Prime Factors Announces Succession Plan: Names Justin Teitt CEO, Effective March 20; Henry Cheli to Serve as Executive Chairman

EUGENE, Ore., March 19, 2025 /PRNewswire/ -- As part of a long-term succession planning process, Prime Factors today announced that Henry Cheli, the company's current President and CEO, will move into the role of Executive Chairman, effective March 20, 2025. The Board of Directors has appointed Justin Teitt, who currently serves as the company's Chief Operating Officer, to succeed Cheli as President and CEO.

"Henry Cheli has been an exceptional leader over the past six years," said Stephen T. McAleavey, who serves on the Board of Directors of Prime Factors. "He has built a great foundation for the team and has helped to position the company for continued growth and innovation in the data protection and payment security industries. We look forward to his continued leadership in his new role."

Cheli, who served as CEO since 2019, brought a wealth of experience in data protection and payment security to Prime Factors. He oversaw a period of growth during which the company modernized product offerings to support deployments in the cloud and shifted to a subscription-based pricing model that has led to strong growth in annual recurring revenue. In his new role as Executive Chairman, Cheli will continue to lead the Board of Directors of Prime Factors, help guide company strategy, work closely with the executive team, and provide mentorship and guidance, particularly in the areas of distribution channels and global sales.

"The Board of Directors is very confident in our appointment of Justin, who has been instrumental in shaping the company's strategic vision," said Cheli. "I personally recruited him to help oversee marketing and operations at Prime Factors when I joined the business in 2019, and Justin has had a hand in almost every facet of the business since day one. He is experienced, trusted, and competent, and I am more optimistic than ever about the future of Prime Factors under his day-to-day leadership."

Teitt brings a diverse background in marketing, operations, and executive management, having previously held chief executive roles at two companies prior to his time at Prime Factors. He expressed his gratitude for the opportunity: "I am thankful to know Henry Cheli as both a mentor and a friend, and I look forward to continuing to work with and learn from him in his new role as Executive Chairman. I am also humbled to step into the role of President and CEO for a company that has the longevity and reputation of Prime Factors.  As we approach a half-century in business, our team never takes for granted the trust that our global customers place in us, and we remain committed to doing our part to help secure an open and collaborative world."

About Prime Factors

Prime Factors is a global leader in applied data protection software, helping to secure an open and collaborative digital world. With a focus on application-level data protection, software solutions from Prime Factors help to simplify the complexities associated with protecting sensitive information where it is most at risk. For more than 40 years, Prime Factors has served customers across six continents in a variety of industries, including many of the world's largest financial institutions, with cryptographic software solutions for payments, information exchange, and general data protection.

www.primefactors.com
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SOURCE Prime Factors