CyberArk Announces Chief Financial Officer Transition
CyberArk announced a planned CFO transition, with Josh Siegel stepping down on January 1, 2025, to become an advisor. Deputy CFO Erica Smith will assume the CFO role. Smith, who joined CyberArk in 2015, previously served as Senior VP of Finance and Investor Relations, playing key roles in the company's business model transition and recent $1.6 billion Venafi acquisition. During Siegel's 13-year tenure, CyberArk grew from under $40 million in revenue to nearly $1 billion in ARR, maintaining profitable growth. Smith brings over 25 years of finance leadership experience and will focus on supporting CyberArk's continued growth and innovation.
CyberArk ha annunciato una prevista transizione del CFO, con Josh Siegel che si dimetterà il 1 gennaio 2025 per diventare un consulente. Il CFO ad interim Erica Smith assumerà il ruolo di CFO. Smith, che è entrata in CyberArk nel 2015, ha precedentemente ricoperto il ruolo di Vicepresidente Senior delle Finanze e Relazioni con gli Investitori, svolgendo ruoli chiave nella transizione del modello di business dell'azienda e nell'acquisizione recente di 1,6 miliardi di dollari da Venafi. Durante il mandato di Siegel di 13 anni, CyberArk è cresciuta da meno di 40 milioni di dollari di fatturato a quasi 1 miliardo di dollari in ARR, mantenendo una crescita redditizia. Smith porta oltre 25 anni di esperienza nella leadership finanziaria e si concentrerà sul supporto alla continua crescita e innovazione di CyberArk.
CyberArk anunció una transición planificada de CFO, con Josh Siegel renunciando el 1 de enero de 2025 para convertirse en asesor. La CFO adjunta Erica Smith asumirá el cargo de CFO. Smith, quien se unió a CyberArk en 2015, desempeñó anteriormente el papel de Vicepresidenta Senior de Finanzas y Relaciones con Inversores, ocupando roles clave en la transición del modelo de negocio de la empresa y en la reciente adquisición de Venafi por 1.6 mil millones de dólares. Durante el mandato de Siegel de 13 años, CyberArk creció de menos de 40 millones de dólares en ingresos a casi 1 mil millones de dólares en ARR, manteniendo un crecimiento rentable. Smith aporta más de 25 años de experiencia en liderazgo financiero y se enfocará en apoyar el continuo crecimiento e innovación de CyberArk.
CyberArk는 CFO 전환 계획을 발표했으며, Josh Siegel은 2025년 1월 1일에 물러나고 고문이 될 예정입니다. 부 CFO Erica Smith가 CFO 역할을 맡게 됩니다. Smith는 2015년에 CyberArk에 합류했으며, 이전에는 재무 및 투자자 관계의 수석 부사장으로 활동하며 회사의 비즈니스 모델 전환과 최근의 16억 달러 규모의 Venafi 인수에서 중요한 역할을 했습니다. Siegel의 13년 재임 기간 동안 CyberArk는 4천만 달러 미만의 수익에서 거의 10억 달러의 ARR로 성장하며 수익성 있는 성장을 유지했습니다. Smith는 25년 이상의 재무 리더십 경험을 가지고 있으며 CyberArk의 지속적인 성장과 혁신을 지원하는 데 집중할 것입니다.
CyberArk a annoncé une transition prévue pour le poste de CFO, avec Josh Siegel qui démissionnera le 1er janvier 2025 pour devenir conseiller. La CFO adjointe Erica Smith assumera le rôle de CFO. Smith, qui a rejoint CyberArk en 2015, a précédemment occupé le poste de Vice-Présidente Senior des Finances et des Relations avec les Investisseurs, jouant des rôles clés dans la transition du modèle commercial de l'entreprise et dans la récente acquisition de Venafi pour 1,6 milliard de dollars. Pendant le mandat de 13 ans de Siegel, CyberArk est passé de moins de 40 millions de dollars de revenus à près de 1 milliard de dollars en ARR, maintenant une croissance rentable. Smith apporte plus de 25 ans d'expérience en leadership financier et se concentrera sur le soutien à la croissance continue et à l'innovation de CyberArk.
