CRNC - Cerence Announces Expanded Role for Chief Product Officer Nils Schanz | Benzinga
- Schanz to Assume Chief Technology Officer Responsibilities
- Company Reaffirms Third Quarter Fiscal 2024 Guidance
BURLINGTON, Mass., July 02, 2024 (GLOBE NEWSWIRE) -- Cerence Inc. (NASDAQ:CRNC), AI for a world in motion, today announced that as part of its ongoing transformation efforts, Chief Product Officer Nils Schanz has been appointed to an expanded leadership role. In addition to leading the company's core product strategy, portfolio and global customer delivery as Chief Product Officer, Mr. Schanz will assume the responsibilities of Chief Technology Officer following the departure of Iqbal Arshad, effective July 5, 2024. In this expanded role, Mr. Schanz will now lead Cerence's global technology, engineering, and product development organization, creating enhanced alignment across innovation, product, and customer delivery and further positioning Cerence to meet the current and future needs of its customers.
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"As Chief Product Officer, Nils has been a driving force behind our continued innovation across our core products and new generative AI portfolio. He was instrumental to launching Cerence Chat Pro, our uniquely intelligent, automotive-grade ChatGPT integration that has quickly been adopted by Volkswagen, Audi, and others, as well as generative AI-powered Cerence Car Knowledge," said Stefan Ortmanns, CEO, Cerence. "Our product and technology teams already work closely together to create immersive, AI-powered experiences for our customers and their drivers. We believe that further aligning these teams will help us build on the progress made to deliver on our generative AI roadmap and customer commitments, as well as the development of our next-generation AI platform."
Mr. Ortmanns added, "On behalf of the Board and management team, I thank Iqbal for his significant contributions and leadership and wish him the best in his future endeavors."
"It is a privilege to take on this additional responsibility at an important time for the company," said Nils Schanz, Chief Product Officer, Cerence. "Bringing our product and technology teams together reflects how we've already been operating as a company to seamlessly deliver for our customers. We have a strong team in place, and I look forward to continuing to advance our strategy and execute on our generative AI roadmap."
Mr. Schanz joined Cerence in October 2022 following a 15-year tenure at Mercedes-Benz AG and Daimler, where he developed the highly regarded MBUX (Mercedes-Benz User Experience), the automaker's intuitive, high-tech multimedia system, and launched other widely acclaimed innovations such as the award-winning MBUX Hyperscreen and the Voice Assistant "Hey Mercedes." As Global Head of User Interaction & Voice Control, he led a cross-functional team with global responsibility for digital user interface and user experience. Mr. Schanz previously held a variety of positions at Daimler and Mercedes-Benz in R&D, Product Management, and Marketing.
Third Quarter Fiscal 2024 Guidance
The company notes that it is reaffirming its third quarter fiscal 2024 guidance previously announced in conjunction with its second quarter fiscal 2024 financial results on May 9, 2024.
For reference, for the fiscal quarter ending June 30, 2024, the company expects revenue in the range of $66 million to $72 million; GAAP net income in the range of ($4) million to $2 million; and Adjusted EBITDA in the range of approximately $4.5 million to $10.5 million. The adjusted EBITDA guidance excludes acquisition-related costs, amortization of acquired intangible assets, stock-based compensation, restructuring and other costs. The GAAP net income guidance excludes potential goodwill impairment.
To learn more about Cerence, visit www.cerence.com, and follow the company on LinkedIn.
About Cerence Inc.
Cerence (NASDAQ:CRNC) is the global industry leader in creating unique, moving experiences for the mobility world. As an innovation partner to the world's leading automakers and mobility OEMs, it is helping advance the future of connected mobility through intuitive, AI-powered interaction between humans and their vehicles, connecting consumers' digital lives to their daily journeys no matter where they are. Cerence's track record is built on more than 20 years of knowledge and 475 million cars shipped with Cerence technology. Whether it's connected cars, autonomous driving, e-vehicles, or two-wheelers, Cerence is mapping the road ahead. For more information, visit www.cerence.com.
Forward Looking Statements
Statements in this press release regarding: Cerence's future performance, results and financial condition, including third quarter fiscal 2024 guidance; strategy; transformation efforts; business, industry and market trends; innovation and new product offerings, including AI technology; and management's future expectations, estimates, assumptions, beliefs, goals, objectives, targets, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "projects," "forecasts," "expects," "intends," "continues," "will." "may," or "estimates" or similar expressions) should also be considered to be forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risk, uncertainties and other factors, which may cause actual results or performance of the company to be materially different from any future results or performance expressed or implied by such forward-looking statements including but not limited ...