Robert Herjavec Passes Cyderes CEO Role to Chris Schueler – Source: www.databreachtoday.com

Security Operations

Herjavec of ‘Shark Tank’ Steps Down After 21 Years in Charge, Remains Board Member

Michael Novinson (MichaelNovinson) •
September 24, 2024    

“Shark Tank” star Robert Herjavec is leaving his day job after more than two decades at the helm of cybersecurity services powerhouse Cyderes.

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The Kansas City, Missouri-based firm tapped Chris Schueler, CEO of identity and access management MSSP Simeio, to replace the Canadian cybersecurity pioneer and reality TV personality, who will remain a significant investor and board member. Herjavec, 62, started the company in 2003 as the Herjavec Group and has seen it grow from a small operation into a global titan with nearly 1,000 employees.

“Today is a bittersweet day for me,” Herjavec said in a video message posted to LinkedIn. “What began with $400,000 in sales has now grown to nearly 1,000 employees operating across the globe and creating over a billion dollars in value. I’m proud of the impact we’ve made on so many lives.”

Robert Herjavec’s Journey From Sole Owner to Ex-CEO

Herjavec was the company’s sole owner until February 2021, when he sold a majority stake to London-based private equity firm Apax Partners for an undisclosed amount. At the end of 2021, Apax merged Herjavec Group with fellow cybersecurity services provider Fishtech Group. Herjavec remained as CEO, and Fishtech founder and CEO Gary Fish became chairman of the board (see: M&A Update: Apax Partners to Acquire Herjavec Group).

In June 2022, the combined company was renamed Cyderes, short for “cyber defense and response” and touted expertise in the MSSP, MDR, XDR and co-managed SIEM markets. In April, Cyderes bought identity and access management provider Ipseity Security to deepen the company’s expertise around cloud identity, access governance and privileged access management. Schueler will start as CEO Oct. 1.

“We have built a great business providing amazing value, and I am excited to support Chris to take it to the next level,” Herjavec said in a statement. “Chris’s appointment as CEO ensures that Cyderes will continue to innovate and lead in the cybersecurity space.”

Herjavec said he’s proud of the high percentage of women employed by Cyderes, along with the firm extending a welcoming hand to people with nontraditional backgrounds as well as immigrants who relocated to join Cyderes. Herjavec is himself as immigrant. He relocated with his family from Croatia to Canada at age 8 with just a single suitcase and $20 in cash.

“I always promised, if I was lucky enough to build a business, it would be one where we gave people real opportunities,” Herjavec said in the video message. “We gave opportunities where they were deserved.”

Outside of cybersecurity, Herjavec is best-known for appearing since 2009 as an investor on the U.S. business reality TV series “Shark Tank.” Herjavec also appeared on the Canadian predecessor to the show – called “Dragons’ Den” – from 2006 to 2012 and again in 2022 and 2023. He joined the Australian version of “Shark Tank” in 2023 and continues to appear on the U.S. and Australian shows.

“I’m excited to spend more time with my passions, investing, mentoring entrepreneurs through Shark Tank, and, most importantly, with my family,” Herjavec said in the video message. Neither Schueler nor Herjavec were immediately available for additional comment.

Changes Afoot at Simeio as Chris Schueler Takes Cyderes Job

Cyderes will be able to build on the Ipseity deal with Schueler’s own background in identity protection from leading Simeio since August 2020. During that time, Simeio made its first-ever acquisition, scooping up identity services provider PathMaker Group to add SailPoint and IBM to its line card. Schueler previously worked at Trustwave and IBM and built the first security operations center for the U.S. Army (see: MSP Simeio Boosts SailPoint Skills With PathMaker Group Buy).

“I’m excited to lead this talented team with my philosophy of customer value combined with operational excellence,” Schueler said. “We will innovate in new areas, bringing together the key components of cybersecurity and identity, closing the chasm.”

Simeio will promote Chief Operating Officer Nick Rowe to replace Schueler as CEO. That change in command also will take place Oct. 1. Rowe previously spent more than 14 years at cybersecurity services provider NCC Group, culminating in nearly a decade overseeing operations in North America. Simeio said it’ll maintain its technology-focused direction while pursuing expansion in the identity space.