Perion Network (PERI) CEO Mandelbaum to Step Down

September 27, 2016 6:12 AM EDT

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Perion Network Ltd. (Nasdaq: PERI) announced that Josef Mandelbaum will be leaving his position as Chief Executive Officer after a transition period of up to several months. The Board of Directors has begun a search for the Company's next CEO and the Board and Josef are committed to a seamless transition.

"On behalf of the entire Board, I want to thank Josef for his devoted leadership and contributions to Perion. Josef took a small one-product company with $29 million of annual revenue and turned it into a global company with diversified revenues of over $300 million. After six years, the Company and Josef decided that it is the right time to transition to new leadership and focus on moving the business forward and increasing shareholder value. I am confident our search will yield a strong candidate to lead Perion on its next phase of growth and we sincerely wish Josef all the best in all his future endeavors,” said Alan Gelman, Chairman of the Board of Directors.

"I am proud of what we have accomplished to date and very grateful for the opportunity to work with such amazing people at the company. I want to thank the employees and Directors of Perion, past and present, for helping make Perion a great company and a place to call home these past six years. Together, despite many external challenges, we built a company with significant revenues and strong EBITDA. Equally important, we built a culture of warmth and caring both internally and for the community at large," said Josef Mandelbaum, CEO of Perion.

"While we have made good progress on executing our strategy, the Board and I understand that to truly move the business forward, a change is needed. This change will allow the Company to focus on the future, give it time to execute without distractions and deliver increased shareholder value. I have full confidence in management and the employees and know that they will succeed," concluded Mr. Mandelbaum.

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