Changes are underway at the board of Radware Ltd. (Nasdaq: RDWR; TASE: RDWR). Chairman Chris McCleary announced his retirement after serving in the post since August 2006. He has been a company director since February 2000. Dr. Orna Berry, a company director, will serve as interim chairwoman. She is a partner in Gemini Israel Funds and chairwoman of the Israel Venture Association, and previously served as chief scientist.
McCleary, 55, took over as Radware chairman from Yehuda Zisapel, the father of Radware CEO Roy Zisapel, and the largest shareholder in the company, with a 15.3% stake. Yehuda Zisapel was chairman since founding the company until 2006 when he resigned in an unusual move at RAD Data Communications Ltd., where either Yehuda Zisapel or his brother, Zohar, usually chair the subsidiaries.
Since Berry is an external director of Radware, a post she has held since 2000, she cannot serve as its permanent chairwoman. She told "Globes" today, "The next board meeting will determine what we're looking for, and I believe that we'll find a permanent chairman for Radware within a few months."
As for her replacement, Berry added, "I think that we can give more confidence in Israeli managers who will fulfill jobs of this kind."
The new chairman will have to be able to maneuver between Radware's institutional investors and Yehuda and Zohar Zisapel, who jointly own 20.4% of the company. He will join the company at a time when its market cap is close to its cash reserves and it is struggling to achieve operating profitability.
Radware fell 5.8% at the opening on Nasdaq to $6.36, giving a market cap of $127 million. The share fell 0.8% on the TASE today to NIS 24.41.
Published by Globes [online], Israel business news - www.globes-online.com - on October 16, 2008
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