PARIS, April 15, 2024--(BUSINESS WIRE)--Regulatory News:

Claranova (Paris:CLA), a leading global technology company, announces the appointment of Eric Gareau as Chief Executive Officer, effective immediately. Mr Gareau succeeds Pierre Cesarini, who is leaving the company.

Mr. Gareau has been the CEO of Avanquest, Claranova’s software publishing and distribution division, since 2021. He successfully led Avanquest’s transition to a subscription-based sales business model, making it the single-biggest contributor to Claranova’s operating results, and has demonstrated strong leadership skills.

Mr. Gareau joined Claranova in 2018 when it acquired Lulu Software (PDF), of which he was CEO since its inception in 2009. He brings more than 25 years of experience in leadership roles in sales and marketing of software and consumer goods. A Canadian citizen, Mr. Gareau, 51 years old, is a graduate of Université du Quebec in Montreal. Mr. Gareau will also remain the CEO of Avanquest and will relocate to Paris later this year with his family.

Marc Goldberg, Chairman of the Board of Directors, commented: "We are delighted to welcome Eric Gareau as CEO. This is a new beginning for Claranova. In the past few months, we have acted on multiple fronts to address various concerns shared by our shareholders. The company has revamped its governance, appointing five new directors with extensive technology experience to its six-person Board of Directors. Claranova also strengthened its capital structure with the recent refinancing, pushing back debt payments that were to fall due in the coming weeks. And with the appointment of Eric Gareau, we are renewing top management with a company insider with a strong track record in profitably managing operations. Claranova is turning the page and can now fully focus on further improving its performance, supported by a Board-mandated strategic review and strategic plan that will leave no stone unturned."

Eric Gareau, CEO of Claranova, added: "I am honored to be appointed as chief executive of Claranova and am excited by the challenge of continuing and accelerating the company’s turnaround. Claranova has many strengths on which to build, and I will bring my longstanding experience in innovative companies to ensure that we fulfill our mission of facilitating access to all to the best of technology. I look forward to working together with our teams across the Group to take Claranova to the next level and create value for all our stakeholders."

Financial calendar:
May 7, 2024: Q3 revenue 2023-2024