FalconStor Software Names Vincent Sita as Chief Financial Officer

Rhea-AI Summary

FalconStor Software, Inc. (OTCQB: FALC) has appointed Vincent Sita as its new Chief Financial Officer, bringing over 20 years of financial experience. Sita previously worked at Bell Canada and ACN, focusing on finance in medium-sized businesses. His role will oversee financial matters including accounting, tax, and investor relations. Both Sita and CEO Todd Brooks are optimistic about FalconStor's strategy in hybrid cloud data protection, aiming to enhance value for shareholders and support growth in managed service providers (MSPs).

Positive

• Appointment of Vincent Sita as CFO is expected to strengthen financial leadership.
• Sita's extensive expertise in subscription businesses aligns with FalconStor's strategy.
• Focus on hybrid cloud data protection presents significant market opportunities.

Negative

• None.

New appointment sets the company up for strong execution in 2022 and beyond

AUSTIN, Texas--(BUSINESS WIRE)-- FalconStor Software, Inc. (OTCQB: FALC), the trusted data protection software leader modernizing disaster recovery and backup operations for the hybrid cloud world, today announced that the company has appointed Vincent Sita as chief financial officer. Sita has more than two decades of experience, having worked both in publicly listed and privately held companies, with the past few being spent as a finance consultant and finance executive in medium-sized businesses. In his role at FalconStor, Sita will report to CEO Todd Brooks and will oversee the company’s financial matters, including finance, accounting, tax, treasury, and investor relations.

Throughout his career, Sita has been a leader in finance, having spent 17 years in various finance roles at Bell Canada and the better part of a decade with ACN, the largest direct selling telecommunications and essential services provider in the world, as vice president of finance, North America. The past few years, he was a consultant working with several companies on strategic and value-added initiatives such as market expansion, operational and system integrations, and change management.

“I am pleased to join FalconStor as the company capitalizes on the huge market opportunity for hybrid cloud data protection solutions, both in the end user and the managed service provider (MSP) community,” said Vincent Sita. “I will be collaborating with the worldwide team of FalconStor experts and partners to continue the work they have done in this very important growth phase of the company and make sure we create value for shareholders while supporting our expanding customer base.”

“I am glad that Vincent is joining the FalconStor family and we have his guidance as we execute on our two-pronged strategy to deliver hybrid cloud data protection. He will be an essential member of the executive team as we focus our efforts on enabling managed service providers as our primary channel that we have articulated in 2020 and 2021,” said Todd Brooks, CEO of FalconStor. “With Vincent’s arrival and thanks to his extensive expertise in subscription-based businesses, we remain in an excellent position to drive our strategy forward and deliver for our worldwide partner and shareholder communities.”

About FalconStor

FalconStor is the trusted data protection software leader modernizing disaster recovery and backup operations for the hybrid cloud world. The company enables enterprise customers and managed service providers to secure, migrate, and protect their data while reducing data storage and long-term retention costs by up to 95 percent. More than 1,000 organizations and managed service providers worldwide standardize on FalconStor as the foundation for their cloud first data protection future. The company’s products are offered through and supported by a worldwide network of leading managed service providers (“MSPs”), systems integrators, resellers, and original equipment manufacturers (“OEMs”). To learn more, visit www.falconstor.com and stay connected with us on YouTube, Twitter, and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220228005312/en/

Georgiana Comsa

Silicon Valley Public Relations

georgiana@siliconvalleypr.com

Source: FalconStor Software, Inc.

FAQ

What is the significance of Vincent Sita's appointment as CFO for FalconStor?

Vincent Sita's appointment as CFO is expected to bolster FalconStor's financial leadership and drive the company's strategy in hybrid cloud data protection.

How does FalconStor plan to capitalize on the hybrid cloud market?

FalconStor aims to capitalize on the hybrid cloud market by enhancing its data protection solutions for both end users and managed service providers.

What experience does Vincent Sita bring to FalconStor?

Vincent Sita brings over 20 years of experience in financial roles at various companies, including Bell Canada and ACN, focusing on strategic financial initiatives.

What strategy is FalconStor pursuing with its new CFO?

FalconStor is pursuing a two-pronged strategy focused on delivering hybrid cloud data protection solutions, particularly through managed service providers.