CyberArk hat einen geplanten Wechsel in der CFO-Position angekündigt, wobei Josh Siegel am 1. Januar 2025 als Berater zurücktritt. Die stellvertretende CFO Erica Smith wird die Rolle des CFO übernehmen. Smith, die 2015 zu CyberArk kam, war zuvor Senior VP für Finanzen und Investor Relations und spielte entscheidende Rollen beim Übergang des Geschäftsmodells des Unternehmens und bei der aktuellen Übernahme von Venafi für 1,6 Milliarden Dollar. Während Siegel 13 Jahre im Amt war, wuchs CyberArk von weniger als 40 Millionen Dollar Umsatz auf fast 1 Milliarde Dollar ARR und hielt ein profitables Wachstum aufrecht. Smith bringt über 25 Jahre Erfahrung in der Finanzführung mit und wird sich darauf konzentrieren, das kontinuierliche Wachstum und die Innovation von CyberArk zu unterstützen.
- Company growth from $40M to nearly $1B in ARR under current CFO leadership
- Successful completion of $1.6B Venafi acquisition in 2024
- Planned and structured leadership transition maintaining continuity
- Strong track record of profitable growth and cash generation
- None.
Insights
This planned CFO transition appears well-orchestrated and signals continuity in CyberArk's financial leadership. The incoming CFO, Erica Smith, brings extensive experience with the company since 2015 and played key roles in major initiatives including the
Under outgoing CFO Josh Siegel's 13-year tenure, CyberArk demonstrated impressive financial growth, scaling from
CFO Josh Siegel to step down and Deputy CFO Erica Smith to be named CFO
Smith joined CyberArk in 2015 and was appointed Deputy Chief Financial Officer in 2024 after serving as Senior Vice President of Finance and Investor Relations, leading FP&A, investor relations and ESG. She was a part of the leadership team driving a successful business model transition in 2021 and 2022 and CyberArk’s
During his 13-year tenure as CFO, Siegel built a robust, highly disciplined finance organization that enabled essential investments and helped CyberArk scale from less than
“For more than a decade, Josh has been an instrumental member of the executive team,” said Matt Cohen, CyberArk's Chief Executive Officer. “His laser focus on growth, balanced with profitability and strong cash generation, has been key to our operating rhythm and has set the tone for the entire executive team and our long-term strategy. His contribution has been immeasurable, and we’re fortunate that he will stay on as an advisor, so we can continue to benefit from his insight and leadership.
“Erica has been a strong leader since day one. She has built an impeccable investor relations program and expanded her role to include FP&A, treasury and ESG. She also played an integral part in our subscription transition and currently has the key role of leading Venafi’s finance organization during the integration process. She knows the company inside and out and is a trusted partner to the Board and our executive leadership team. Her intellect, deep financial knowledge and sound judgment make her the perfect choice to be CyberArk’s next CFO,” continued Cohen.
“It’s been a privilege to have been part of CyberArk’s remarkable journey and to work alongside so many talented people. CyberArk has a bright future ahead as it continues to extend its leadership position in identity security. We have a strong finance team, and I am confident that under Erica’s leadership, they will continue to excel as they support the company’s growth, scale and profitability,” said Josh Siegel.
“I am honored by the trust Matt, Josh, the executive leadership team and Board are placing in me as the next CFO of CyberArk,” said Erica Smith. “CyberArk is truly a special company, and I am excited to build on the strong foundation Josh has established to help drive further growth and scale. I am also extremely grateful for the opportunity to work even more closely with our talented finance team around the world, who has demonstrated an unwavering commitment to professionalism and results-driven execution.”
