Robert Stabile, lead independent director of the company, has assumed day-to-day oversight of the company's senior executive team on an interim basis.

July 2, 2020

2 Min Read

TORONTO – Optiva Inc. ("Optiva" or the "Company") (TSX:OPT), a leader in providing communications service providers (CSPs) worldwide with cloud-native revenue management software on the public cloud, today announced that in connection with its previously announced redemption of the Company's preferred shares and concurrent secured debenture offering, Robert Stabile, lead independent director of the Company, has assumed day-to-day oversight on behalf of the Company's Board of Directors of the Company's senior executive team on an interim basis to ensure a smooth transition to closing of the transaction and the appointment by the Company of a new Chief Executive Officer. In this role, Mr. Stabile is working closely with the Company's senior executive team to ensure a smooth and seamless transition to a new Chief Executive Officer and that the Company's customer relationships remain unaffected during this interim period.

The Company's Board of Directors previously engaged an executive search firm to conduct a search for a new Chief Executive Officer. The Board has interviewed a number of highly qualified, exceptional candidates, and is pleased with the interest in the position that the Board has received. The Board will be expeditiously moving forward to choose a new Chief Executive Officer in the coming weeks.

As announced on May 11, 2020, the Company's Chief Executive Officer, Danielle Royston, previously provided notice of her resignation, effective August 9, 2020. In light of the transitional arrangements now in place, the effective date of Ms. Royston's departure occurred on June 29, 2020.

To further support the Company's transition to its new Chief Executive Officer, the Company's Board has also retained Vishal Kothari as a consultant on an interim basis for the transition period. Mr. Kothari was previously the Chief Operating Officer of the Company and was responsible for global sales, delivery and support organizations. Mr. Kothari will assist the Board on an interim basis pending the appointment of the Company's new Chief Executive Officer, including to ensure that the Company continues to consistently meet or exceed the needs and desires of its customers.


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