Workiva Appoints Martin Vanderploeg CEO

Business Wire

David Mulcahy Appointed Chairman

Matthew Rizai Resigns as Chairman and CEO

Company Reaffirms Q2 and Full Year 2018 Revenue Guidance

AMES, Iowa--(BUSINESS WIRE)-- Workiva (NYSE:WK), a leader in data collaboration, reporting and compliance solutions, announces today that its Board of Directors has unanimously named Martin Vanderploeg as Chief Executive Officer. Mr. Vanderploeg continues to serve as President and as a member of the company’s Board of Directors. In addition, the Board elected David Mulcahy as non-executive Chairman of the Board of Directors. Both appointments, which are effective immediately, follow the mutual decision between the Workiva Board and former Chairman and CEO Matthew Rizai that Mr. Rizai will resign from his positions as an officer and director of the company.

“Marty is an experienced public company President and Chief Operating Officer who has driven technological advancements, strong revenue growth and operational excellence since he co-founded the company in 2008,” said David Mulcahy, Chairman of Workiva. “The Board believes that, under Marty’s leadership, Workiva will continue to expand the breadth and depth of what our software does for the world’s most discerning enterprises while delivering high revenue retention rates, achieving world-class customer satisfaction scores, ensuring financial discipline and fostering an award-winning culture of innovation and inclusion.”

“We thank Matt for his contributions over the past 10 years, as both a co-founder and a leader who helped build and scale the company,” said Mulcahy. “The progress we’ve made during Matt’s tenure has laid the foundation for our future growth and success.”

“I am honored and energized to lead Workiva through our next chapter of innovation, platform expansion and revenue growth,” said Vanderploeg. “We have passionate and talented employees, innovative and loyal customers and a software platform that is transforming how teams collaborate with data across the enterprise.”

“With our growing partnership ecosystem and the recent product launch of Wdata that expands our customers’ access and usability of larger data volumes, we believe we are ready to meet our growing customer demand for a broader-based, enterprise-wide Wdesk platform,” Vanderploeg added.

About Martin Vanderploeg

Mr. Vanderploeg has previously served as Workiva’s President and Chief Operating Officer. He has over 30 years of experience in mechanical engineering and building and scaling technology companies. Mr. Vanderploeg earned B.S., M.S. and Ph.D. degrees in mechanical engineering from Michigan State University.

About David Mulcahy

Mr. Mulcahy has been a Director of Workiva since its initial public offering in 2014. He also serves as a member of the board of directors, Chairman of the audit committee and a member of the executive committee of American Equity Investment Life Holding Company (NYSE:AEL). He also serves as a member of the board of directors of American Equity Investment Life Insurance Company of New York. Mr. Mulcahy is currently Chairman of Monarch Materials Group, Inc. and President and Chairman of the board of directors of MABSCO Capital, Inc. Previously, he managed private equity capital for numerous banks and insurance companies. He specialized in mergers and acquisitions as a senior tax partner with Ernst & Young, LLP until 1994. Mr. Mulcahy holds a B.B.A. degree in accounting and finance from the University of Iowa.

Reaffirming Revenue Guidance

Workiva remains confident in its vision and strategy and is reaffirming the second quarter and full year 2018 revenue guidance that the company provided on May 2, 2018. The company plans to update its previously issued guidance on GAAP and non-GAAP loss from operations and loss per share to reflect the impact of separation payments to Mr. Rizai when it reports second quarter financial results in early August.

About Workiva

Workiva delivers Wdesk, a leading enterprise cloud platform for data collaboration, reporting and compliance that is used by thousands of organizations worldwide, including over 70 percent of the Fortune 500^®. Companies of all sizes, state and local governments and educational institutions use Wdesk to help mitigate risk, improve productivity and gain confidence in their data-driven decisions. For more information about Workiva (NYSE:WK), please visit workiva.com.

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Workiva Safe Harbor Statement

Certain statements in this press release are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or Workiva’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of Workiva or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about Workiva’s expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “outlook,” “guidance” or the negative of those terms or other comparable terminology. Please see Workiva’s documents filed or to be filed with the Securities and Exchange Commission, including the Workiva’s annual reports filed on Form 10-K and quarterly reports on Form 10-Q, and any amendments thereto for a discussion of certain important risk factors that relate to forward-looking statements contained in this report. Workiva has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While Workiva believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond Workiva’s control. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, Workiva disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.