- Push-out Score determined
- After about four years in the position
- Praise, thanks and good wishes for Clements
- Steven Worth taking over temporarily
- Search for a successor
(exechange) — Chicago, Illinois, August 4, 2021 — Scott Clements, chief executive of OneSpan, leaves. As announced by OneSpan Inc. in a news release and in a regulatory filing published on Wednesday, August 4, 2021, Scott M. Clements has left his post as chief executive officer at the cybersecurity technology company after about four years in the role, effective August 2, 2021.
OneSpan will undertake a search for a successor.
Scott Clements’s duties as CEO will be taken over temporarily by Steven R. Worth, most recently Interim Chief Financial Officer and Treasurer at OneSpan Inc., as Interim Chief Executive Officer.
“To pursue other interests”
Scott Clements’s departure from the CEO post is explained as follows. OneSpan said: “Steven Worth, who previously served as Interim Chief Financial Officer and Treasurer, and who will continue to serve as General Counsel, Chief Compliance Officer and Corporate Secretary, has been named Interim Chief Executive Officer, taking over for Scott Clements, who has left the Company to pursue other interests and has resigned from the Board. John Bosshart, who serves as Chief Accounting Officer, has assumed the additional role of Interim Chief Financial Officer. All executive changes are effective immediately.”
“Accelerate the pace of execution”
OneSpan stated: “OneSpan Inc. (NASDAQ: OSPN), the global leader in mobile banking security and e-signatures, today announced a series of leadership changes designed to strengthen its strategic growth plans and accelerate the pace of execution of the Company’s ongoing transformation.”
Separately, OneSpan’s Board of Directors announced that Al Nietzel has been appointed Chair of the Board. Nietzel assumed the Chair role from John N. Fox Jr., who has retired from the Board consistent with his previously disclosed plans.
“Results do not reflect the potential”
“OneSpan has made important progress in transforming its business, but the Company’s results do not reflect the potential we see or our expectations as a Board and we believe this is the right time for a leadership transition,” said Nietzel.
Precise information regarding Scott Clements’s future plans was not immediately available.
“Left the Company”
OneSpan said: “Scott M. Clements, the Company’s President and Chief Executive Officer and a director, left the Company (including the Board) effective August 2, 2021.”
“Not related to any disagreement”
“Mr. Clements’ departure is not related to any disagreement with the Company on any matter relating to its operations, policies or practices,” OneSpan said.
Share price decline since August 2020
The announcement follows a decline in OneSpan Inc.’s share price of 23% since August 2020.
In the position of CEO since 2017
Scott Clements became CEO of the Company in 2017.
Clements has served as OneSpan’s President and Chief Executive Officer since July 2017.
From November 2016 to July 2017, he served as the Company’s President and Chief Operating Officer, and prior to that, Clements served as the Company’s Chief Strategy Officer since he joined the Company in December 2015.
Before joining OneSpan, Clements spent eleven years at Tyco International where he most recently served as Corporate Senior Vice President, Business Development focused on technology acquisitions. Prior to that, Clements served as President of Tyco Retail Solutions and also as Tyco’s Chief Technology Officer.
Before joining Tyco, Clements spent a decade at Honeywell International in domestic and international financial and operational leadership roles.
Clements received a bachelor’s degree in chemical engineering and advanced process control from The Ohio State University and an MBA in finance and corporate strategy from the University of Michigan in Ann Arbor.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Scott Clements’s move on a scale of 0 to 10.
exechange reached out to OneSpan and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2021 ($).