Ceragon Networks Ltd. (NASDAQ: CRNT), the global leader in wireless hauling solutions, announced today that its Board of Directors has appointed Doron Arazi, an industry-leading executive and the Company’s former deputy CEO & CFO, as its Chief Executive Officer from beginning of July 2021. Doron Arazi will be succeeding CEO Ira Palti, effective on the same date. Ira Palti will remain on the Board of Directors of Ceragon and will be appointed as Vice Chairman.
Under President & CEO Ira Palti, Ceragon’s solutions have earned an unblemished record on network performance. Palti’s sixteen years at Ceragon have seen the Company leverage the wireless transitions from 3G to 5G, establishing the Company as a global leader.
Incoming CEO Doron Arazi is no stranger to this evolution – between 2016 and 2019, he served as the Company’s Deputy CEO. During this time, Arazi led the activities of the APAC and India regions which accounted for over 50% of the annual revenue. He worked to bring new organizational changes and business models into effect, increasing profitability as well as the regional revenue – from $110M in 2016 to $179M in 2018.
Between October 2014 and March 2019, in his CFO capacity, Arazi became intimately familiar with the financial particulars of Ceragon. He was successful in moving the Company from losses and negative cash flow to significant profits and positive cash flow. Within two years, he reduced the Company’s debt to its bank consortium from over $50M to 0, and rebuilt trust with vendors, banks, and the investors community. Arazi’s previous roles at other companies include executive and finance leadership positions at Amdocs, Allot, and Verint Systems.
“Today, with Ira’s leadership over the years, Ceragon is at the meeting point of two high tides – global brand strength, driven by indisputable technology superiority, and the unfolding 5G evolution worldwide. It’s an honor to rejoin the Ceragon family as CEO at this momentous time,” said Doron Arazi. “I’ve been proud to be connected to Ceragon through my previous roles. I look forward to building a stronger company and seizing new opportunities ahead.”
Ira Palti commented, “I have no doubt that under Doron’s vision, Ceragon will continue to thrive. Throughout my sixteen years with Ceragon, I did what I do best – grow a company by growing people, innovating on customer expectations, increasing brand awareness, and sharing my knowledge. I look forward to continuing to serve Ceragon on the Board of Directors.”
“We thank Ira very much for his service of 16 years as CEO and the growth he brought to Ceragon. I’m pleased and very happy to re-welcome Doron to our Ceragon family as the new CEO. We believe Doron’s significant leadership experience at Ceragon and elsewhere will be a great asset to this exciting new chapter of the Company,” said Zohar Zisapel, Chairman of the Board of Directors. “We are confident Doron will move Ceragon forward with the speed and the foresight required to capitalize on the global opportunities in front of us.”
About Ceragon Networks
Ceragon Networks Ltd. (NASDAQ: CRNT) is the global leader in wireless hauling solutions. We help operators and other service providers worldwide increase operational efficiency and enhance end customers’ quality of experience with innovative wireless backhaul and fronthaul solutions. Our customers include wireless service providers, public safety organizations, government agencies and utility companies, which use our solutions to deliver 5G & 4G, mission-critical multimedia services and other applications at high reliability and speed.
