Napatech A/S:
Lars Boilesen appointed CEO of Napatech
Press Release
COPENHAGEN, Denmark, 22 January 2024 – Napatech A/S (Napatech, OSE: NAPA) today announces the appointment of Lars Boilesen as Chief Executive Officer (CEO) of the Company effective immediately.
“We are very pleased to announce Lars Boilesen as the new CEO of Napatech. He brings a wealth of industry experience and track record from listed companies and has served as chairman of Napatech for nearly 7 years. In this position, he has been a pivotal force in changing the company’s strategic direction and securing vital partnerships. He has also been instrumental in securing several strategic relationships with tier 1 customers. His experience and impact in Napatech as chairman demonstrate his potential to significantly enhance the company’s growth and profitability,“ says Christian Jebsen, acting chairman of the Board of Directors of Napatech.
Lars Boilesen has been chairman of Napatech since September 2017 and has experience from multiple executive roles in the international software and technology industry, including as CEO of Opera Software ASA from 2010 to the company was sold in 2016 and CEO of the Norwegian-listed software company Otello Corporation (OSE: OTEC) from 2016 to 2023. Boilesen is stepping down as chairman with immediate effect as he assumes the CEO role.
“I look forward to working with the Napatech team even more closely to leverage on our opportunities and drive growth and expansion. I have been part of the Board of Directors for years and am highly impressed by the people and the world-class technology. The Company is perfectly positioned to capitalize on the opportunities in a rapidly changing market, and I look forward to embarking on this journey,“ says Lars Boilesen, CEO of Napatech.
Henrik Brill Jensen, who was appointed interim CEO in February 2023, will revert to his previous position as COO. The board would like to thank Henrik Brill for acting as the CEO in the period from Ray Smet’s departure until Lars became the new CEO of Napatech.
Christian Jebsen, who has been a board member of Napatech since 2019, will act as chairman until the ordinary general meeting.
The Board will offer Lars Boilesen 2,000,000 DKK in annual salary and no annual cash bonus.
Furthermore, as part of the management services agreement, the Board of Directors have agreed with Mr. Boilesen that he shall acquire treasury shares at fair market value (as determined after this public announcement and being the volume-weighted average price of today’s trading on the Oslo Stock Exchange) against payment of NOK 2,000,000. The Company will notify the market about Mr. Boilesen’s transaction as soon as the transaction has been made.
Furthermore, the Board of Directors has undertaken to seek the authorization of the general meeting to grant Mr. Lars Rahbæk Boilesen, as part of his remuneration and incentives package, up to 2,000,000 warrants equivalent to 2,000,000 shares in the company, vesting in equal instalments annually over 4 years , and having an exercise price of 13.06 NOK per share (corresponding to the weighted average trading price of the last 5 days prior to this announcement).
The aim of the warrants will be to align the goals of the company’s shareholders and management in order to increase the company’s value and to commit the newly appointed CEO to the company and its long-term objective.
For additional information, please contact:
- Christian Jebsen, Acting Chairman of the Board of Directors Phone: +47 40 40 14 41 E-mail: christian.jebsen@verdane.com
- Lars Boilesen, Chief Executive Officer Phone +47 40 40 14 60 E-mail: Larsb@napatech.com
- Heine Thorsgaard, Chief Financial Officer Phone: +45 4596 1500 E-mail: htg@napatech.com
About Napatech
Napatech is a leading supplier of programmable FPGA-based SmartNIC solutions used in telecom, cloud, enterprise, cybersecurity and financial applications worldwide. Through commercial-grade software suites integrated with robust, high-performance hardware, Napatech accelerates telecom, networking and security workloads to deliver best-in-class system-level performance while maximizing the availability of server compute resources for running applications and services.
Additional information is available at: www.napatech.com.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Heine Thorsgaard, CFO, Napatech A/S, on 22 January 2024 at 08:00 CET.