue we derive
from the sale of premium subscriptions and business solutions,
through our partners; our expectation that new products and
developments, as well as third-party products we will offer in the
future within our platform, will receive customer acceptance and
satisfaction, including the growth in market adoption of our online
commerce solutions; our assumption that historical user behavior
can be extrapolated to predict future user behavior; our
expectations regarding execution of our multi-year strategic plan
and cost reduction plan; our prediction of the future revenues
generated by our user cohorts and our ability to maintain and
increase such revenue growth; our expectation to maintain and
enhance our brand and reputation; our expectation that we will
effectively execute our initiatives to scale and improve our user
support function through our Customer Care team, and thereby
increase user retention, user engagement and sales; our expectation
that our products created for markets outside of North America will continue to generate growth
in those markets; our plans to successfully localize our products,
including by making our product, support and communication channels
available in additional languages and to expand our payment
infrastructure to transact in additional local currencies and
accept additional payment methods; our expectations regarding the
extent of the impact on our business and operations of the COVID-19
pandemic, including uncertainty relating to expected consumer
dynamics after the COVID-19 pandemic subsides, the effectiveness of
government policies, vaccine administration rates and other
factors; our expectation regarding the impact of fluctuations in
foreign currency exchange rates on our business; our expectation
that we will effectively manage the growth of our infrastructure;
changes we expect may occur to technologies used in our solutions;
our expectations regarding the outcome of any regulatory
investigation or litigation, including class actions; our
expectations regarding future changes in our cost of revenues and
our operating expenses on an absolute basis and as a percentage of
our revenues, as well as our ability to achieve profitability; our
expectations regarding changes in the global, national, regional or
local economic, business, competitive, market, and regulatory
landscape, including as a result of increasing interest rates and
inflationary pressures, lasting effects of COVID-19, and as a
result of the military invasion of Ukraine by Russia; our planned level of capital
expenditures and our belief that our existing cash and cash from
operations will be sufficient to fund our operations for at least
the next 12 months and for the foreseeable future; our expectations
with respect to the integration and performance of acquisitions;
our ability to attract and retain qualified employees and key
personnel; our expectations about entering into new markets and
attracting new customer demographics, including our ability to
successfully attract new partners and grow our partner activities
as anticipated and other factors discussed under the heading "Risk
Factors" in the Company's annual report on Form 20-F for the year
ended December 31, 2021 filed with
the Securities and Exchange Commission on April 1, 2022. Any forward-looking statement made
by us in this press release speaks only as of the date hereof.
Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for us to predict
all of them. We undertake no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future developments or otherwise.
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SOURCE Wix.com Ltd.