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CEO Jay Samit has been terminated "without cause" from Acton-based video software firm SeaChange International, while the company's 2016 earnings report shows a $48 million loss.
SeaChange's (Nasdaq: SEAC) board of directors appointed chief operating officer and executive vice president Edward Terino as CEO effective this week, according to a Securities and Exchange Commission filing.
Jay Samit was the CEO of SeaChange International.
Enlarge
Jay Samit was the CEO of SeaChange International.
Courtesy SeaChange International
A spokesman for the company declined to disclose more details surrounding the change in leadership.
The company announced in its regulatory filing that it has implemented a $7 million cost-savings plan as part of its restructuring. The company did not disclose whether any layoffs would be made as part of the cost-savings effort.Wa
SeaChange's net loss for the fiscal year that ended Jan. 31 was $48 million, which was 73 percent larger than 2015's loss. The year's revenue was $107 million, down 7 percent from $115 million in 2015.
“While we are disappointed in our fiscal 2016 financial performance, we did make significant operational improvements during the year. As we enter fiscal 2017, we intend to further increase operational efficiencies and deliver new software product innovations that capitalize on our core competencies in video delivery, content management and monetization,” Terino said in a prepared statement.
Over the next few months, the company will make investments in research, development, sales and marketing, and will introduce new cloud-based software products, Terino said. "We believe that these actions will enable SeaChange to return to revenue growth and profitability on a full year basis in fiscal 2017," he said in the statement.
Samit had been CEO since October 2014 after having previously served as president at ooVoo, a video-chat service with more than 100 million users. He previously held senior roles at Sony and Universal Studios.
As part of his separation agreement, SeaChange will pay Samit $750,000 over 12 months and $625,000 in bonuses. In addition, he is eligible to receive a pro-rated portion of his performance-based stock awards, according to the filing. He had agreed to a non-compete clause that will restrict him from joining a competing firm for one year.
SeaChange's customers have included Comcast, Cox and the BBC. Its business spans all aspects of the cable TV business: analytics, advertising, multiscreen delivery and on-demand TV delivery.
The company has 660 employees globally and is hiring.
CEO Jay Samit has been terminated "without cause" from Acton-based video software firm SeaChange International, while the company's 2016 earnings report shows a $48 million loss.
SeaChange's (Nasdaq: SEAC) board of directors appointed chief operating officer and executive vice president Edward Terino as CEO effective this week, according to a Securities and Exchange Commission filing.
Jay Samit was the CEO of SeaChange International.
Enlarge
Jay Samit was the CEO of SeaChange International.
Courtesy SeaChange International
A spokesman for the company declined to disclose more details surrounding the change in leadership.
The company announced in its regulatory filing that it has implemented a $7 million cost-savings plan as part of its restructuring. The company did not disclose whether any layoffs would be made as part of the cost-savings effort.Wa
SeaChange's net loss for the fiscal year that ended Jan. 31 was $48 million, which was 73 percent larger than 2015's loss. The year's revenue was $107 million, down 7 percent from $115 million in 2015.
“While we are disappointed in our fiscal 2016 financial performance, we did make significant operational improvements during the year. As we enter fiscal 2017, we intend to further increase operational efficiencies and deliver new software product innovations that capitalize on our core competencies in video delivery, content management and monetization,” Terino said in a prepared statement.
Over the next few months, the company will make investments in research, development, sales and marketing, and will introduce new cloud-based software products, Terino said. "We believe that these actions will enable SeaChange to return to revenue growth and profitability on a full year basis in fiscal 2017," he said in the statement.
Samit had been CEO since October 2014 after having previously served as president at ooVoo, a video-chat service with more than 100 million users. He previously held senior roles at Sony and Universal Studios.
As part of his separation agreement, SeaChange will pay Samit $750,000 over 12 months and $625,000 in bonuses. In addition, he is eligible to receive a pro-rated portion of his performance-based stock awards, according to the filing. He had agreed to a non-compete clause that will restrict him from joining a competing firm for one year.
SeaChange's customers have included Comcast, Cox and the BBC. Its business spans all aspects of the cable TV business: analytics, advertising, multiscreen delivery and on-demand TV delivery.
The company has 660 employees globally and is hiring.
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NASDAQ DIP and RIP
Here is the best word that describes what i do here.
Intuitive;
means having the ability to understand or know something without any direct evidence or reasoning process.
I was born with it, I'm truly blessed!
Alway's searching for winners'