Prior to joining CyberArk, Smith was Vice President of Investor Relations for Demandware from 2011 to 2015. Demandware completed an initial public offering and listing on Nasdaq in 2012 and was acquired by Salesforce in 2016. As a member of the finance leadership team at Demandware, Smith was deeply involved in establishing and tracking financial metrics, as well as finance and M&A activities. Previously, Smith held various investor relations, corporate communications and finance positions at leading companies including Boston Private Financial Holdings, Network Engines, StorageNetworks, Sharon Merrill Associates and Lehman Brothers. Smith holds a B.A. in Economics from the College of the Holy Cross.
About CyberArk
CyberArk (NASDAQ: CYBR) is the global leader in identity security. Centered on Intelligent Privilege Controls™, CyberArk provides the most comprehensive security offering for any identity – human or machine – across business applications, distributed workforces, hybrid cloud environments and throughout the DevOps lifecycle. The world’s leading organizations trust CyberArk to help secure their most critical assets. To learn more about CyberArk, visit cyberark.com, read the CyberArk blogs or follow on LinkedIn, X, Facebook or YouTube.
Copyright © 2024 CyberArk Software. All Rights Reserved. All other brand names, product names, or trademarks belong to their respective holders.
Cautionary Language Concerning Forward-Looking Statements
This release contains forward-looking statements, which express the current beliefs and expectations of CyberArk’s (the “Company”) management. In some cases, forward-looking statements may be identified by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential” or the negative of these terms or other similar expressions. Such statements involve a number of known and unknown risks and uncertainties that could cause the Company’s future results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating, but not limited to: risks related to the Company’s acquisition of Venafi Holdings, Inc. (“Venafi”), including impacts of the acquisition on the Company’s or Venafi’s operating results and business generally; the ability of the Company or Venafi to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom the Company or Venafi do business; risks that Venafi’s business will not be integrated successfully into the Company’s operations; risks relating to the Company’s ability to realize anticipated benefits of the combined operations after the Venafi acquisition; changes to the drivers of the Company’s growth and the Company’s ability to adapt its solutions to the information security market changes and demands, including artificial intelligence (“AI”); the Company’s ability to acquire new customers and maintain and expand the Company’s revenues from existing customers; intense competition within the information security market; real or perceived security vulnerabilities, gaps, or cybersecurity breaches of the Company, or the Company’s customers’ or partners’ systems, solutions or services; risks related to the Company’s compliance with privacy, data protection and AI laws and regulations; the Company’s ability to successfully operate its business as a subscription company and fluctuation in the quarterly results of operations; the Company’s reliance on third-party cloud providers for its operations and software-as-a-service (“SaaS”) solutions; the Company’s ability to hire, train, retain and motivate qualified personnel; the Company’s ability to effectively execute its sales and marketing strategies; the Company’s ability to find, complete, fully integrate or achieve the expected benefits of additional strategic acquisitions; the Company’s ability to maintain successful relationships with channel partners, or if the Company’s channel partners fail to perform; risks related to sales made to government entities; prolonged economic uncertainties or downturns; the Company’s history of incurring net losses, the Company’s ability to generate sufficient revenue to achieve and sustain profitability and the Company’s ability to generate cash flow from operating activities; regulatory and geopolitical risks associated with the Company’s global sales and operations; risks related to intellectual property claims; fluctuations in currency exchange rates; the ability of the Company’s products to help customers achieve and maintain compliance with government regulations or industry standards; the Company’s ability to protect its proprietary technology and intellectual property rights; risks related to using third-party software, such as open-source software; risks related to stock price volatility or activist shareholders; any failure to retain the Company’s “foreign private issuer” status or the risk that the Company may be classified, for
View source version on businesswire.com: https://www.businesswire.com/news/home/20241113780536/en/
Investor Relations:
Srinivas Anantha, CFA
CyberArk
617-558-2132
ir@cyberark.com
Media:
Nick Bowman
CyberArk
+44 (0) 7841 673378
press@cyberark.com
Source: CyberArk
FAQ
When will Josh Siegel step down as CFO of CyberArk (CYBR)?
Who will be the new CFO of CyberArk (CYBR)?
What was CyberArk's (CYBR) revenue growth under Josh Siegel's leadership?
What major acquisition did CyberArk (CYBR) complete in 2024?
