Chairman of the Board
Robert J. Lynch, Jr.
President & Chief Executive Officer
Comtex News Network, Inc.
LeGarde Capital Management LLC
New York, NY, November 19, 2014 – Comtex News Network, Inc., (OTC BB: CMTX), a leading provider of economically useful electronic real-time news and content, today announced the appointment of Kan Devnani to the position of President and Chief Executive Officer, effective as of October 1, 2014. Mr. Devnani succeeds Chip Brian, who joined Comtex in 2004 and served as President for the last nine years. Mr. Brian will continue to serve on the Comtex Board of Directors.
Mr. Brian stated, "Kan has been deeply involved in every aspect of Comtex’s operations for the last several years, and there will be a smooth succession of management and leadership throughout the organization."
Comtex Chairman, C.W. Gilluly, added, "We have great confidence that Kan has a clear vision of how to maximize the value of Comtex, and how to turn industry-changing ideas into strong, innovative product offerings."
Mr. Devnani said, "This is an exciting time for Comtex – we have a strong staff and management team, and we’re well-positioned to leverage our investments in technology, content, and research to add value across our product lines. We have an unwavering commitment to product improvement, and plan to introduce bold new product offerings." He added, "I greatly appreciate being selected as the new chief executive by the Board of Directors."
Mr. Devnani has extensive experience in the software engineering and finance industries, and brought Comtex more than fifteen years of valuable technology leadership when he joined the company as Director, Technology in 2010. In 2012, he was appointed Vice President and Chief Technology Officer, and in 2013, with an entrepreneurial drive to create innovative products, he stepped up to the position of Chief Operating Officer.
Prior to Comtex, Mr. Devnani served as a consultant at PriceWaterhouseCoopers and in various senior technology leadership positions at FactSet Research Systems, Inc., a leading supplier of financial information. At FactSet, he led the development of several key technologies, content integrations, partnerships, and ran departments servicing buy and sell-side products.
Mr. Devnani, 39, holds a B.S. in Mathematics and Computer Science from Carnegie Mellon University, plays jazz saxophone and lives with his wife and two sons in New York City.