DZS Appoints Brian Chesnut as Chief Accounting Officer
22 April 2024 - 2:00PM
DZS (Nasdaq: DZSI), a global leader of broadband networking and
AI-driven cloud software solutions, today announced that Brian
Chesnut has been appointed as the company’s Chief Accounting
Officer (CAO), reporting directly to Chief Financial Officer (CFO),
Misty Kawecki. Mr. Chesnut will be responsible for working closely
with the CFO, senior leadership and the company’s new independent
public accounting firm, BDO USA, overseeing all corporate
accounting functions including reporting, governance and internal
controls.
“The leadership team and Board of Directors recognized the
importance of making this critical role part of our senior
management team as we are more committed than ever to improving
internal controls, accounting processes and corporate governance,”
said Kawecki. “Brian brings a wealth of accounting expertise and
leadership from an impressively wide range of global private and
public companies including Big Four accounting firms and has a
proven track record of navigating even the most complex of
financial environments. Brian’s deep knowledge and strategic
insights will strengthen our financial operations and support DZS’
mission to deliver cutting-edge broadband networking and AI-driven
cloud software solutions.”
Mr. Chesnut is an accomplished executive who brings to DZS
nearly 15 years of accounting leadership experience. Before joining
DZS, Mr. Chesnut was the Vice President and Head of Corporate
Accounting for Continental Battery Systems, where he helped manage
$1 billion in revenue for the company’s U.S. and Canadian
divisions, led a successful Enterprise Resource Planning (ERP)
implementation to combine seven legacy companies and established
internal controls to improve financial statement reporting. Mr.
Chesnut also served in various senior management roles with several
public companies including Jacobs Engineering, where he designed
and implemented a consolidation process to improve reporting on
$1.5 billion in revenue from Jacobs’ joint ventures.
"I am thrilled to join DZS during such a pivotal time in the
company’s history,” said Mr. Chesnut. “Charlie Vogt and the
leadership team have laid out a clear vision for how the company
will differentiate itself from the competition through continued
innovation and a customer-first entrepreneurial approach. I look
forward to working with the DZS team across the world to not only
meet but exceed our financial goals and build on recent critical
strides DZS has made to bolster its financial standing.”
Mr. Chesnut joins DZS following several strategic transactions
including securing $25 million of working capital through a private
placement of DZS common stock and a term loan and the divestiture
of the company’s lower margin Asia business, which eliminated $43
million of debt and raised an additional $5 million.
To learn more about DZS, visit https://www.dzsi.com.
About DZS
DZS Inc. (Nasdaq: DZSI) is a global leader of broadband
networking and AI-driven cloud software solutions.
DZS, the DZS logo, and all DZS product names are trademarks of
DZS Inc. Other brand and product names are trademarks of their
respective holders. Specifications, products, and/or product names
are all subject to change.
This press release contains forward-looking statements regarding
future events and our future results that are subject to the safe
harbors created under the Private Securities Litigation Reform Act
of 1995. These statements reflect the beliefs and assumptions of
the Company’s management as of the date hereof. Words such as
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“forecast,” “goal,” “intend,” “may,” “plan,” “project,” “seek,”
“should,” “target,” “will,” “would,” variations of such words, and
similar expressions are intended to identify forward-looking
statements. Readers are cautioned that these forward-looking
statements are only predictions and are subject to risks,
uncertainties and assumptions that are difficult to predict. The
Company’s actual results could differ materially and adversely from
those expressed in or contemplated by the forward-looking
statements. Factors that could cause actual results to differ
include, but are not limited to, those risk factors contained in
the Company’s SEC filings available at www.sec.gov, including
without limitation, the Company’s annual report on Form 10-K,
quarterly reports on Form 10-Q and subsequent filings. In
addition, additional or unforeseen affects from the COVID-19
pandemic and the global economic climate may give rise to or
amplify many of these risks. Readers are cautioned not to place
undue reliance on any forward-looking statements, which speak only
as of the date on which they are made. DZS undertakes no obligation
to update or revise any forward-looking statements for any
reason.
For further information see: www.DZSi.com.DZS on
Twitter: https://twitter.com/dzs_innovationDZS on
LinkedIn: https://www.linkedin.com/company/DZSi/
Press Inquiries:
Kenny Vesey, Thatcher+Co.
Phone: +1 973.518.3644
Email: kvesey@thatcherandco.com
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