cyan AG: Change of Executive Board at cyan AG: Martin Wachter to succeed CFO Michael Sieghart
DGAP-News: cyan AG
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Change to the Executive Board at cyan AG: Martin Wachter to succeed CFO Michael Sieghart
Munich, September 14, 2021 - The Supervisory Board of cyan AG today appointed Martin Wachter as the company's new Chief Financial Officer (CFO), effective December 1, 2021 until the end of 2023. The management contract with Michael Sieghart, cyan AG's CFO of many years, will be amicably ended as of December 31, 2021.
Michael Sieghart, CFO of cyan AG: "Since joining cyan in early 2018, I have been privileged to play my part in building and growing the company. We took the company public, and acquired I-New, a significantly larger company. A number of equity and debt financings were carried out to secure the growth of the group in recent years. In addition, we introduced Group-wide IFRS reporting, thus significantly increasing transparency for shareholders. Now the company has entered a consolidation phase and it is time to hand over to my successor."
With Martin Wachter, the Supervisory Board has been able to attract a proven financial specialist who, with his international management experience, will support the further development and repositioning of cyan AG.
Martin Wachter has over 35 years of financial experience with 25 of those years in management positions. He looks back on a long career in banking, most recently as a member of the management board of LGT Bank in Austria and as a member of the management board of Bank Alpinum.
Alexander Schütz, Chairman of the Supervisory Board of cyan AG: "We would like to thank Michael Sieghart for his commitment over the last four years and the work he has done to build up cyan. We are pleased to welcome Martin Wachter, such an internationally successful manager, on board with us."
cyan AG is a leading, globally active provider of intelligent cyber security solutions and platforms (BSS/OSS) for telecom companies with more than 15 years of experience in the IT industry. The company's main business areas are IT security solutions for end customers of mobile and fixed network internet providers (MNO, ISP), mobile virtual network operators (MVNO) and financial service providers. The solutions provided by cyan are integrated as white label product into the infrastructure of the business partners, who then offer them to their end customers in a B2B2C model, under their own brand.
Today the group has numerous international customers, through which cyan's products are distributed to end customers. In the process cyan can offer a range of solutions along the entire value chain from platform, data optimization to cyber security. In addition, cyan operates its own research & development center with the aim of identifying industry trends at an early stage and developing optimal product solutions. In December 2018, cyan won a global group contract with Orange as a result of an inter-national tender process. Besides Orange, cyan's customers include among others Claro Chile (América Móvil Group) as well as the telecom group Magenta (T-Mobile).
Further information is available at www.cyansecurity.com.
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