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CHAIR AND CEO TRANSITION PLANS

Crossword announces Board changes in preparation for next stage of profitable growth

 

21 May 2024 – London, UK - Crossword Cybersecurity Plc (AIM:CCS, “Crossword”, the “Company” or the “Group”), the cybersecurity solutions company focused on cyber strategy and risk, announces that with effect from 1 August 2024, Tom Ilube, Crossword’s current CEO, will step up to non – executive Chair and Stuart Jubb, who is currently Group Managing Director, will take on the CEO role. The current Chair, Sir Richard Dearlove will continue to serve on the Board as non-executive Director. These long planned changes are intended to best position Crossword for the next few years of growth as Crossword seeks to achieve EBITDA profitability in the second half of the year.

Tom Ilube founded Crossword in 2014 and has led the firm as CEO for the past ten years. Tom remains firmly committed to Crossword and will focus his attention on the major strategic steps that will build long term value for shareholders. Tom is an experienced corporate leader who currently serves as Chair of the Rugby Football Union (RFU) as well as serving on the Board of WPP, the FTSE 100 global advertising agency company. He previously sat on the Board of the BBC and has chaired a range of other organisations.

In preparation for this transition to CEO, Stuart was appointed to the Board at the beginning of April this year. Stuart joined Crossword in February 2016 to head up Crossword’s newly established cybersecurity consulting division.  From 1 January 2022, Stuart has been Group Managing Director of Crossword, with responsibility for Consulting, Sales and Managed Services, and in September 2023 also became responsible for Product. Prior to joining Crossword, Stuart worked at KPMG where he was Associate Director, Defence & Security. Prior to that, he was Chief Operating Officer of a global consulting team of over 200 in KPMG Advisory. Stuart spent nine years as an officer in HM Forces, after commissioning from the Royal Military Academy Sandhurst, serving in Afghanistan, NATO and elsewhere.

Sir Richard Dearlove, Chair of Crossword, said: “I am pleased that we have been able to manage this long planned transition so smoothly. Tom has been preparing Stuart as his successor for several years, giving him wider responsibilities and the Board is satisfied that Stuart is more than ready to take over. We are delighted that Tom remains fully committed to the company and is willing to take over from me as Chair. I have enjoyed my 8 years as Chair of Crossword, seeing it develop to a high growth, very well run cyber security company on the verge of EBITDA profitability and I am very pleased to be asked to remain on the Board as a non-executive Director.”

Commenting on the succession plans, Tom Ilube said: “Stuart and I have worked closely together since 2016 and I always intended for him to be my successor. With me as Chair and Stuart as CEO, our partnership will continue as we enter the next phase of growth, scaling up Crossword as a rapidly growing, profitable company.”

Stuart Jubb, incoming CEO, said: “I am honoured that Tom and Sir Richard are putting their trust in me to take on the role of CEO from August this year. Tom and I have prepared for this transition over the past few years. I am excited about what we are setting out to achieve for our clients, our staff and our shareholders over the next few years, as Crossword moves into its profitable growth phase later this year.”


In addition to the above changes, Crossword also announces that Ruth Anderson will step down from the Board at the AGM on 23 May 2024, having served six very successful years on the Board since 2018.

Sir Richard Dearlove, Chairman of Crossword Cybersecurity Plc, said: “On behalf of the Board, I would like to thank Ruth for the contribution she has made to Crossword during her time on the Board and we wish her the best for the future."

 

- Ends –

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Contacts

Crossword Cybersecurity plc - Tel: +44 (0) 333 090 2587

Tom Ilube, Chief Executive Officer

Mary Dowd, Chief Financial Officer

Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383 5100

Colin Aaronson / Jamie Barklem / Ciara Donnelly / Elliot Peters

Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341

Claire Louise Noyce

For media enquiries contact:

Duncan Gurney, GingerPR

duncan@gingerpr.co.uk - Tel: +44 (0)1932 485 300

 

About Crossword Cybersecurity plc

Crossword offers a range of cyber security solutions to help companies understand and reduce cyber security risk. We do this through a combination of people and technology, in the form of SaaS and software products, consulting, and managed services. Crossword's areas of emphasis are cyber security strategy and risk, supply chain cyber, threat detection and response, and digital identity and the aim is to build up a portfolio of cyber security products and services with recurring revenue models in these four areas. We work closely with UK universities and our products and services are often powered by academic research-driven insights. In the area of cybersecurity strategy and risk our consulting services include cyber maturity assessments, industry certifications, and virtual chief information security officer (vCISO) managed services.

Crossword's end-to-end supply chain cyber standard operating model (SCC SOM) is supported by our best-selling SaaS platform, Rizikon Assurance, along with cost-effective cyber audits, security testing services and complete managed services for supply chain cyber risk management. Threat detection and response services include our Nightingale AI-based network monitoring, our Trillion™ suite of threat intelligence products, Trillion Breach, Harvista and Arc and incident response. Crossword's work in digital identity is based on the World Wide Web Consortium W3C verifiable credentials standard and our current solution, Identiproof, enables secure digital verification of individuals to prevent fraud.

Crossword serves medium and large clients including FTSE 100, FTSE 250 and S&P listed companies in various sectors, such as defence, insurance, investment and retail banks, private equity, education, technology and manufacturing and has offices in the UK, Poland and Oman. Crossword is traded on the AIM market of the London Stock Exchange.

 

 

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