Cerence Appoints Industry Veteran Marc Montagner as New CFO

Rhea-AI Summary

Cerence Inc. (NASDAQ: CRNC) has appointed Marc Montagner as its new Chief Financial Officer (CFO), effective April 4, 2022. Montagner, who previously served as CFO at Endurance International, is expected to enhance growth and create long-term value for the company. He possesses extensive experience in finance and operational leadership, having driven results in various sectors. CEO Stefan Ortmanns expressed excitement about Montagner's joining, highlighting the opportunities ahead for Cerence.

Positive

• Marc Montagner brings proven experience from Endurance International and other firms, potentially enhancing Cerence's financial strategy.
• His leadership is expected to drive growth and improve operational results.

Negative

• Concerns may arise regarding potential continuity challenges due to the management change.
• Transitioning to a new CFO could result in temporary disruptions in financial strategy implementation.

Accomplished, High-Impact Executive to Help Drive Growth and Create Value

BURLINGTON, Mass., March 14, 2022 (GLOBE NEWSWIRE) -- Cerence Inc. (NASDAQ: CRNC), AI for a world in motion, today announced that it has named industry veteran Marc Montagner as its new Chief Financial Officer (CFO), effective April 4, 2022. He will be based in the Cerence Burlington, Massachusetts headquarters and will report to Stefan Ortmanns, Cerence CEO.

Mr. Montagner, who most recently served as CFO at Endurance International, is a proven, global CFO with a superior track record of delivering results and creating value. He is a widely respected, high-impact executive who brings a compelling mix of financial and operational discipline, finely tuned communication skills, and transformational leadership capabilities. As Cerence CFO, he is expected to be a strong partner to the leadership team and the Board of Directors as the company focuses on accelerating growth, improving operating results and creating sustainable, long-term value.

“After a rigorous search process, I’m excited to welcome Marc to Cerence. His impressive background in finance, banking, and business development makes him a great fit as our next CFO," said Stefan Ortmanns, CEO, Cerence. "We enthusiastically welcome him to our team and look forward to his contributions to the strategy, growth, health and future of our exciting business."

“I am excited about the role and look forward to joining at a time of incredible opportunity for Cerence and its many stakeholders,” said Marc Montagner. “I am eager to work with Stefan, his team and the Board and will do my part to help lead a financial, operational and cultural transformation at the company.”

About Marc Montagner
Marc Montagner comes to Cerence with significant financial and business development executive experience in technology and other sectors. Most recently, he served as CFO and Chief Risk Officer of Endurance International Group Holdings, Inc., a publicly traded SaaS company (then NASDAQ: EIGI) with approximately $1.1 billion in revenue and over $300 million in EBITDA. He worked with the CEO and the Board of Directors to negotiate a sale of the company to Clearlake Capital.

Previously, Mr. Montagner was CFO of LightSquared, a privately held satellite operator where he architected a reorganization plan that recapitalized the company through an approximately $2 billion investment from Fortress, Centerbridge Partners and JP Morgan. Prior to LightSquared, Mr. Montagner was the co-Head of the Telecommunications, Media and Technology M&A Group at Bank of America Merril Lynch. Earlier, he spent approximately eight years in banking with Morgan Stanley including as Managing Director, Media and Telecommunications and then served as Senior Vice President, Corporate Development and M&A at Sprint Nextel Corporation.

Mr. Montagner serves as the Lead Independent Director on the Board of Directors of Cogent Communications (NASDAQ: CCOI) and serves on the Board of Directors of Intelsat Corporation. He earned an MBA degree from Columbia University and master’s degree in electrical engineering from Telecom Paris.

About Cerence Inc.
Cerence (NASDAQ: CRNC) is the global industry leader in creating unique, moving experiences for the mobility world. As an innovation partner to the world’s leading automakers and mobility OEMs, it is helping advance the future of connected mobility through intuitive, powerful interaction between humans and their cars, two-wheelers, and even elevators, connecting consumers’ digital lives to their daily journeys no matter where they are. Cerence’s track record is built on more than 20 years of knowledge and more than 400 million cars shipped with Cerence technology. Whether it’s connected cars, autonomous driving, e-vehicles, or buildings, Cerence is mapping the road ahead.

To learn more about Cerence, visit www.cerence.com, and follow the company on LinkedIn and Twitter.

Forward Looking Statements
Statements in this press release that are not statements of historical fact, including statements regarding future expectations, beliefs, goals, plans or prospects, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements containing the words “believes,” “plans,” “anticipates,” “expects,” “intends” or “estimates” or similar expressions should also be considered to be forward-looking statements. Forward-looking statements involve known and unknown risk, uncertainties and other factors, which may cause actual results or performance of Cerence to be materially different from any future results or performance expressed or implied by such forward-looking statements including but not limited to: impacts of the COVID-19 pandemic on our and our customer’s businesses; the highly competitive and rapidly changing market in which we operate; adverse conditions in the automotive industry, the related supply chain, or the global economy more generally; our ability to control and successfully manage our expenses and cash position; our strategy to increase cloud offerings; escalating pricing pressures from our customers; our failure to win, renew or implement service contracts; the loss of business from any of our largest customers; effects of customer defaults; our inability to successfully introduce new products, applications and services; the inability to recruit and retain qualified personnel; cybersecurity and data privacy incidents; fluctuating currency rates; and the other factors discussed in our most recent Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. We disclaim any obligation to update any forward-looking statements as a result of developments occurring after the date of this document.

Contact Information

Investors
Rich Yerganian
Cerence Inc.
Tel: 617-987-4799
Email: richard.yerganian@cerence.com

Media
Kate Hickman
Cerence Inc.
Tel: 339-215-4583
Email: kate.hickman@cerence.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/17cc0f5a-89c5-4588-a5e0-a102ca51e286

FAQ

Who is the new CFO of Cerence Inc.?

The new CFO of Cerence Inc. is Marc Montagner, effective April 4, 2022.

What experience does Marc Montagner bring to Cerence?

Marc Montagner has significant experience as CFO at Endurance International and a strong background in finance and operational leadership.

What are the expectations for Marc Montagner's role at Cerence?

Marc Montagner is expected to drive growth, improve operating results, and create long-term value for Cerence.

When did Marc Montagner start his role at Cerence?

Marc Montagner officially takes on the role of CFO at Cerence on April 4, 2022.

What did Cerence's CEO say about the new CFO?

CEO Stefan Ortmanns expressed excitement about Marc Montagner's extensive background and welcomed him as a key part of the team.