As part of that plan, President and Chief Operating Officer Scott Clements has been appointed President and Chief Executive Officer, effective July 28, 2017. He has also been elected to the board of directors. Mr. Clements succeeds Founder, Chairman and Chief Executive Officer T. Kendall Hunt. Mr. Hunt will continue to serve as Chairman of the Board.

Mr. Clements was appointed VASCO Chief Strategy Officer in 2015. He was promoted to VASCO President and COO in November 2016. Clements joined the Company in 2015 from Tyco, where he was previously the president of the billion-dollar Retail Solutions business and the company’s Chief Technology Officer.

“The Board and I have been preparing to make this transition for some time and now is the right point to take this action,” stated Mr. Hunt. “Scott is an outstanding leader who has demonstrated a keen understanding of our business and a strong vision for VASCO’s future growth. The Board and I have great confidence in his ability to manage a seamless transition and lead the Company going forward. Over the past two years, Scott has been instrumental in shaping and executing VASCO’s strategy as we transition to a more software and services-focused business. Under Scott’s leadership, VASCO is well positioned to capitalize on new opportunities, continue bringing innovative solutions to market and deliver value to our shareholders.”

Mr. Hunt continued, “I am incredibly proud of all that we have achieved at VASCO over the past 20 years. I look forward to continuing in my role as Chairman and supporting the Company for years to come. I would like to express my gratitude to all of VASCO’s customers for their support and trust over the years, and to our talented employees for their commitment to delivering market-leading solutions.”

Mr. Clements added, “I am honored to succeed Ken as CEO and lead VASCO in continuing to deliver innovative solutions to our customers. I want to offer my sincere thanks to Ken for all he has done for the Company over the last 20 years and for working closely with me over the past two years to deepen my understanding of VASCO’s customers, markets, and opportunities for growth. Ken’s extraordinary talent and vision helped establish VASCO as an industry leader. I look forward to working with our strong management team and dedicated employees around the world as we leverage our many strengths to grow our business and drive increased value for our customers, shareholders and employees.”