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Riverbed|Aternity Announces Appointment of New Board of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
The Company, Riverbed|Aternity, announced the appointment of seven new directors to its Board of Directors following its recapitalization, effective December 7, 2021. These seasoned leaders bring diverse skills to enhance strategic goals and customer relationships. CEO Dan Smoot emphasized the Board's alignment with the Company's future vision and its improved financial profile. The new board members include R. Carter Pate, Steve Curts, and Patricia Hume, among others, each with significant experience in various sectors.
Positive
Appointment of seven experienced directors to the Board, enhancing leadership diversity.
Strengthened financial profile post-recapitalization positioning for future growth.
Alignment of the new Board with the Company's strategic vision.
Negative
Concerns about the continuity due to the replacement of the entire Board.
Potential experience gap with new members not having historical knowledge of the Company's challenges.
New Board Brings Significant and Diverse Experience to Support Company’s Growth and Success
SAN FRANCISCO--(BUSINESS WIRE)--
Riverbed|Aternity (the “Company”) today announced that, as part of its recapitalization, which was finalized today, the following seven directors have been appointed to the Company’s new Board of Directors (the “Board”). These appointments became effective on December 7, 2021, upon the completion of the Company’s recapitalization and voluntary court-supervised process.
“We are pleased to welcome our new directors, a group of seasoned, accomplished and respected business leaders who will bring a wide and diverse range of skills to the Riverbed|Aternity Board,” said Dan Smoot, President and CEO of Riverbed|Aternity. “As we begin our next phase, we are excited to be moving forward with a strong and experienced Board that is aligned with our vision for the future, and will help us further our strategic goals, expand our relationships across industries and capture the value creation opportunities and growth in front of us. With a stronger financial profile and reinforced Board oversight, Riverbed|Aternity is ideally positioned to meet and exceed our customers’ and partners’ needs.”
The following individuals, who collectively bring extensive industry and leadership experience, will serve as members of the Board:
R. Carter Pate, Chair of the Board
Mr. Pate is an accomplished former CEO and Financial Executive with over 40 years’ experience leading companies. During his two decades at PricewaterhouseCoopers, LLP he rose to become the US and Global Managing Partner for HealthCare and Government. He is a current Audit Committee Director at Optioncare Health (NASDAQ:OPCH) and has also served as CEO of MV Transportation, CEO of Providence Services Corp (NASDAQ:MODV), Chairman of the Board at Red Lion Hotels, Chairman of the Board of Bioscrip, Inc (NASDAQ:BIOS), and as Audit and Compensation Chair of five other public companies. He is a CPA, was awarded his FCPA and CFE, was named a Board Governance Fellow of NACD, and is the author of The Phoenix Effect. He is a resident of Dallas, Texas.
Steve Curts Mr. Curts has extensive senior executive experience in operations, M&A, restructuring and corporate strategy. He has a track record of driving revenue and profit growth, large transformational programs and global operations, while focusing on building and developing teams. Mr. Curts is currently a Managing Director and oversees Portfolio Operations at Certares Management, LLC. He is a resident of Dallas, Texas.
Sherman Edmiston Mr. Edmiston is the Managing Member of HI CapM Advisors, Ltd., a consulting firm that provides strategic and financial advisory services to corporations, private equity firms, and credit funds. Mr. Edmiston was a Partner and Managing Director at Zolfo Cooper LLC (now Alix Partners) until December 2015. Mr. Edmiston currently serves on the board of directors of Arko Corp., GTT Communications, Inc., Key Energy Services, Mallinckrodt Specialty Generics, and REAL ALLOY. Previous directorships include Arch Resources, Inc., Centric Brands, HCR Manorcare, IPC Systems, Inc., JL French Automotive, Monitronics Inc., Preferred Sands and Skillsoft. He resides in Brooklyn, New York.
Patricia Hume Ms. Hume is a dynamic leader whose career in software and high tech spans four decades, including 20 years at the C-level. Ms. Hume currently serves as CEO of Canvas GFX Inc. With a wealth of cross-functional experience and deep operational expertise across IBM, SAP, Avaya, and various microcaps and startups, Ms. Hume specializes in driving sustained growth and high-impact turnarounds. She is a resident of Boston, Massachusetts.
Chris Lahoud Mr. Lahoud is a Partner at Apollo, one of the world’s leading alternative asset managers, where he joined in 2018. Previously, Mr. Lahoud was a senior professional with Deutsche Bank and started his career in credit trading at Citibank. He is a graduate of the University of Richmond. In addition to Riverbed|Aternity, he currently serves on the boards of Hertz and Moxe Health.
Dave O’Callaghan
Mr. O’Callaghan is well respected across the high tech industry, and is an Executive Faculty member at the University of Denver. His career has spanned nearly forty years in high tech having had executive leadership roles at VMware, Cisco and Hitachi Data Systems. He currently is a Partner at Vation Ventures, a firm that provides innovators a path to success in the high tech ecosystem. He is a resident of Denver, Colorado.
Dan Smoot Mr. Smoot joined Riverbed|Aternity in June 2018 and currently serves as President and Chief Executive Officer of the Company. He has more than 30 years of experience holding top leadership roles at top technology companies including Salesforce, Cisco and VMware. Prior to becoming CEO, Mr. Smoot held several executive leadership roles at Riverbed, including most recently COO and leading the company’s Worldwide Sales, Channels and Alliances, Sales Operations and Customer Experience teams. Mr. Smoot was previously Executive Vice President of Global Partner Sales and Executive Vice President of Market Readiness at Salesforce. Prior to Salesforce, Smoot worked at VMware as Senior Vice President of Global Customer Operations. Before VMware, he spent more than 12 years in a variety of senior leadership roles at Cisco. Mr. Smoot resides in San Francisco, California.
Mr. Smoot continued, “I also want to thank our outgoing board members for their valuable service over many years. Their leadership was instrumental in building Riverbed into the leading platform it is today, and they have played a pivotal role in guiding us through our successful recapitalization. We wish them well in their future endeavors.”
About Riverbed|Aternity
Riverbed|Aternity enables organizations to maximize visibility and performance across networks, applications and end-user devices, so they can fully capitalize on their cloud and digital investments. Riverbed|Aternity solutions enable organizations to visualize, optimize, remediate and accelerate the performance of any network for any application, while supporting business objectives to mitigate cyber security risk and enhance the digital experience for all end-users. The Company offers two best-in-class product lines: end-to-end visibility – including NPM, APM and EUEM – that delivers actionable insights; and network and acceleration solutions, including application acceleration (SaaS, client and cloud acceleration), WAN optimization, and enterprise-grade SD-WAN. Riverbed|Aternity’s 30,000+ customers include 95% of the Fortune 100. Learn more at riverbed.com.
Riverbed and any Riverbed product or service name or logo used herein are trademarks of Riverbed Technology, Inc. All other trademarks used herein belong to their respective owners.
FORWARD-LOOKING STATEMENTS
This news release includes forward-looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company’s plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made based upon management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company’s regulatory filings and periodical reporting. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.
