Trax Announces Appointment of New Chief Financial Officer and First Independent Board Member

Rhea-AI Summary

Trax has appointed Karl Johnsen as its new CFO and Debbie Simpson as its first independent board member. Johnsen, previously CFO at AspenTech (NASDAQ: AZPN), brings extensive experience in financial leadership, emphasizing growth and operational efficiency. Simpson, with nearly 20 years at Boston Consulting Group, will chair the audit committee. These leadership changes aim to enhance corporate governance and internal controls as Trax prepares for future growth initiatives.

Positive

• Karl Johnsen's appointment as CFO is expected to strengthen financial leadership and operational efficiency.
• Debbie Simpson's experience at Boston Consulting Group will enhance corporate governance.

Negative

• None.

Former AspenTech executive Karl Johnsen joins Trax as CFO; former Boston Consulting Group leader, Debbie Simpson, joins board of directors

SINGAPORE & SAN FRANCISCO--(BUSINESS WIRE)-- Trax, a leading global provider of computer vision solutions and analytics for retail, today announced the appointment of Karl Johnsen as its chief financial officer and Debbie Simpson as its first independent board member, who is not affiliated with a Trax investor.

Trax adds Karl Johnsen as Chief Financial Officer (Photo: Business Wire)

“The addition of Karl and Debbie to our organization marks a new chapter for Trax,” said Justin Behar, CEO of Trax. “Our ambitious goals for the future call for astute leaders at every level. I am confident both Karl and Debbie will play critical roles in this next phase of growth as we further strengthen our internal controls, improve our corporate governance, and prepare for what’s next.”

Johnsen has a proven record of creating value and efficiency for both private and public global technology companies. Prior to joining Trax, he served as CFO of AspenTech (NASDAQ: AZPN) and held senior financial roles at Avid Technology and FusionStorm. Johnsen has led and integrated numerous successful acquisitions in the US and abroad and helped build and direct effective teams in high growth environments including through several initial public offerings. As CFO at Trax, Johnsen will focus on supporting the company’s growth and reinforcing the financial acumen and strengths of the organization.

“It is an honor to join the Trax team and contribute to an organization that has been shaping the retail space for more than a decade with its industry-leading technologies, solutions and capabilities for the modern retail ecosystem,” said Johnsen. “I am excited to join the leadership team to help bring to life Trax’s bold vision for the future of retail.”

Debbie Simpson joins Trax’s board of directors as Audit Committee Chair and its first independent member. Simpson spent nearly 20 years in a variety of global leadership roles at Boston Consulting Group including 12 years as CFO and head of global functions. Simpson is also a former PwC partner where she led the Northeast region's international tax team and served on the US board of directors. As chairperson of its audit committee, Simpson will apply her wealth of financial and operational experience to Trax’s financial stewardship.

“Karl and Debbie will play a critical role in helping Trax reach its next level of maturity” said Joel Bar-El, co-founder and executive chairman of Trax. “Their extensive experience driving operational efficiencies and financial acuity will be tremendous assets to Trax.”

About Trax

Trax’s mission is to enable brands and retailers to harness the power of digital technologies to produce the best shopping experiences imaginable. Trax’s retail platform allows customers to understand what is happening on shelf, in every store, all the time so they can focus on what they do best – delighting shoppers. Many of the world’s top CPG companies and retailers use Trax’s dynamic merchandising, in-store execution, shopper engagement, market measurement, analytics, and shelf monitoring solutions at scale to drive positive shopper experiences and unlock revenue opportunities at all points of sale. As pioneers in computer vision, Trax continues to lead the industry in innovation and excellence through development of advanced technologies and autonomous data collection methods. Trax is a global company with hubs in the United States, Singapore and Israel, serving customers in more than 90 countries worldwide. To learn more, visit www.traxretail.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211021005093/en/

Trax Press

Rachel Johnson

Director of Corporate Communications, Global

rachel.johnson@traxretail.com

Source: Trax

FAQ

Who is the new CFO of Trax?

Karl Johnsen has been appointed as the new Chief Financial Officer of Trax.

What is the significance of Debbie Simpson joining the Trax board?

Debbie Simpson is the first independent board member, bringing extensive financial and operational experience.

What was Karl Johnsen's previous position before joining Trax?

Karl Johnsen served as CFO at AspenTech (NASDAQ: AZPN) before joining Trax.

What roles will Karl Johnsen and Debbie Simpson play at Trax?

Johnsen will focus on financial leadership as CFO, while Simpson will chair the audit committee.

How will the new appointments impact Trax's future?

The appointments aim to improve corporate governance and support Trax's growth initiatives.