Ceragon Networks(CRNT) - 2022 Q1 - Quarterly Report

Executive Management Change Ceragon Networks announces the departure of its CFO, Ran Vered, in May 2022, with an interim succession plan in place CFO Departure Details Ceragon Networks announced that its Chief Financial Officer, Ran Vered, will depart in May 2022 after three years to pursue other business interests outside the telecom industry - CFO Ran Vered to depart Ceragon Networks in May 2022 after three years[2] - Mr. Vered will continue to observe his duties as CFO until his departure, including releasing the Company's Q1 2022 financial results[2] Succession and Interim Plan The company has initiated a search for a successor CFO, with CEO Doron Arazi prepared to assume the interim role if needed - Search for a successor CFO is underway[3] - CEO Doron Arazi will act as interim CFO if a successor is not nominated by May 2022[3] Statements from CEO and Departing CFO CEO Doron Arazi praised Ran Vered's leadership in strengthening Ceragon's financial foundations, while Vered expressed confidence in the company's future - CEO Doron Arazi praised Ran Vered's leadership in strengthening Ceragon's financial foundations[4] - Ran Vered expressed confidence in Ceragon's executive team, strategy, and prospects, particularly in expanding 5G technologies and managed services[4] Company Profile Ceragon Networks is a global innovator and leading provider of 5G wireless transport solutions, leveraging unique multicore technology for high-capacity networks Business and Solutions Ceragon Networks Ltd. is a global innovator and leading provider of 5G wireless transport solutions, serving diverse customers across 150+ countries - Ceragon Networks Ltd. is a global innovator and leading solutions provider of 5G wireless transport[5] - Customers include service providers, public safety organizations, government agencies, and utility companies[5] - Solutions deliver 5G & 4G broadband wireless connectivity, mission-critical multimedia services, and stabilized communications[5] Technology and Market Position Ceragon's unique multicore technology and disaggregated approach provide highly reliable, high-capacity wireless transport for 5G and 4G networks, positioning it as a leading solutions provider - Ceragon's unique multicore technology and disaggregated approach provide highly reliable, fast to deploy, high-capacity wireless transport for 5G and 4G networks with minimal use of spectrum, power, real estate, and labor resources[6] - The company offers a complete portfolio of turnkey end-to-end AI-based managed and professional services[6] - Solutions are deployed by more than 400 service providers and over 800 private network owners in more than 150 countries[6] Important Disclosures This section outlines forward-looking statements, identifies key risk factors, and provides essential contact and filing information Forward-Looking Statements This press release contains forward-looking statements, based on current beliefs and assumptions, which involve known and unknown risks and uncertainties - The press release contains 'forward-looking statements' as defined by the Securities Act of 1933 and the Securities Exchange Act of 1934[9] - Examples include projections of demand, revenues, net income, gross margin, capital expenditures, liquidity, competitive pressures, and growth prospects[9] - Such statements are based on current beliefs and assumptions but involve known and unknown risks and uncertainties[9][10] Risk Factors Ceragon's future results may differ materially due to various risks, including economic conditions, supply chain issues, and geopolitical conflicts - Key risks include general economic conditions, continued effects of COVID-19, global increase in shipping costs and decrease in shipping slots availability[10] - Risks also include continuing impact of component shortages (semiconductors and chipsets), increased breaches of network security and cyber-attack activities, and concentration of business in certain countries (e.g., India)[10] - Other risks involve failure to meet product development timetables (e.g., delay in new chipset tape-out), slower-than-anticipated 5G rollout, and uncertainty associated with the Russia-Ukraine conflict[10] Contact and Filings Information For investor and media inquiries, contact Maya Lustig, with company filings available on the SEC and Ceragon websites - Investor & Media Contact: Maya Lustig, Ceragon Networks[7] - Annual Report on Form 20-F for fiscal year ended December 31, 2020, and other SEC filings are available on www.sec.gov and www.ceragon.com[7](index=7&type=chunk)[12] - Ceragon Networks® and FibeAir® are registered trademarks of Ceragon Networks Ltd[8]