– CEO Alan Masarek to Retire at Year End; Current Board Chair Patrick Dennis Named CEO –

– Company Emphasizes Consistency in Strategic Direction and Commitment to Customers –

Avaya, a leader in enterprise CX, announced today that Alan Masarek, President and Chief Executive Officer, will retire at the end of the calendar year. Avaya’s current Chair of the Board of Directors, Patrick Dennis, will assume the role of CEO, effective September 1, 2024.

Mr. Dennis brings 30 years of experience and a proven track record of transformational leadership of companies in Enterprise Software, SaaS, Cybersecurity and Communications. He currently serves as CEO of Venafi, a cybersecurity company that is in the process of being acquired by CyberArk, where he drove innovation, growth and customer success.

“I am honored and thrilled to lead Avaya on the next phase of its journey building on the solid foundation laid by Alan and the leadership team,” said Mr. Dennis. “Avaya is now operating from a position of financial strength and industry leadership, and our strategy is resonating with customers around the world who can be confident in Avaya’s consistency in strategic direction and commitment to deliver for their long-term success. I look forward to working with the team to accelerate Avaya’s market momentum.”

Prior to his appointment at Venafi, Mr. Dennis was the CEO of ExtraHop, which nearly doubled in size during his tenure and received industry accolades for the company’s thought leadership in Artificial Intelligence. Mr. Dennis also served as CEO of Aspect Communications (a multinational software company that sells customer experience software to large enterprises, now known as Alvaria) and Guidance Software, and held multiple leadership roles at both EMC and Oracle Corporation.

Mr. Masarek’s retirement comes at the conclusion of a successful, eight-quarter transformation of the business, setting Avaya’s ongoing strategic plan for innovation and growth, and firmly positioning the company as a leader in Enterprise CX. Mr. Dennis became Chair of the Avaya Board as the company emerged from its recapitalization in May 2023, and has been a close partner with Mr. Masarek and the leadership team in developing Avaya’s strategy and growth plans. As such, the succession is built upon a shared vision for Avaya’s go-forward strategic direction, innovation, and long-term growth.

“Two years ago, I came out of retirement to help lead Avaya forward knowing that the company’s opportunity was extremely profound: terrific technology underpinning an enormous customer base, a massive ecosystem of partners, a large revenue base, and an iconic technology brand,” said Mr. Masarek. “Working closely with Avaya’s executive leadership team, the Board, our employees, customers and partners has been an immeasurably rewarding experience, and I’m proud of what we have all accomplished together to put Avaya on a strong and steady course for further success. And, while there is certainly more to do, Avaya’s new position of strength combined with Patrick’s unique ability to lead the company creates an opportunity for me to return to retirement, fully confident in Patrick’s ability to lead Avaya to future long-term growth and innovation.”

Ongoing Momentum

Over the past two years, Avaya successfully completed a recapitalization and a strategic reset of its customer value proposition and brand promise. More recently, the company embarked on an extensive operational transformation within each functional area and has been focused on the revitalization of its culture, bolstered by a new executive leadership team, and upgrades in talent throughout the company.

Avaya has continued innovating its cloud communications and services portfolio, including Avaya Experience Platform, has delivered on its product roadmaps, and set a path forward for Avaya as a leader in Enterprise CX.

About Avaya

Businesses are built by the experiences they provide, and every day, millions of those experiences are delivered by Avaya. Avaya is shaping the future of customer experiences, with innovation and partnerships that deliver game-changing business benefits. Our communications solutions power immersive, personalized, and memorable customer experiences to help organizations achieve their strategic ambitions and desired outcomes. Together, we are committed to helping grow your business by delivering Experiences That Matter. Learn more at http://www.avaya.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Generally, words such as “anticipate,” “estimate,” “expect,” “could,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions or the negative thereof are intended to identify forward-looking statements. Such forward-looking statements reflect management’s current expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. It should be understood that it is not possible to predict or identify all such factors. Given these risks, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement as a result of new information, future events or otherwise, except as required by law. These statements constitute the Company’s cautionary statements under the PSLRA.

Source: Avaya Newsroom

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