OneSpan names Victor Limongelli interim CEO; raises FY2023 guidance

OneSpan Inc.

CEO Matthew Moynahan terminated without cause effective Jan 4, 2024; replaced by interim CEO Victor Limongelli.
Limongelli receives $75k/month base salary for up to 6 months; discretionary cash bonus of $300k-$1.5M; no equity grants.
FY2023 revenue expected at high end of $228M-$232M range; ARR guidance $148M-$152M reaffirmed.
FY2023 adjusted EBITDA to achieve/exceed high end of $2M-$4M range; FY2024 revenue target low-to-mid single-digit growth.
FY2024 adjusted EBITDA margin target 20%-23%; aspirational goal of 30% Rule of 40 by end of 2024.

item 5.02 item 7.01 item 9.01

Executive movements

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Appointed (interim)

Victor Limongelli

Interim Chief Executive Officer

OSPN · OneSpan Inc.

Effective: 2024-01-04
Filed: January 5, 2024, 6:59 PM ET

On January 4, 2024, the Board of Directors (the “Board”) of OneSpan Inc. (the “Company”, “OneSpan”, “we”, or “our”) appointed Victor Limongelli as Interim Chief Executive Officer, effective immediately.

Departed

Matthew Moynahan

President and Chief Executive Officer

OSPN · OneSpan Inc.

Effective: 2024-01-04
Successor: Victor Limongelli
Filed: January 5, 2024, 6:59 PM ET

Mr. Limongelli replaces Matthew Moynahan, whose employment as the Company’s President and Chief Executive Officer was terminated without cause on January 4, 2024 immediately prior to Mr. Limongelli’s appointment.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Victor Limongelli was appointed as Interim Chief Executive Officer at OneSpan Inc..

Action: appointed
Role: Interim Chief Executive Officer

Exact text from the filing

On January 4, 2024, the Board of Directors (the “Board”) of OneSpan Inc. (the “Company”, “OneSpan”, “we”, or “our”) appointed Victor Limongelli as Interim Chief Executive Officer, effective immediately.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Matthew Moynahan departed as President and Chief Executive Officer at OneSpan Inc..

Action: terminated without cause
Role: President and Chief Executive Officer

Exact text from the filing

Mr. Limongelli replaces Matthew Moynahan, whose employment as the Company’s President and Chief Executive Officer was terminated without cause on January 4, 2024 immediately prior to Mr. Limongelli’s appointment.

View on SEC.gov

OneSpan Inc. filing history →

Source: SEC EDGAR

accession 0001628280-24-000522

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