Wix.com (WIX) Announces Changes to Board of Directors
- Wall St mixed as traders assess economic data, megacaps rebound
- U.S. job openings fall to 8.733 million in October - JOLTS report
- Hedge Funds were big sellers of Big Tech stocks last week - Morgan Stanley
- CVS Health adds 2% as 2024 revenue outlook tops estimates
- Take-Two dips as analysts flag possible disappointment over GTA VI release date
Wix (Nasdaq: WIX), today announced changes to its Board of Directors. The announced changes are part of Wix's track record of regularly refreshing and enhancing its board to closely align with the changing operating environment as well as its current strategic objectives, balancing stability and expertise with change and adaptability. Additionally, these changes support Wix's continued transition to a new phase of value creation focused on product-led growth with sustained profitability and a commitment to achieving "Rule of 40" in 2025.
In these efforts, Wix announced the appointment of Gavin Patterson and Francesco de Mojana to Wix's Board of Directors. In addition to their general board responsibilities, de Mojana will join the Audit Committee and Patterson will join the Compensation Committee. This reinforces Wix's commitment to a strong, independent board focused on the long-term performance of the Company.
Wix also announced the resignation of Yuval Cohen and Roy Saar from the Board after many years of dedicated service. These changes are effective as of March 8, 2023.
These new board members were carefully and strategically chosen to guide and support the Wix management team with key incremental skill sets. Gavin's history of operating experience and strategic execution as well as his expertise in enterprise software will be invaluable in guiding the Wix executive team as the company continues to grow. With a strong track record of implementing operating efficiencies and cost management, Francesco will bring a valuable set of skills to Wix's management at a time when improving margins is a key priority. These added diverse experiences support the Company's continued focus on balancing growth and sustained profitability and will help maximize Wix's long-term potential.
Gavin Patterson brings to Wix decades of extensive operating experience across software, media, telecommunications and technology. Patterson has a proven track record of strategic execution and leadership as the former President and Chief Revenue Officer at Salesforce, where he led worldwide sales and distribution of Salesforce products and services. In addition, as the former CEO of BT Group, where he completed the UK rollout of superfast fiber and started the deployment of ultrafast fiber, led the £15 billion acquisition of EE, launched BT Sport and expanded BT's cyber security practice, Patterson will also bring unmatched expertise in scaling up businesses.
Francesco de Mojana brings over 25 years of experience in managing costs, a keen focus on implementing operational efficiencies and a history of expanding margins as a private equity investor, consultant and entrepreneur. As a former partner at Permira, where he led over €1.5 billion in investments, and as a management consultant at McKinsey, de Mojana brings to Wix deep expertise in implementing strategies that instill operational excellence and expand margins and profitability. As a founder and COO of a knowledge management software company sold to Telefonica Group, de Mojana will also bring extensive knowledge of operating a software technology organization.
"We could not be more excited to welcome directors of the caliber of Gavin and Francesco to our board of directors at a pivotal time in Wix's evolution as we continue to focus on profitable growth while scaling our business," said Mark Tluszcz, Chairman of Wix. "Collectively, they add to the Board a deep and broad base of incremental knowledge and experience that we will greatly benefit from as we continue to execute on our long-term plan."
"Additionally, we want to thank Yuval and Roy for their many years of dedicated service and meaningful contributions," continued Tluszcz. "Wix has benefited greatly from their depth of knowledge and invaluable guidance. Their expertise was critical as we navigated the pathway of growth over the past 10+ years and saw us through many incredible milestones."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Nio (NIO) unit, state owned firm wins bid for JAC assets
- GM’s Cruise faces $1.5M fine for 'misleading' commission over vehicle accident
- FLO partners with VinFast (VFS) to bring charging solutions to Canada
Create E-mail Alert Related CategoriesBoard Changes, Corporate News
Related EntitiesPermira, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!