CyberArk (NASDAQ: CYBR), the global leader in identity security, today announced that Chief Financial Officer (CFO) Josh Siegel will step down on January 1, 2025 and transition into an advisory role. As part of a planned succession, Erica Smith, CyberArk's Deputy Chief Financial Officer, will become Chief Financial Officer and join the executive team.

Smith joined CyberArk in 2015 and was appointed Deputy Chief Financial Officer in 2024 after serving as Senior Vice President of Finance and Investor Relations, leading FP&A, investor relations and ESG. She was a part of the leadership team driving a successful business model transition in 2021 and 2022 and CyberArk’s $1.6 billion acquisition of Venafi in 2024. Smith will draw on her more than 25 years of finance leadership experience at CyberArk and other public companies to support CyberArk’s continued innovation and growth.

During his 13-year tenure as CFO, Siegel built a robust, highly disciplined finance organization that enabled essential investments and helped CyberArk scale from less than $40 million in revenue to nearly $1 billion in ARR, with a strong track record of profitable growth. As an advisor to the company, Siegel will help ensure a smooth transition and will work on key company initiatives and special projects.

“For more than a decade, Josh has been an instrumental member of the executive team,” said Matt Cohen, CyberArk's Chief Executive Officer. “His laser focus on growth, balanced with profitability and strong cash generation, has been key to our operating rhythm and has set the tone for the entire executive team and our long-term strategy. His contribution has been immeasurable, and we’re fortunate that he will stay on as an advisor, so we can continue to benefit from his insight and leadership.

“Erica has been a strong leader since day one. She has built an impeccable investor relations program and expanded her role to include FP&A, treasury and ESG. She also played an integral part in our subscription transition and currently has the key role of leading Venafi’s finance organization during the integration process. She knows the company inside and out and is a trusted partner to the Board and our executive leadership team. Her intellect, deep financial knowledge and sound judgment make her the perfect choice to be CyberArk’s next CFO,” continued Cohen.

“It’s been a privilege to have been part of CyberArk’s remarkable journey and to work alongside so many talented people. CyberArk has a bright future ahead as it continues to extend its leadership position in identity security. We have a strong finance team, and I am confident that under Erica’s leadership, they will continue to excel as they support the company’s growth, scale and profitability,” said Josh Siegel.

“I am honored by the trust Matt, Josh, the executive leadership team and Board are placing in me as the next CFO of CyberArk,” said Erica Smith. “CyberArk is truly a special company, and I am excited to build on the strong foundation Josh has established to help drive further growth and scale. I am also extremely grateful for the opportunity to work even more closely with our talented finance team around the world, who has demonstrated an unwavering commitment to professionalism and results-driven execution.”

Prior to joining CyberArk, Smith was Vice President of Investor Relations for Demandware from 2011 to 2015. Demandware completed an initial public offering and listing on Nasdaq in 2012 and was acquired by Salesforce in 2016. As a member of the finance leadership team at Demandware, Smith was deeply involved in establishing and tracking financial metrics, as well as finance and M&A activities. Previously, Smith held various investor relations, corporate communications and finance positions at leading companies including Boston Private Financial Holdings, Network Engines, StorageNetworks, Sharon Merrill Associates and Lehman Brothers. Smith holds a B.A. in Economics from the College of the Holy Cross.