- After about two years in the position
- Thanks and good wishes for Moynahan
- Victor Limongelli taking over temporarily
(exechange) — Boston, Massachusetts, January 5, 2024 — Matthew Moynahan, chief executive of OneSpan, leaves his position. As announced by OneSpan Inc. in a news release and in a regulatory filing published on Friday, January 5, 2024, Matthew Moynahan has left his post as chief executive officer at the cybersecurity company, after about two years in the role, effective January 4, 2024.
Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.
Matthew Moynahan’s duties as CEO will be taken over temporarily by Victor Limongelli, most recently Chief Executive Officer at BQE Software, as Interim Chief Executive Officer.
The fact that Matthew Moynahan’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“Accelerate the pace of execution”
The management change is explained as follows. OneSpan stated: “OneSpan Inc. (Nasdaq: OSPN) (“OneSpan” or the “Company”) today announced a leadership change designed to strengthen its strategic plan and accelerate the pace of execution of the Company’s ongoing transformation.”
Precise information regarding Matthew Moynahan’s future plans was not immediately available.
“Terminated without cause”
OneSpan said: “Mr. Limongelli replaces Matthew Moynahan, with the change effective immediately.”
OneSpan further said: “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.”
Share price decline since November 2021
The announcement follows a decline in OneSpan Inc.’s share price of 53% since November 2021. November 2021 is the month in which Moynahan’s tenure as CEO began.
In the position of CEO since 2021
Matthew Moynahan became CEO of the Company in 2021.
Moynahan has served as OneSpan’s President and Chief Executive Officer since November 2021 and as a director since June 2022.
Before OneSpan, he was the Chief Executive Officer of Forcepoint LLC, a global provider of commercial and government cybersecurity solutions and a subsidiary of Raytheon Technologies Corporation, from May 2016 until its acquisition by Francisco Partners in January 2021.
Prior to that, Moynahan served as President of Arbor Networks, a network security and monitoring software company and a subsidiary of Danaher Corporation, from January 2012 through May 2016, where he was responsible for building a large commercial cloud DDoS platform and network-based advanced threat protection systems, and as President and Chief Executive Officer of Veracode, Inc., a SaaS pioneer of cloud-based software security testing platforms, from April 2006 through May 2011.
He also served as Vice President of Symantec’s enterprise product management group, as well as Vice President and General Manager of its consumer division.
Moynahan holds a Bachelor of Arts in History and Economics from Williams College and a Master of Business Administration from the Harvard Business School.
No statement by Matthew Moynahan
In the release announcing his departure as CEO of OneSpan Inc., Matthew Moynahan received thanks and good wishes.
The announcement of his departure as CEO does not include a statement by Matthew Moynahan.
Push-out Score for Matthew Moynahan’s move determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Matthew Moynahan’s move on a scale of 0 to 10.
Read the full story in the exechange report 2.2024 ($).